上市公司正在努力應對其比特幣（BTC）預備役策略的損失，因為加密貨幣的價值暴跌。

這是因為BTC跌至80,000美元以下，引發了有關公司投資數字貨幣的風險的重新辯論。

Public companies are grappling with mounting losses from their Bitcoin (BTC) reserve strategies as the cryptocurrency’s value plunges.

上市公司正在努力應對其比特幣（BTC）預備役策略的損失，因為加密貨幣的價值暴跌。

This comes as BTC dropped below $80,000, sparking renewed debate over the risks of corporate investments in digital currencies.

這是因為BTC跌至80,000美元以下，引發了有關公司投資數字貨幣的風險的重新辯論。

Are Bitcoin Reserve Strategies Backfiring for Companies?

比特幣儲備策略是否適合公司？

The week began on a somber note for the cryptocurrency market, often referred to as “Black Monday.” According to BeInCrypto data, Bitcoin saw a significant decline of 9.6% in the past 24 hours, falling to $75,089 by press time.

本週開始在加密貨幣市場的陰沉鈔票上，通常稱為“黑色星期一”。根據Beincrypto數據，比特幣在過去24小時內顯著下降了9.6％，到發稿時下降到75,089美元。

The liquidation figures were equally staggering. According to Coinglass, Bitcoin experienced the highest liquidations in the same timeframe, amounting to $474 million. Of that, $405.7 million came from long liquidations, while $68.2 million was from short liquidations.

清算數字同樣驚人。根據Coinglass的說法，比特幣在同一時間範圍內經歷了最高的清算，總計4.74億美元。其中，4.057億美元來自漫長的清算，而6820萬美元來自簡短的清算。

Importantly, companies holding Bitcoin reserves have not been spared from the recent market bloodbath. Many now face substantial unrealized losses amid Bitcoin’s sharp downturn.

重要的是，持有比特幣儲量的公司尚未從最近的市場血液中獲利。現在，由於比特幣的急劇下滑，許多人現在面臨著實質性的未實現損失。

According to data from Bitcoin Treasuries, the NGU ratio, which measures the difference between the current Bitcoin value and the cost basis of a company’s holdings, has turned red for several firms.

根據比特幣國庫的數據，NGU比率衡量了當前比特幣價值與公司持股的成本基礎之間的差異，但對於多家公司來說已變成紅色。

This indicates that the current market price of Bitcoin is now below the acquisition cost for many institutional investors. For instance, Metaplanet (3350.T) is experiencing a 12.4% unrealized loss on its Bitcoin holdings. The company currently holds 4,206 Bitcoins, valued at approximately $314.7 million, with an average cost per Bitcoin of $85,483.

這表明比特幣的當前市場價格現在低於許多機構投資者的收購成本。例如，Metaplanet（3350.T）的比特幣持有量未實現12.4％。該公司目前持有4,206個比特幣，價值約3.147億美元，平均每比特幣成本為85,483美元。

Similarly, The Blockchain Group’s (ALTBG.PA) portfolio is down 14.4%. Holding 620 Bitcoins valued at $46.39 million, the company’s average cost per Bitcoin is $87,424.

同樣，區塊鏈集團（Altbg.pa）投資組合下跌了14.4％。該公司的平均每比特幣成本為87,424美元。

Semler Scientific (SMLR) has also felt the impact, with a 14.7% loss on its portfolio. The company holds 3,192 Bitcoins valued at $238.9 million, with an average cost of $87,850 per Bitcoin.

Semler Scientific（SMLR）也感受到了影響，其投資組合損失了14.7％。該公司持有3,192個比特幣，價值2.389億美元，平均每比特幣成本為87,850美元。

Even Strategy (MSTR), an early player in corporate Bitcoin adoption, is facing challenges. Since beginning its Bitcoin acquisition in August 2020, the company has accumulated 528,185 Bitcoins, valued at $39.5 billion, with an average cost of $67,485 per Bitcoin, resulting in an overall profit of 10.9%.

即使是企業比特幣領域的早期參與者，戰略（MSTR）也面臨著挑戰。自2020年8月開始其比特幣收購以來，該公司累積了528,185個比特幣，價值395億美元，平均每比特幣成本為67,485美元，總利潤為10.9％。

However, data from SaylorTracker reveals that all Bitcoin purchased by the firm since November 2024 is currently at a loss. These acquisitions were made at prices ranging from $83,000 to as high as $106,000 per Bitcoin.

但是，Saylortracker的數據顯示，自2024年11月以來，該公司購買的所有比特幣目前都虧損。這些收購的價格從83,000美元到每個比特幣的$ 106,000不等。

Meanwhile, the decline in Bitcoin’s value has had a significant ripple effect on the firms’ stocks. 3350.T saw a sharp 20.2% drop in its stock price, while ALTBG.PA experienced a 15.8% decline.

同時，比特幣價值的下降對公司的股票產生了重大連鎖反應。 3350.T的股價下跌20.2％，而Altbg.PA下降了15.8％。

SMLR experienced a smaller 0.6% dip but still reflected the broader market trend. Lastly, MSTR dropped 11.2% in pre-market trading despite some initial resilience.

SMLR經歷了較小的0.6％下降，但仍反映出更廣泛的市場趨勢。最後，儘管有一些最初的彈性，但MSTR在預售交易中下跌了11.2％。

Amid this market crash, Peter Schiff, economist and long-time Bitcoin skeptic, took aim at Strategy.

在這種市場崩潰之中，經濟學家和長期比特幣懷疑論者彼得·希夫（Peter Schiff）瞄準了戰略。

“Attention Saylor, now that Bitcoin is below $80,000, if you want to prevent it from crashing below your average cost of $68,000, you had better back up the truck with borrowed money today and go all in,” he posted on X.

他在X上張貼說：“ Saylor，現在比特幣低於80,000美元，如果您想防止其崩潰低於平均成本68,000美元的平均成本，那麼您今天最好將卡車備份到卡車上，然後全力以赴。”

The economist further predicted that the company’s Bitcoin strategy could lead to its downfall.

這位經濟學家進一步預測，該公司的比特幣戰略可能導致其衰落。

“It will end with the bankruptcy of MSTR,” Schiff stated.

席夫說：“這將以MSTR的破產結束。”

He also questioned Bitcoin’s value as a safe haven asset. Schiff stressed that the coin’s substantial decline compared to other assets makes it an unreliable store of value, especially during market selloffs.

他還質疑比特幣作為避風港資產的價值。席夫強調，與其他資產相比，硬幣的大幅下降使其成為不可靠的價值存儲，尤其是在市場拋售期間。