比特币采用的下一阶段：比特币支持的 CDO 和主流固定收益整合之路

Riot Platforms（纳斯达克股票代码：RIOT）研究副总裁、著名比特币经济学家 Pierre Rochard 于 12 月 15 日发表了一篇开创性论文。

Vice President of Research at Riot Platforms (NASDAQ: RIOT) and a renowned Bitcoin economist, Pierre Rochard, unveiled a groundbreaking thesis on December 15. Titled “The Next Phase of Bitcoin Adoption: Bitcoin-Backed CDOs and the Path Toward Mainstream Fixed Income Integration,” Rochard’s analysis delves into the emergence of BTC-backed Collateralized Debt Obligations (CDOs) as a key mechanism for integrating BTC into traditional fixed-income markets.

Riot Platforms（纳斯达克代码：RIOT）研究副总裁、著名比特币经济学家 Pierre Rochard 于 12 月 15 日发表了一篇开创性论文。题为“比特币采用的下一阶段：比特币支持的 CDO 和主流固定收益整合之路” ”，Rochard 的分析深入研究了 BTC 支持的债务抵押债券（CDO）的出现，作为将 BTC 融入传统固定收益的关键机制市场。

Rochard, a pivotal figure in the BTC domain and co-founder of the Satoshi Nakamoto Institute alongside Michael Goldstein and Daniel Krawitz, is recognized for his prescient insights into Bitcoin’s economic potential. His previous work, notably the “Speculative Attack” thesis, anticipated the strategic maneuvers of Michael Saylor’s MicroStrategy when BTC price was just at $600.

罗查德是比特币领域的关键人物，也是中本聪研究所的联合创始人，与迈克尔·戈尔茨坦和丹尼尔·克拉维茨一起，因其对比特币经济潜力的先见之明而受到认可。他之前的工作，特别是“投机攻击”论文，预测了当 BTC 价格仅为 600 美元时 Michael Saylor 的 MicroStrategy 的战略策略。

Bitcoin-Backed CDOs

比特币支持的 CDO

Rochard articulates that BTC-backed CDOs mark a pivotal advancement in integrating BTC into the fabric of traditional fixed-income markets. “The emergence of Bitcoin-backed structured credit products — specifically, Collateralized Debt Obligations (CDOs) modeled around fixed-income principles — represents a transformative next phase of Bitcoin’s adoption cycle,” he states in his thesis.

Rochard 指出，BTC 支持的 CDO 标志着将 BTC 融入传统固定收益市场结构的关键进步。 “比特币支持的结构性信贷产品的出现——特别是围绕固定收益原则建模的抵押债务债券（CDO）——代表了比特币采用周期的变革性下一阶段，”他在论文中指出。

Rochard draws parallels with traditional CDO structures that pool diverse debt instruments into a singular financial vehicle. In this innovative model, the core asset pool comprises BTC acquired by a Special Purpose Vehicle (SPV). “Rather than aggregating conventional debts, the CDO’s core asset pool consists of BTC acquired upfront by a Special Purpose Vehicle (SPV),” Rochard explains.

Rochard 与传统的 CDO 结构相似，传统的 CDO 结构将不同的债务工具集中到一个单一的金融工具中。在这一创新模式中，核心资产池由特殊目的机构（SPV）收购的比特币组成。 “CDO 的核心资产池不是汇总传统债务，而是由特殊目的机构 (SPV) 预先购买的 BTC 组成，”Rochard 解释道。

Central to the BTC-backed CDO structure is the “waterfall” model, which delineates the hierarchy of cash flow distributions across various tranches with distinct risk and return profiles. Rochard elaborates, “At the heart of the CDO structure lies the concept of the ‘waterfall,’ a hierarchy of tranches that defines how cashflow distributions are allocated. The highest-priority tranches, often termed ‘senior,’ enjoy the first claim on proceeds, translating into lower risk of principal loss and, consequently, relatively modest yields.”

BTC 支持的 CDO 结构的核心是“瀑布”模型，该模型描绘了具有不同风险和回报特征的各个部分的现金流分配层次结构。 Rochard 阐述道：“CDO 结构的核心是‘瀑布’的概念，这是一个定义现金流分配方式的分级层次结构。优先级最高的部分通常被称为“优先”，享有第一笔收益权，意味着本金损失的风险较低，因此收益率相对较低。”

Senior tranches offer lower-risk, steady returns ideal for conservative investors, while mezzanine and junior tranches cater to those willing to assume higher risk for the potential of greater returns. The residual equity tranche represents the most speculative component, effectively serving as a leveraged position on Bitcoin’s long-term price appreciation. “The equity portion is effectively a leveraged bet on Bitcoin’s long-term price trajectory,” Rochard notes.

