彼得·希夫（Peter Schiff）的欧洲太平洋资产管理公司已秘密地购买了没人期望的比特币债券

彼得·希夫（Peter Schiff）在降低比特币方面建立了职业生涯。直言不讳的福音传教士和基金经理在2019年嘲笑“继续做梦。

Peter Schiff, the outspoken gold evangelist and fund manager, is famously known for his skepticism towards Bitcoin. As recently as December 2023, Schiff was still asserting that Bitcoin was “going to zero…just traveling a long road.”

直言不讳的福音传教士兼基金经理彼得·希夫（Peter Schiff）以对比特币的怀疑而闻名。直到2023年12月，席夫仍在断言比特币“要零……只是一条长途路。”

However, recent SEC filings reveal that Schiff’s own asset management arm had acquired exposure to a bitcoin-backed bond late last year. This finding is especially ironic considering Schiff’s strong anti-BTC stance and his frequent predictions of bitcoin’s impending doom.

但是，最近的SEC文件显示，去年年底，Schiff自己的资产管理部门已获得了由比特币支持的债券。考虑到Schiff强烈的反BTC立场以及他对比特币即将到来的厄运的频繁预测，这一发现尤其具有讽刺意味。

The instrument in question is a bitcoin treasury bond issued by Samara Asset Group p.l.c, a European asset manager (formerly Cryptology Asset Group) whose shares are traded on the Euronext Growth Oslo exchange. Last November, Samara successfully issued what it calls “Europe’s first-ever Bitcoin Bond,” raising €20 million to expand its portfolio and significantly increase its bitcoin treasury holdings.

该工具是由欧洲资产经理（以前是密码学资产集团）萨马拉资产集团（Samara Asset Group Plc）发行的比特币国库债券，其股票是在EuroNext增长Oslo Exchange上交易的。去年11月，萨马拉（Samara）成功发布了所谓的“欧洲有史以来的第一个比特币债券”，筹集了2000万欧元，以扩大其投资组合并大大增加了比特币财政部的持股。

The bond (ISIN: NO0013364398) is structured as a 5-year senior secured note maturing in 2029, offering a substantial 10.062% annual coupon. Additionally, the bond includes an innovative incentive: bondholders receive an extra 0.25% premium on principal for every €0.25 increase in Samara’s Net Asset Value (NAV) per share, closely aligning bondholder interests with shareholders.

债券（ISIN：NO0013364398）在2029年成熟为5年的高级担保票据，提供10.062％的年度优惠券。此外，该债券包括创新的激励措施：债券持有人每股每股每股净资产价值（NAV）每股增加0.25欧元的本金额外费用，与股东与债券持有人的利益紧密一致。

Samara’s CEO Patrick Lowry described the issuance enthusiastically, noting it was “the very first time in history a European firm has taken a page out of the ‘Michael Saylor playbook,’ issuing a bond explicitly with the intent to acquire bitcoin.”

萨马拉（Samara）的首席执行官帕特里克·洛瑞（Patrick Lowry）热情地描述了发行，并指出：“这是“欧洲公司第一次从“迈克尔·塞勒（Michael Saylor）剧本”中删除了一页，并明确发行了债券，目的是以获取比特币的意图。”

Indeed, within weeks of the bond issuance, Samara utilized the proceeds to purchase approximately 76 BTC for its treasury and invested in several crypto-focused venture funds.

的确，在发行保证金的几周内，萨马拉（Samara）利用收益购买了大约76 btc的财政部，并投资了几家以加密货币为中心的风险投资。

The bond’s backstory reads like pure rocket fuel for institutional Bitcoin enthusiasts. Announced in October 2024 amid rising BTC prices, the Samara Bitcoin Bond was designed to leverage bitcoin as a strategic treasury reserve asset. Samara positioned it as a win-win proposition: investors would enjoy a high yield coupled with additional NAV-based upside, while Samara could allocate capital into Bitcoin and pioneering tech investments.

该债券的背景故事像机构比特币爱好者一样读起来像是纯火箭燃料。萨马拉比特币债券于2024年10月在20024年10月宣布，旨在利用比特币作为战略财政储备资产。萨马拉（Samara）将其定位为双赢的主张：投资者将享有高收益，再加上基于NAV的上涨空间，而Samara可以将资本分配为比特币和开拓性技术投资。

By early November, the bond had successfully closed its private placement at €20 million (minimum investment ticket: €100k) and is expected to be publicly listed for trading on the Oslo and Frankfurt exchanges within one to two weeks. Notably, this bond is secured by an overcollateralized portfolio comprising a €150 million basket of Samara’s venture investments, locked securely within a guarantor SPV—resulting in an ultra-low loan-to-value ratio of approximately 13.3%.

