BTC作为公司储备资产

几十年来，公司国库一直依靠现金，债券和短期投资来保存资本。但是通货膨胀，贬值法定货币和

For decades, corporate treasuries have relied on cash, bonds and short-term investments to preserve capital. But inflation, devaluing fiat currencies and near-zero interest rates have challenged this approach. A new dark horse is emerging and corporate finance is about to change forever.

几十年来，公司国库一直依靠现金，债券和短期投资来保存资本。但是，通货膨胀，贬值法定货币和接近零的利率已经挑战了这种方法。一匹新的黑马正在出现，公司融资将永远改变。

Bitcoin (BTC) has entered the scene, offering a unique combination of scarcity, global liquidity and asymmetric upside potential. As a result, a growing number of corporations are adding BTC to their balance sheets in a bid to hedge against inflation, enhance shareholder value and prepare for the Web3 era.

比特币（BTC）进入了现场，提供了稀缺，全球流动性和不对称上升潜力的独特组合。结果，越来越多的公司正在将BTC添加到其资产负债表中，以期对冲通货膨胀，提高股东价值并为Web3时代做准备。

Let's delve deeper into this fascinating trend and explore how it's reshaping the world of corporate finance.

让我们深入研究这种迷人的趋势，并探索它如何重塑公司融资世界。

BTC as a corporate reserve asset

BTC作为公司储备资产

Historically, corporations have kept substantial cash reserves for both stability and liquidity. However, as Michael Saylor, Executive Chairman of MicroStrategy (NASDAQ:MSTR), has argued, cash is like a melting ice cube — losing its purchasing power due to monetary debasement. Bitcoin offers an alternative: an asset with a fixed supply, global liquidity and asymmetric upside.

从历史上看，公司为稳定和流动性保留了大量现金储备。但是，正如MicroStrategy（NASDAQ：MSTR）执行董事长Michael Saylor所说，现金就像一个融化的冰立方，由于货币贬低而失去了购买力。比特币提供了一种替代方案：具有固定供应，全球流动性和不对称上升空间的资产。

Since 2020, MicroStrategy has aggressively accumulated bitcoin, transforming its corporate balance sheet into a quasi BTC bank. The company issues convertible debt and equity to fund its purchases, leveraging a traditional finance approach to building a bitcoin treasury. In 2024 alone, MicroStrategy acquired 257,000 BTC. This strategy has indirectly turned MicroStrategy into a publicly traded bitcoin ETF and accumulation machine, granting shareholders exposure to BTC through its publicly traded stock $MSTR.

自2020年以来，MicroStrategy积极积累了比特币，将其公司资产负债表转变为准BTC银行。该公司发行可转换债务和权益资助其购买，利用传统的财务方式来建立比特币财政部。仅在2024年，MicroStrategy就获得了257,000 BTC。该策略已间接地将MicroStrategy变成了公开交易的比特币ETF和累积机器，从而通过其公开交易的股票$ MSTR允许股东接触BTC。

Two key metrics: bitcoin per share & BTC yield

两个关键指标：每股比特币和BTC收益

Microstrategy has popularized two key metrics every corporation studying this strategy needs to understand intimately: bitcoin per share (BPS) and BTC yield.

MicroStrategy推广了两个研究该策略需要亲密了解的公司的两个关键指标：每股比特币（BPS）和BTC收益率。

Bitcoin per share (BPS): The number of bitcoin held per outstanding share. This metric allows investors to measure a company’s indirect BTC exposure.

每股比特币（BPS）：每股持有的比特币数量。该指标允许投资者衡量公司的间接BTC曝光率。

BTC yield: The percentage change in the number of bitcoin per share over time. This KPI attempts to reflect how efficiently a company acquires BTC.

BTC产量：随着时间的推移，每股比特币数量的百分比变化。该KPI试图反映公司获得BTC的有效程度。

The corporate supercycle

公司超级循环

While many corporations maintain traditional treasury strategies, a fundamental shift in corporate finance is emerging. Over 70 publicly traded companies now hold bitcoin on their balance sheets, including Tesla (NASDAQ:TSLA), Coinbase (NASDAQ:COIN) and Block (NYSE:SQ). Even companies outside the technology and finance sectors are adopting this approach, demonstrating its broad applicability across industries.

尽管许多公司保持传统的国库策略，但公司融资的根本转变正在出现。现在，超过70家上市的公司在其资产负债表上持有比特币，包括特斯拉（纳斯达克股票代码：TSLA），Coinbase（NASDAQ：COIN）和BLOCK（NYSE：SQ）。即使是技术和金融部门以外的公司也采用了这种方法，证明了其在整个行业的广泛适用性。

This adoption represents more than a trend — it's a transformation in how companies can create and preserve shareholder value. The regulatory environment is also evolving to support this shift in three critical ways:

这种采用不仅代表着趋势，而是公司如何创造和保留股东价值的转变。监管环境也正在发展，以三种关键方式支持这一转变：

Companies can now generate earnings growth through strategic bitcoin accumulation while simultaneously building a position in an asset with significant potential for appreciation. This combination of current earnings impact and future value potential echoes classic Warren Buffett principles of finding businesses that can both generate current returns and reinvest capital at attractive rates.

现在，公司可以通过战略比特币积累来产生收益增长，同时在具有巨大升值潜力的资产中建立立场。当前的收入影响和未来价值潜在的这种结合呼应了经典的沃伦·巴菲特（Warren Buffett）的经典原则，这些原则既可以产生当前的回报，又以有吸引力的利率来重新投资资本。

The transformation ahead isn't merely about adding bitcoin to balance sheets — it's about fundamentally rethinking corporate treasury management for an era of digital scarcity. Companies that understand this shift early will have a significant advantage in building treasury positions at attractive prices, much like early internet adopters.

未来的转变不仅仅是将比特币添加到资产负债表中 - 这是关于在数字稀缺时代重新思考公司财政管理的。早期了解这一转变的公司将以有吸引力的价格建立财政部职位，就像早期互联网采用者一样。

We’re entering a new era in corporate finance, where bitcoin's unique properties combine with evolving financial infrastructure to create unprecedented opportunities for value creation and preservation. The companies that recognize and act on this shift early will likely emerge as the Berkshire Hathaways of the digital age.

我们正在进入公司财务的新时代，比特币的独特财产与不断发展的金融基础设施相结合，为创造价值创造和保存创造前所未有的机会。认识到这一转变并采取行动的公司很可能会成为数字时代的伯克希尔·哈纳维（Berkshire Hathaways）。