比特幣採用的下一個階段：比特幣支援的 CDO 和主流固定收益整合之路

Riot Platforms（納斯達克股票代碼：RIOT）研究副總裁、著名比特幣經濟學家 Pierre Rochard 於 12 月 15 日發表了一篇開創性論文。

Vice President of Research at Riot Platforms (NASDAQ: RIOT) and a renowned Bitcoin economist, Pierre Rochard, unveiled a groundbreaking thesis on December 15. Titled “The Next Phase of Bitcoin Adoption: Bitcoin-Backed CDOs and the Path Toward Mainstream Fixed Income Integration,” Rochard’s analysis delves into the emergence of BTC-backed Collateralized Debt Obligations (CDOs) as a key mechanism for integrating BTC into traditional fixed-income markets.

Riot Platforms（納斯達克代碼：RIOT）研究副總裁、著名比特幣經濟學家Pierre Rochard 於12 月15 日發表了一篇開創性論文。的CDO 和主流固定收益整合之路」 Rochard 的分析深入研究了 BTC 支持的債務抵押債券（CDO）的出現，作為將 BTC 融入傳統固定收益市場的關鍵機制。

Rochard, a pivotal figure in the BTC domain and co-founder of the Satoshi Nakamoto Institute alongside Michael Goldstein and Daniel Krawitz, is recognized for his prescient insights into Bitcoin’s economic potential. His previous work, notably the “Speculative Attack” thesis, anticipated the strategic maneuvers of Michael Saylor’s MicroStrategy when BTC price was just at $600.

羅查德是比特幣領域的關鍵人物，也是中本聰研究所的聯合創始人，與邁克爾·戈爾茨坦和丹尼爾·克拉維茨一起，因其對比特幣經濟潛力的先見之明而受到認可。他之前的工作，特別是「投機攻擊」論文，預測了當 BTC 價格僅為 600 美元時 Michael Saylor 的 MicroStrategy 的戰略策略。

Bitcoin-Backed CDOs

比特幣支援的 CDO

Rochard articulates that BTC-backed CDOs mark a pivotal advancement in integrating BTC into the fabric of traditional fixed-income markets. “The emergence of Bitcoin-backed structured credit products — specifically, Collateralized Debt Obligations (CDOs) modeled around fixed-income principles — represents a transformative next phase of Bitcoin’s adoption cycle,” he states in his thesis.

Rochard 指出，BTC 支持的 CDO 標誌著將 BTC 融入傳統固定收益市場結構的關鍵進步。 「比特幣支持的結構性信貸產品的出現——特別是圍繞固定收益原則建模的抵押債務債券（CDO）——代表了比特幣採用週期的變革性下一階段，」他在論文中指出。

Rochard draws parallels with traditional CDO structures that pool diverse debt instruments into a singular financial vehicle. In this innovative model, the core asset pool comprises BTC acquired by a Special Purpose Vehicle (SPV). “Rather than aggregating conventional debts, the CDO’s core asset pool consists of BTC acquired upfront by a Special Purpose Vehicle (SPV),” Rochard explains.

Rochard 與傳統的 CDO 結構相似，傳統的 CDO 結構將不同的債務工具匯集到單一的金融工具中。在這個創新模式中，核心資產池由特殊目的機構（SPV）所收購的比特幣組成。 「CDO 的核心資產池不是匯總傳統債務，而是由特殊目的機構 (SPV) 預先購買的 BTC 組成，」Rochard 解釋道。

Central to the BTC-backed CDO structure is the “waterfall” model, which delineates the hierarchy of cash flow distributions across various tranches with distinct risk and return profiles. Rochard elaborates, “At the heart of the CDO structure lies the concept of the ‘waterfall,’ a hierarchy of tranches that defines how cashflow distributions are allocated. The highest-priority tranches, often termed ‘senior,’ enjoy the first claim on proceeds, translating into lower risk of principal loss and, consequently, relatively modest yields.”

BTC 支持的 CDO 結構的核心是「瀑布」模型，該模型描繪了具有不同風險和回報特徵的各個部分的現金流量分配層次結構。 Rochard 闡述：「CDO 結構的核心是『瀑布』的概念，這是一個定義現金流分配方式的分級層次結構。優先順序最高的部分通常被稱為“優先”，享有第一筆收益權，這意味著本金損失的風險較低，因此收益率相對較低。

Senior tranches offer lower-risk, steady returns ideal for conservative investors, while mezzanine and junior tranches cater to those willing to assume higher risk for the potential of greater returns. The residual equity tranche represents the most speculative component, effectively serving as a leveraged position on Bitcoin’s long-term price appreciation. “The equity portion is effectively a leveraged bet on Bitcoin’s long-term price trajectory,” Rochard notes.