到11月初，该债券已成功结束了其私人安置，以2000万欧元（最低投资票：€100K）的价格完成了债券，预计将在一到两周内公开上市以在奥斯陆和法兰克福交易所进行交易。值得注意的是，该债券是由一个超大型投资组合保证的，其中包括1.5亿欧元的萨马拉风险投资，并牢固地锁定在担保人SPV中，以超低贷款价值比率约为13.3％。

Little did anyone suspect that among these bondholders would be Peter Schiff’s Euro Pacific.

几乎没有人怀疑这些债券持有人将是彼得·希夫（Peter Schiff）的欧洲太平洋。

Enter the EuroPac International Bond Fund, a global bond mutual fund managed by Euro Pacific Asset Management — the firm founded and helmed by Peter Schiff. Schiff, as an owning member of the advisor, has long shaped Euro Pacific’s strategy around his macro views (hard money, skepticism of the U.S. dollar, affinity for gold and foreign bonds).

输入由欧洲太平洋资产管理公司管理的全球债券共同基金Europac国际债券基金，该公司由彼得·希夫（Peter Schiff）创立和主持。作为顾问的所有成员，席夫（Schiff）长期以来一直围绕着欧元太平洋的宏观观点（硬钱，对美元的怀疑，对黄金和外国债券的亲和力）的战略。

The EuroPac International Bond Fund typically holds a mix of sovereign and corporate debt from around the world, aligned with Schiff’s thesis that non-U.S. assets can protect against dollar debasement. It’s the last place one would expect to find anything related to Bitcoin. But that’s exactly what turned up when the fund’s SEC filings were published this year.

Europac International Bond Fund通常将世界各地的主权和公司债务融合在一起，与Schiff的论点保持一致，即非美国资产可以预防美元贬值。这是人们期望找到与比特币有关的任何地方。但这正是该基金的SEC申请今年出版时出现的。

In the fund’s Form N-PORT P disclosure (a mandatory SEC filing of portfolio holdings) covering late 2024, a curious line item appears: “Samara Asset Group PLC” — identified by the very same ISIN (NO0013364398) of Samara’s Bitcoin bond. The filing shows EuroPac’s bond fund held €800,000 principal value of Samara’s Bitcoin bond, valued at roughly $870,000 USD, as of the reporting date. That position represented about 1.58% of the fund’s net assets.

在涵盖2024年末的基金N-PORT P披露（强制性SEC归档）中，出现了一个奇怪的订单项目：“ Samara Asset Group plc” - 由Samara比特币债券的同一ISIN（NO0013344398）确定。该文件显示，Europac的债券基金持有萨马拉（Samara）比特币债券的800,000欧元本金，截至报告日期，价值约为870,000美元。该职位约占该基金净资产的1.58％。

In plainer terms, Peter Schiff’s flagship bond fund became a financier of a bitcoin-backed enterprise, even as Schiff himself spent 2024 loudly bashing bitcoin’s rally.

从简单的角度来看，彼得·席夫（Peter Schiff）的旗舰债券基金（Flagship Bond Fund）成为了一家由比特币支持的企业的金融家，即使席夫本人花了2024年大声抨击比特币的集会。

To be clear, this holding was likely a small, yield-driven allocation made by the fund’s managers (Schiff’s team includes co-managers Jim Nelson, CFA, and Steve Kleckner, CAIA). From a bond investor’s perspective, Samara’s 10%+ coupon for a 5-year note—secured by a trove of tech investments and bitcoin reserves—may have simply looked like an attractive high-yield opportunity.

需要明确的是，这种持有可能是该基金经理进行的小型，屈服驱动的分配（Schiff的团队包括CFA的联合经理Jim Nelson和CAIA的Steve Kleckner）。从债券投资者的角度来看，萨马拉（Samara）的10％+优惠券为5年的票据（由一系列技术投资和比特币储备提供），可能看起来像是一个有吸引力的高产机会。

Factoring in EuroPac’s International Bond Fund mandate to seek income in international markets

欧罗巴克的国际债券基金中考虑在国际市场中寻求收入