2024年是關於所謂的上市公司對比特幣投資的創紀錄的一年。

這就是位資產管理研究主管Ryan Rasmussen所揭示的。

Year 2024 saw record investments by so-called public companies in Bitcoin, and 2025 is already shaping up to be another record year.

2024年看到了比特幣的所謂上市公司的創紀錄投資，而2025年已經塑造了另一個創紀錄的一年。

This is what Ryan Rasmussen, Head of Research at Bitwise Asset Management, pointed out.

這就是位資產管理研究負責人瑞安·拉斯穆森（Ryan Rasmussen）指出的。

What are the companies buying the most Bitcoin?

購買最多的比特幣的公司是什麼？

Recently, Bitwise shared an interesting chart highlighting the trend in the total BTC purchased annually by public companies.

最近，Bitwise分享了一個有趣的圖表，強調了上市公司每年購買的BTC總數的趨勢。

In 2019, this figure was almost zero, while in 2020, when MicroStrategy (now Strategy) started buying, it did not exceed 100,000 BTC.

在2019年，這個數字幾乎為零，而在2020年，當MicroStrategy（現在的策略）開始購買時，它不超過100,000 BTC。

At the time, the price was below $20,000, so the investments needed to buy, for example, 100,000 Bitcoin were much lower.

當時，價格低於20,000美元，因此購買所需的投資，例如100,000比特幣要低得多。

In 2021, thanks to the great bull run, more than 200,000 BTC were purchased, while in 2022, due to the bear market, it fell below that figure, despite the more affordable prices.

在2021年，由於出色的公牛奔跑，購買了超過200,000 BTC，而在2022年由於價格更便宜，由於熊市的價格更高。

In 2023, just over 250,000 BTC were purchased, and in 2024 there was a real boom, even greater than that of 2021: almost 600,000 BTC purchased in a single year by all the public companies monitored by Bitwise.

在2023年，僅購買了25萬BTC，在2024年，實際的繁榮，甚至比2021年的繁榮：幾乎60萬BTC在一年內購買的所有上市公司都受到了Bitwise監控。

Rasmussen himself writes:

拉斯穆森本人寫道：

“In 2024, public companies purchased twice as many bitcoins as in all previous years combined”.

“在2024年，上市公司購買的比特幣是過去幾年的兩倍”。

Now, in 2025, the 600,000 BTC purchased by public companies has already been surpassed in the first quarter.

現在，在2025年，由上季度購買的60萬BTC已經超過了。

According to Rasmussen, the approximately 70 companies they monitor currently hold a combined value of 52 billion dollars in Bitcoin, which is about 3% of the total supply.

根據拉斯穆森（Rasmussen）的說法，他們監視的大約70家公司目前持有比特幣520億美元的總價值，約佔總供應量的3％。

Public company

上市公司

The term “public company” simply refers to companies with widespread shareholding, meaning those whose shares can be bought and traded (on the stock exchange), and that do not have a single majority owner.

“上市公司”一詞只是指具有廣泛股份的公司，這意味著那些可以購買和交易的股份（在證券交易所），而沒有單個多數所有者。

They are called public companies not because they are publicly owned (they are in all respects private companies), but because by law they must make their financial statements public.

它們之所以被稱為上市公司，不是因為它們是公共擁有的（在各個方面都是私人公司），而是因為根據法律，他們必須將其財務報表公開。

Precisely because publicly traded companies are legally required to disclose their data, it is possible to monitor, for example, their purchases and sales of Bitcoin, which they are also obligated to make public.

正是因為在法律上要求公開交易的公司披露其數據，因此可以監視他們的購買和比特幣的購買和銷售，他們也有義務公開。

Practically all the major companies fall into this category, including Apple, Microsoft, Nvidia, and the other magnificent seven.

實際上，所有主要公司都屬於這一類別，包括蘋果，微軟，NVIDIA和其他宏偉的七個。

Private company and Bitcoin

私人公司和比特幣

The first public company to start investing heavily in Bitcoin was MicroStrategy in 2020.

2020年，第一家開始大量投資比特幣投資的上市公司是MicroStrategy。

Now the company has changed its name, it is called just Strategy and owns almost half a million BTC.

現在，該公司更改了其名稱，它被稱為“僅僅戰略”，並擁有將近一百萬BTC。

Of the 52 billion dollars mentioned by Rasmussen, 41.5 belong to Strategy, which in this special ranking has a dominance of almost 79%.

在拉斯穆森（Rasmussen）提到的520億美元中，有41.5美元屬於戰略，在這一特殊排名中，該戰略的統治地位近79％。

Already in 2021 alone Strategy had surpassed 100,000 BTC, while to date there does not appear to be any other public company that reaches this figure.

僅在2021年，就已經超過了100,000 BTC，而迄今為止，似乎沒有其他上市公司能夠達到這一數字。

It should be noted, however, that among the companies not listed on the stock exchange (the private companies), there is at least one that would exceed that threshold: it is Block.one, the company behind the crypto project EOS, which should own about 164,000.

但是，應該指出的是，在未在證券交易所（私人公司）上列出的公司中，至少有一個超過該門檻的公司：它是Block.OOS，是Crypto Project EOS背後的公司，該公司應擁有約164,000個。

The difference between public companies and private companies is primarily the fact of being listed on the stock exchange, as private companies are not. Since they are not, they are not required to make their data public, and therefore it is more difficult to obtain information about their accounts.

上市公司和私營公司之間的差異主要是在證券交易所上市的事實，因為私營公司不是。由於不是，因此不需要將數據公開，因此獲取有關其帳戶的信息更加困難。

Moreover, the third company in the world by number of BTC owned, after Strategy and Block.one, is also a private company. It is the famous Tether, the company behind the stablecoin USDT, which now appears to have acquired more than 83,000.

此外，據BTC擁有的第三家公司，次要戰略和Block.One也是一家私人公司。它是著名的繫繩，是Stablecoin USDT背後的公司，現在似乎已經收購了83,000多個。

In total, the public companies appear to collectively hold approximately 658,000 BTC, while the private companies hold 424,000.

總的來說，上市公司似乎共同持有約658,000 BTC，而私營公司則持有424,000個BTC。

Note that those held by state institutions, such as the USA Department of Justice, amount to approximately 526,000.

請注意，美國司法部等州機構持有的人約為526,000。

The spot Bitcoin ETFs

斑點比特幣ETF

These numbers, however, pale in comparison to the nearly 1.3 million BTC held by ETPs (including ETFs and ETNs).

然而，與ETP持有的近130萬BTC（包括ETF和ETN）相比，這些數字蒼白。

However, there is a huge difference.

但是，有很大的區別。

In fact, both the Bitcoins owned by private companies and those held by state institutions are actually their property, and therefore they can dispose of them at will, as long as they do so in compliance with the laws.

實際上，私營公司擁有的比特幣和國家機構持有的比特幣實際上都是其財產，因此，只要他們遵守法律，他們就可以隨意處置它們。

Instead, the BTC held by funds such as ETFs are not their property.

取而代之的是，諸如ETF之類的資金持有的BTC不是其財產。

Or rather, funds

或更確切地說是資金