随着越来越多的上市公司加入，比特币国债的采用开始腾飞

随着人们对数字资产的兴趣持续上升，企业采用比特币的新阶段似乎正在形成

As interest in digital assets continues to rise, a new phase of corporate adoption for Bitcoin appears to be taking shape, with publicly listed firms following MicroStrategy's lead by adding BTC to their balance sheets.

随着人们对数字资产的兴趣持续上升，企业采用比特币的新阶段似乎正在形成，上市公司效仿 MicroStrategy 的做法，将 BTC 添加到其资产负债表中。

It all started with MicroStrategy (NASDAQ:MSTR) adopting BTC as a Treasury asset in 2020. Since then, its share price has jumped almost 2,500%. Over the years, the company has boosted its coin stash through cash, at-the-market (ATM) equity offerings, convertible debt or, more recently, through preferred stock offerings.

这一切都始于 MicroStrategy（纳斯达克股票代码：MSTR）在 2020 年采用 BTC 作为国库资产。此后，其股价上涨了近 2,500%。多年来，该公司通过现金、市场 (ATM) 股票发行、可转换债券或最近通过优先股发行增加了其代币储备。

In 2024, we saw multiple companies follow suit and adopt a bitcoin treasury strategy, such as Metaplanet (3350), Semler Scientific (SMLR), MARA Holdings (MARA), as well as many other publicly traded miners that have also achieved great success.

2024年，我们看到多家公司纷纷效仿并采取比特币金库策略，例如Metaplanet（3350）、Semler Scientific（SMLR）、MARA Holdings（MARA）以及许多其他也取得巨大成功的上市矿商。

Now more firms are joining the party.

现在，更多的公司正在加入这个行列。

The first company emerging from the second wave is KULR Technology Group (NYSE:KULR), which trades on the NYSE, announced a $21 million bitcoin purchase on Monday. This takes its total bitcoin holding to 430 BTC at an average weighted price of $98,393 per token.

第二波浪潮中的第一家公司是 KULR 科技集团（NYSE：KULR），该公司在纽约证券交易所交易，周一宣布购买 2100 万美元的比特币。这使其持有的比特币总数达到 430 BTC，平均加权价格为每个代币 98,393 美元。

KULR has leveraged a combination of an ATM equity program and surplus cash to fund its purchase. Like the other pioneers of this strategy, they have adopted a BTC yield strategy, coming in at 93.7% from December 2024 to January 2025. KULR's share price has been up 847% since Nov. 19.

KULR 利用 ATM 股权计划和剩余现金相结合来为其收购提供资金。与该策略的其他先驱一样，他们也采用了 BTC 收益率策略，从 2024 年 12 月到 2025 年 1 月，收益率为 93.7%。自 11 月 19 日以来，KULR 的股价已上涨 847%。

As of Jan. 7, there also seems to be an emergence of publicly traded companies that have announced a bitcoin treasury strategy, but have yet to acquire any bitcoin.

截至 1 月 7 日，似乎也出现了一些上市公司宣布了比特币金库战略，但尚未收购任何比特币。

First up, Acurx Pharmaceuticals (NASDAQ:ACXP), trading on the Nasdaq, whose board approved a purchase of up to $1 million in bitcoin on Nov. 20. The share price has been down 35% since Nov. 19, but it is up 30% year-to-date.

首先是在纳斯达克交易的 Acurx Pharmaceuticals（纳斯达克股票代码：ACXP），该公司董事会于 11 月 20 日批准购买最多 100 万美元的比特币。自 11 月 19 日以来，该公司股价已下跌 35%，但目前有所上涨今年迄今为 30%。

The same is true for Hoth Therapeutics (NASDAQ:HOTH), also on the Nasdaq. Its board approved a $1 million bitcoin purchase, back in Nov. 20 but there has been no acquisition yet. However, the share price is up 2% since Nov. 19.

同样在纳斯达克上市的 Hoth Therapeutics （纳斯达克股票代码：HOTH）也是如此。早在 11 月 20 日，其董事会就批准了价值 100 万美元的比特币收购，但目前尚未有任何收购。然而，自11月19日以来，股价上涨了2%。

The third company to have approved a $1 million bitcoin treasury strategy is Nasdaq-listed LQR House (NYSE:YHC). On Nov. 19, the firm made the announcement that they have also accepted cryptocurrency payments and adopted a policy to retain up to $10 million of these payments in bitcoin. The share price is up 56% since Nov. 19.

第三家批准 100 万美元比特币金库策略的公司是纳斯达克上市公司 LQR House（纽约证券交易所股票代码：YHC）。 11 月 19 日，该公司宣布他们也接受加密货币付款，并采取了一项政策，以比特币形式保留其中最多 1000 万美元的付款。自11月19日以来，该股股价已上涨56%。

The last company, NYSE-listed SOS Limited (NYSE:SOS) approved a $50 million purchase of bitcoin on Nov. 27. The announcement was made when bitcoin was $93,000 a token. The share price has been down 30% since Nov. 19.

最后一家公司，纽约证券交易所上市公司 SOS Limited（纽约证券交易所股票代码：SOS）于 11 月 27 日批准了 5000 万美元的比特币购买。该公告是在比特币价格为 93,000 美元一个代币时发布的。自11月19日以来，股价已下跌30%。

In the second wave KULR has seen massive share price appreciation, compared to the other companies. However, LQR House could be an outlier with a share price gain of 57%.

在第二波浪潮中，与其他公司相比，KULR 的股价大幅上涨。然而，LQR House 可能是一个异常值，其股价上涨了 57%。