支持比特币的股东不会消失

到目前为止，缺乏收养并没有阻止在资产负债表上持有比特币的公司的支持者。

As the crypto industry booms, with bitcoin leading the way, there have been discussions about whether companies will add bitcoin to their balance sheets.

随着加密货币行业的繁荣，随着比特币的领先，有关公司是否会在资产负债表中添加比特币的讨论。

To date, companies with exposure to bitcoin in their business operations have been the first movers in this space, in many cases, to show their support and buy-in to the industry. According to the bitcoin tracking website Bitcointreasuries, 79 public companies currently hold bitcoin, with some of the largest holders being companies like Riot Platforms, Coinbase and Block.

迄今为止，在其业务运营中接触比特币的公司一直是该领域中的第一批推动者，在许多情况下，向业界表示支持和支持。根据比特币跟踪网站比特币的说法，目前有79家上市公司拥有比特币，其中一些最大的持有人是Riot Platforms，Coinbase和Block等公司。

Strategy, the company formerly known as MicroStrategy, and its co-founder, Michael Saylor, have been the champion of this approach as the largest corporate holder of bitcoin. On its third-quarter earnings call earlier this month, the company said it holds 471,107 bitcoins on its balance sheet, about 2% of the total supply and worth roughly $45.2 billion.

该公司以前被称为MicroStrategy的公司及其联合创始人Michael Saylor一直是该方法的拥护者，成为比特币最大的公司持有人。该公司表示，在本月初的第三季度收益电话会议上，其资产负债表上持有471,107个比特币，约占总供应量的2％，价值约452亿美元。

Also on the list of crypto industry companies holding bitcoin on the balance sheet is Moonpay, a venture-backed financial technology company that builds payments infrastructure for crypto. The company has added bitcoin to its balance sheet equal to 5% of its operational cash, according to CEO Ivan Soto-Wright.

同样在资产负债表上持有比特币的加密行业公司也是Moonpay，这是一家由风险投资的金融技术公司，它为加密货币建立付款基础设施。首席执行官Ivan Soto-Wright表示，该公司将比特币增加了其资产负债表的5％。

While Soto-Wright said some of the thought process is that "we're only going to succeed if bitcoin succeeds," he believes there is a growing argument to include bitcoin in any company's treasury strategy.

尽管索托 - 赖特（Soto-Wright）表示，一些思考过程是“我们只有比特币成功，我们才能成功”，但他认为，将比特币纳入任何公司的财政策略中都有越来越多的论点。

"It's really detached both from interest rates and equity market movements, so you could see it from that perspective," he said. "You could also see it from the perspective of an inflation hedge .. in terms of large money movement, it's incredibly efficient so you could argue it's a better version of gold."

他说：“这确实与利率和股票市场的变动相距甚远，因此您可以从这个角度看待它。” “从通货膨胀对冲的角度来看，您也可以看到它。就大型货币运动而言，它非常有效，因此您可以说它是更好的黄金版本。”

That is one of the arguments that Saylor has made, and one he repeated while making one of the most high-profile pushes to spur a major U.S. company to add bitcoin to its balance sheet, appearing at Microsoft's annual meeting to speak on behalf of a shareholder proposal that called on the company's board to evaluate holding bitcoin or other cryptocurrencies.

这是赛勒（Saylor）提出的论点之一，也是他在提出最引人注目的努力之一时重复的论点，刺激了一家美国主要公司，以将比特币添加到其资产负债表中，并在微软的年度会议上出现，代表一份代表股东提议呼吁公司董事会评估持有比特币或其他加密货币。

Saylor doubled down on that message at the ICR conference earlier this year, where in a presentation he said that companies can either "cling to the past" and continue to buy Treasury bonds, execute buybacks and dividends, or "embrace the future" by using bitcoin as digital capital.

Saylor在今年早些时候的ICR会议上加倍了该消息，他在演讲中说，公司可以“坚持过去”，并继续购买国库券，执行回购和股息，或通过使用“拥抱未来”比特币是数字资本。

"It works for any company," Saylor said in the retail conference's keynote speech. "We're the people building with steel and they're building with wood."