高階部分為保守投資者提供風險較低、穩定的回報，是保守投資者的理想選擇，而夾層和初級部分則適合那些願意承擔更高風險以獲得更高回報潛力的投資者。剩餘股權部分代表了最具投機性的部分，有效地充當了比特幣長期價格升值的槓桿頭寸。 「股票部分實際上是對比特幣長期價格軌蹟的槓桿押注，」羅查德指出。

One of the principal barriers to BTC’s inclusion in traditional fixed-income portfolios is its inherent price volatility. Rochard addresses this by detailing how BTC-backed CDOs can mitigate such volatility. “By structuring Bitcoin exposure into defined tranches, each with its own risk/return profile, investors who desire a lower-volatility, income-like stream can choose the senior tranches,” he writes. This stratification allows institutional investors to access Bitcoin’s upside potential while aligning with their risk tolerance and investment mandates.

比特幣納入傳統固定收益投資組合的主要障礙之一是其固有的價格波動。 Rochard 透過詳細說明 BTC 支援的 CDO 如何減輕這種波動性來解決這個問題。他寫道：“通過將比特幣敞口劃分為特定的部分，每個部分都有自己的風險/回報狀況，希望獲得較低波動性、類似收入的投資者可以選擇高級部分。”這種分層使機構投資者能夠利用比特幣的上行潛力，同時符合他們的風險承受能力和投資要求。

The SPV manages BTC holdings through a disciplined divestment schedule, typically spanning five to ten years, aiming to provide predictable cash flows despite BTC’s price fluctuations. “The SPV embarks on a predetermined divestment schedule over a fixed term, gradually selling BTC in a manner that aims to meet pre-defined distribution obligations,” Rochard explains.

SPV 透過嚴格的撤資計劃（通常持續五到十年）管理 BTC 持有量，旨在儘管 BTC 價格波動，仍能提供可預測的現金流。 Rochard 解釋道：“SPV 在固定期限內按照預定的撤資計劃，逐步出售 BTC，以滿足預先定義的分配義務。”

The introduction of Bitcoin-backed CDOs is expected to significantly enhance market depth and liquidity by attracting a new cohort of institutional investors who prefer structured credit instruments over direct asset exposure. Rochard asserts, “With the introduction of Bitcoin-backed CDOs, a new class of institutional buyers — those who seek structured credit instruments rather than direct asset exposure — emerges. This expands Bitcoin’s universe of potential capital allocators, increasing liquidity and stability in the underlying markets.”

比特幣支持的 CDO 的推出預計將透過吸引一群更喜歡結構性信貸工具而不是直接資產敞口的新機構投資者來顯著增強市場深度和流動性。羅查德斷言，「隨著比特幣支持的 CDO 的推出，出現了一種新的機構買家類別——那些尋求結構性信貸工具而不是直接資產敞口的人。這擴大了比特幣潛在資本配置的範圍，增加了基礎市場的流動性和穩定性。

Moreover, in an environment characterized by persistently low yields, these CDOs offer an innovative solution for yield generation. “Senior tranches, in particular, aim to create relatively stable yield from Bitcoin’s monetization over time,” Rochard states, emphasizing their appeal to pension funds, insurance companies, and endowments seeking reliable fixed-income returns.

此外，在收益率持續低迷的環境中，這些 CDO 為收益率生成提供了創新的解決方案。羅查德表示：「特別是高級部分，目標是隨著時間的推移從比特幣的貨幣化中創造相對穩定的收益。」他強調了它們對尋求可靠固定收益回報的退休基金、保險公司和捐贈基金的吸引力。

Rochard underscores the importance of robust risk management and regulatory frameworks in the successful integration of BTC-backed CDOs into mainstream finance. “By employing a well-known structured finance architecture, Bitcoin-backed CDOs introduce a familiar due diligence and risk management process to what might otherwise be considered an ‘exotic’ asset,” he explains.

Rochard 強調了穩健的風險管理和監管框架對於將 BTC 支持的 CDO 成功融入主流金融的重要性。 「透過採用眾所周知的結構性融資架構，比特幣支援的 CDO 為原本可能被視為『奇異』的資產引入了熟悉的盡職調查和風險管理流程，」他解釋道。

Looking ahead, Rochard envisions BTC-backed CDOs as catalysts for the transition into a staple asset within global capital markets. “As these vehicles gain traction, they invite more sophisticated portfolio construction techniques, better risk-adjusted pricing, and a more comprehensive regulatory framework that enhances investor protection and fosters trust,” he concludes.

展望未來，羅查德預計 BTC 支持的 CDO 將成為全球資本市場中主要資產轉型的催化劑。他總結道：“隨著這些工具獲得關注，它們需要更複雜的投資組合構建技術、更好的風險調整定價以及更全面的監管框架，以加強投資者保護並培養信任。”

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