增长的趋势

金融咨询公司Architect Partners的一份新报告预测，到2030年，标准普尔500年的公司中有25％的资产币将在其资产负债表上。

A new report by financial advisory firm Architect Partners predicts that 25% of S&P 500 companies will have Bitcoin in their balance sheets by 2030.

金融咨询公司Architect Partners的一份新报告预测，到2030年，标准普尔500年的公司中有25％的资产负债表中将拥有比特币。

This forecast comes from Elliot Chun, a partner at the tech-focused firm, who outlined his thoughts in a March 28 blog post.

这项预测来自以技术为中心的公司的合伙人艾略特·春（Elliot Chun），他在3月28日的博客文章中概述了他的想法。

Currently, only two S&P 500 companies – Tesla and Block – hold Bitcoin as a treasury asset. For Chun’s prediction to come true, at least 123 more S&P 500 firms would need to add Bitcoin to their books over the next seven years.

目前，只有两家标准普尔500年的公司 - 特斯拉和Block-将比特币作为国库资产。为了使Chun的预测实现，在未来七年中，至少需要123家标准普尔500家公司将在其书籍中添加比特币。

The pressure on treasury managers appears to be a key factor driving this trend. Chun suggests that many will feel forced to at least test Bitcoin strategies.

财政经理的压力似乎是推动这一趋势的关键因素。 Chun认为，许多人将被迫至少测试比特币策略。

“If you tried it and it worked, you’re a genius. If you tried it and it didn’t work, you at least tried. But if you didn’t try and have no good reason, your job may be at risk,” Chun wrote.

“如果您尝试过它，并且它奏效了，那么您是一个天才。如果您尝试过它，并且它不起作用，那么您至少尝试过。但是，如果您没有尝试并且没有充分的理由，您的工作可能会面临风险。”

Corporate Bitcoin Holdings Today

今天的公司比特币持有

According to data from BitcoinTreasuries.NET, 89 publicly-traded companies currently hold Bitcoin on their balance sheets. MicroStrategy (NASDAQ:MSTR) stands out as the largest corporate holder.

根据BitCoinReasuries.net的数据，目前有89家公开交易的公司在其资产负债表上持有比特币。 MicroStrategy（NASDAQ：MSTR）是最大的公司持有人。

GameStop (NYSE:GME) could soon join this list. The company recently announced a $1.3 billion convertible notes offering on March 26, which it plans to use for its first Bitcoin purchase.

GameStop（NYSE：GME）很快就可以加入此列表。该公司最近在3月26日宣布了13亿美元的可转换票据，并计划用于首次购买比特币。

MicroStrategy first adopted Bitcoin as its “primary treasury reserve asset” on August 20, 2020. Since then, the company’s stock has increased by over 2,000%, contrasting with Bitcoin’s 781% appreciation and the S&P 500′s 64.8% rise during the same period.

MicroStrategy于2020年8月20日首先采用比特币作为其“主要国库券资产”。从那时起，该公司的股票增长了2,000％以上，与比特币的781％升值和同一时期的标准普尔500年的64.8％相反。

GameStop CEO anticipates “an incredible opportunity to transform its financial future by becoming the premier bitcoin treasury company in the gaming sector.” However, the announcement led to a 20% decline in GameStop’s stock price.

GameStop首席执行官预计，“通过成为游戏领域的首要比特币财政公司来改变其财务未来的难以置信的机会。”但是，该公告导致GameStop的股价下降了20％。

Different Approaches to Bitcoin Strategy

比特币策略的不同方法

Chun highlights an important distinction between companies. Some adopt Bitcoin for treasury diversification and risk management purposes. Others completely restructure their business models to become the Bitcoin leader in their industry.

Chun强调了公司之间的重要区别。有些人采用比特币来用于国库多元化和风险管理目的。其他人则完全将其业务模式重组为其行业的比特币领导者。

“Companies who are implementing this strategy in hopes of replicating MSTR’s performance are positioning for disappointment,” Chun cautioned. He describes MicroStrategy as a “one-of-one” case, similar to Tether’s (CRYPTO:USDT) dominant role in the stablecoin market.

Chun警告说：“为了复制MST的表现而实施这项策略的公司使人失望。”他将MicroStrategy描述为“一个”案例，类似于Tether's（Crypto：USDT）在Stablecoin市场中占主导地位。

MicroStrategy initially provided U.S. asset managers with Bitcoin exposure when they couldn’t hold it directly. This advantage changed when the Securities and Exchange Commission approved several spot Bitcoin exchange-traded funds on January 10, 2024.

MicroStrategy最初为美国资产管理人员提供了比特币的曝光，而他们无法直接持有它。当证券交易委员会于2024年1月10日批准了几个现货比特币交易所资金时，这一优势就会改变。

Despite growing adoption, using Bitcoin as a treasury asset remains an “unproven strategy” for companies hoping to hedge against inflation or diversify risk, according to Chun.

尽管采用的收养量的增长，但使用比特币作为国库资产仍然是希望对冲通货膨胀或多样化风险的公司的“未经证实的战略”。

Bitcoin does offer advantages over traditional treasury assets like gold. Chun mentions the practical challenges of storing and moving physical gold bars. In contrast, Bitcoin is classified as a digital commodity. It receives GAAP recognition as a tangible asset with fungible and liquid properties.

比特币确实比黄金等传统财政资产具有优势。 Chun提到了存储和移动物理金条的实际挑战。相比之下，比特币被归类为数字商品。它将GAAP识别视为具有可及格和液体特性的有形资产。

The interest in corporate Bitcoin adoption is evident. Last month’s Bitcoin Investor Week in New York City included a full day dedicated to explaining this approach to public companies.

对公司比特币采用的兴趣很明显。上个月在纽约市举行的比特币投资者周包括一整天，致力于向上市公司解释这种方法。

MicroStrategy also hosted its own conference in Las Vegas last year, focused on corporate Bitcoin strategies. Earlier this month, crypto asset manager Bitwise launched a new ETF. The Bitwise Bitcoin Standard Corporations ETF tracks companies with at least 1,000 Bitcoin in their corporate treasuries.

去年，MicroStrategy还在拉斯维加斯举行了自己的会议，重点是公司比特币战略。本月初，加密资产经理Bitwise推出了新的ETF。比特币标准公司ETF在公司国库中追踪至少有1,000个比特币的公司。

Several high-profile tech investors and executives expect Bitcoin’s value to continue rising. ARK Invest CEO Cathie Wood, Galaxy Digital CEO Mike Novogratz, Coinbase (NASDAQ:COIN) CEO Brian Armstrong, and Block (NYSE:SQ) CEO Jack Dorsey all predict Bitcoin could reach between $500,000 and $1,000,000 by 2030.

几位备受瞩目的科技投资者和高管期望比特币的价值继续上升。 ARK Invest Catie Wood，Galaxy Digital Ceo Mike Novogratz，Coinbase（NASDAQ：COIN）首席执行官Brian Armstrong和Block（NYSE：SQ）首席执行官Jack Dorsey都预测，到2030到2030年，Brian：SQ）首席执行官Jack Dorsey都可以达到500万至1,000,000美元。

For companies considering Bitcoin treasury strategies, the key question is whether this trend will grow or fade. As Chun puts it: “Until my answer is ‘less,’ I’ll continue to pound the table on the adoption of these strategies.”

对于考虑比特币国库策略的公司而言，关键问题是这种趋势是否会增长还是消失。正如Chun所说：“直到我的回答是'少'，我将继续对采用这些策略进行挫败。”