高级部分为保守投资者提供风险较低、稳定的回报，是保守投资者的理想选择，而夹层和初级部分则适合那些愿意承担更高风险以获得更高回报潜力的投资者。剩余股权部分代表了最具投机性的部分，有效地充当了比特币长期价格升值的杠杆头寸。 “股票部分实际上是对比特币长期价格轨迹的杠杆押注，”罗查德指出。

One of the principal barriers to BTC’s inclusion in traditional fixed-income portfolios is its inherent price volatility. Rochard addresses this by detailing how BTC-backed CDOs can mitigate such volatility. “By structuring Bitcoin exposure into defined tranches, each with its own risk/return profile, investors who desire a lower-volatility, income-like stream can choose the senior tranches,” he writes. This stratification allows institutional investors to access Bitcoin’s upside potential while aligning with their risk tolerance and investment mandates.

比特币纳入传统固定收益投资组合的主要障碍之一是其固有的价格波动性。 Rochard 通过详细说明 BTC 支持的 CDO 如何减轻这种波动性来解决这个问题。他写道：“通过将比特币敞口划分为特定的部分，每个部分都有自己的风险/回报状况，希望获得较低波动性、类似收入的投资者可以选择高级部分。”这种分层使机构投资者能够利用比特币的上行潜力，同时符合他们的风险承受能力和投资要求。

The SPV manages BTC holdings through a disciplined divestment schedule, typically spanning five to ten years, aiming to provide predictable cash flows despite BTC’s price fluctuations. “The SPV embarks on a predetermined divestment schedule over a fixed term, gradually selling BTC in a manner that aims to meet pre-defined distribution obligations,” Rochard explains.

SPV 通过严格的撤资计划（通常持续五到十年）管理 BTC 持有量，旨在尽管 BTC 价格波动，仍能提供可预测的现金流。 Rochard 解释道：“SPV 在固定期限内按照预定的撤资计划，逐步出售 BTC，以满足预先定义的分配义务。”

The introduction of Bitcoin-backed CDOs is expected to significantly enhance market depth and liquidity by attracting a new cohort of institutional investors who prefer structured credit instruments over direct asset exposure. Rochard asserts, “With the introduction of Bitcoin-backed CDOs, a new class of institutional buyers — those who seek structured credit instruments rather than direct asset exposure — emerges. This expands Bitcoin’s universe of potential capital allocators, increasing liquidity and stability in the underlying markets.”

比特币支持的 CDO 的推出预计将通过吸引一群更喜欢结构性信贷工具而不是直接资产敞口的新机构投资者来显着增强市场深度和流动性。 Rochard 断言，“随着比特币支持的 CDO 的推出，出现了一种新的机构买家类别——那些寻求结构性信贷工具而不是直接资产敞口的人。这扩大了比特币潜在资本配置的范围，增加了基础市场的流动性和稳定性。”

Moreover, in an environment characterized by persistently low yields, these CDOs offer an innovative solution for yield generation. “Senior tranches, in particular, aim to create relatively stable yield from Bitcoin’s monetization over time,” Rochard states, emphasizing their appeal to pension funds, insurance companies, and endowments seeking reliable fixed-income returns.

此外，在收益率持续低迷的环境中，这些 CDO 为收益率生成提供了创新的解决方案。罗查德表示：“特别是高级部分，其目标是随着时间的推移从比特币的货币化中创造相对稳定的收益。”他强调了它们对寻求可靠固定收益回报的养老基金、保险公司和捐赠基金的吸引力。

Rochard underscores the importance of robust risk management and regulatory frameworks in the successful integration of BTC-backed CDOs into mainstream finance. “By employing a well-known structured finance architecture, Bitcoin-backed CDOs introduce a familiar due diligence and risk management process to what might otherwise be considered an ‘exotic’ asset,” he explains.

Rochard 强调了稳健的风险管理和监管框架对于将 BTC 支持的 CDO 成功融入主流金融的重要性。 “通过采用众所周知的结构性融资架构，比特币支持的 CDO 为原本可能被视为‘奇异’的资产引入了熟悉的尽职调查和风险管理流程，”他解释道。

Looking ahead, Rochard envisions BTC-backed CDOs as catalysts for the transition into a staple asset within global capital markets. “As these vehicles gain traction, they invite more sophisticated portfolio construction techniques, better risk-adjusted pricing, and a more comprehensive regulatory framework that enhances investor protection and fosters trust,” he concludes.

展望未来，罗查德预计 BTC 支持的 CDO 将成为全球资本市场中主要资产转型的催化剂。他总结道：“随着这些工具获得关注，它们需要更复杂的投资组合构建技术、更好的风险调整定价以及更全面的监管框架，以加强投资者保护并培养信任。”

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