塞勒在零售会议的主题演讲中说：“它对任何公司都有效。” “我们是用钢铁建造的人们，他们正在用木头建造。”

At least in the short-term, it can look good, too. Tesla, one of the few non-crypto-focused companies to hold bitcoin on its balance sheet, showed the positive side of this in its most recent quarter when it marked a $600 million profit due to the appreciation of bitcoin. The Financial Accounting Standards Board adopted a new rule for 2025 that mandates that corporate digital asset holdings be marked to market each quarter.

至少在短期内，它看起来也很好。特斯拉（Tesla）是为数不多的以资产负债表上持有比特币的非关注比特币的公司之一，在最近一个季度，由于对比特币的欣赏，这是6亿美元的利润。财务会计标准委员会通过了2025年的一项新规则，该规则要求将公司数字资产持有量标记为每个季度的市场。

But so far, the message and broader movement has not spread much wider than the crypto industry. Just 0.55% of votes at Microsoft's annual meeting supported the plan. Microsoft, as well as proxy advisors Glass Lewis and Institutional Shareholder Services, had all suggested shareholders reject the proposal ahead of the vote.

但是到目前为止，信息和更广泛的运动并没有比加密货币行业更广泛。微软年度会议上只有0.55％的选票支持该计划。微软以及代理顾问Glass Lewis和机构股东服务都建议股东在投票前拒绝该提案。

Microsoft said in an October proxy filing that its treasury and investment services team previously evaluated bitcoin and other cryptocurrencies to fund the company's operations and reduce economic risk, adding that it "continues to monitor trends and developments related to cryptocurrencies to inform future decision making."

微软在10月的代理文件中表示，其国库和投资服务团队先前评估了比特币和其他加密货币，以资助公司的运营并降低经济风险，并补充说，它“继续监控与加密货币有关的趋势和发展，以告知未来决策。”

At Microsoft's annual meeting, CFO Amy Hood said: "it's important to remember our criteria and our goals of our balance sheet and for the cash balances, importantly, is to preserve capital, to allow a lot of liquidity to be able to fund our operations and partnerships and investments .. liquidity is also a really important criteria for us, as well as generating income."

在微软的年度会议上，首席财务官艾米·胡德（Amy Hood）说：“重要的是要记住我们的标准和资产负债表的目标，而现金余额则重要，重要的是要保留资本，让很多流动性能够为我们的业务提供资金以及伙伴关系和投资。流动性也是我们以及产生收入的真正重要标准。”

The lack of adoption so far isn't discouraging proponents of companies holding bitcoin on the balance sheet. Ethan Peck, the deputy director of the Free Enterprise Project, which is part of conservative think tank National Center for Public Policy Research, filed the shareholder proposal at Microsoft and said he plans to file similar proposals during the upcoming proxy season at other large companies. In all, it has been recently estimated that the S&P 500 universe of companies collectively holds over $3.5 trillion on balance sheets, though the figure changes quarter-to-quarter.

到目前为止，缺乏收养并没有阻止在资产负债表上持有比特币的公司的支持者。自由企业项目的副主任伊森·佩克（Ethan Peck）是保守智囊团国家公共政策研究中心的一部分，他向微软提出了股东提案，并表示他计划在即将到来的其他大公司的代理季节期间提出类似的建议。总体而言，最近估计，标准普尔500年的公司宇宙在资产负债表上持有超过3.5万亿美元的持股，尽管该数字季度到季度的季度变化了。

While Peck said he is not advocating for companies to take as aggressive of a stance as Strategy has, "Companies should consider holding a couple percent of bitcoin in order to negate or offset the base of your cash holdings because you're losing your shareholders' money."

佩克表示，他不提倡公司采取积极的立场，但“公司应考虑持有比特币的百分之几，以否定或抵消现金持有的基础，因为您正在失去股东的股份”钱。”

"The bond yields are not outpacing real inflation, so you're losing money," Peck said.

佩克说：“债券收益率并没有超过真正的通货膨胀，因此您正在损失钱。”

However, that debate is far from decided in corporate America, according to Markus Ve

但是，根据Markus ve的说法，这场辩论远非美国公司的决定