上市公司正在努力应对其比特币（BTC）预备役策略的损失，因为加密货币的价值暴跌。

这是因为BTC跌至80,000美元以下，引发了有关公司投资数字货币的风险的重新辩论。

Public companies are grappling with mounting losses from their Bitcoin (BTC) reserve strategies as the cryptocurrency’s value plunges.

上市公司正在努力应对其比特币（BTC）预备役策略的损失，因为加密货币的价值暴跌。

This comes as BTC dropped below $80,000, sparking renewed debate over the risks of corporate investments in digital currencies.

这是因为BTC跌至80,000美元以下，引发了有关公司投资数字货币的风险的重新辩论。

Are Bitcoin Reserve Strategies Backfiring for Companies?

比特币储备策略是否适合公司？

The week began on a somber note for the cryptocurrency market, often referred to as “Black Monday.” According to BeInCrypto data, Bitcoin saw a significant decline of 9.6% in the past 24 hours, falling to $75,089 by press time.

本周开始在加密货币市场的阴沉钞票上，通常称为“黑色星期一”。根据Beincrypto数据，比特币在过去24小时内显着下降了9.6％，到发稿时下降到75,089美元。

The liquidation figures were equally staggering. According to Coinglass, Bitcoin experienced the highest liquidations in the same timeframe, amounting to $474 million. Of that, $405.7 million came from long liquidations, while $68.2 million was from short liquidations.

清算数字同样惊人。根据Coinglass的说法，比特币在同一时间范围内经历了最高的清算，总计4.74亿美元。其中，4.057亿美元来自漫长的清算，而6820万美元来自简短的清算。

Importantly, companies holding Bitcoin reserves have not been spared from the recent market bloodbath. Many now face substantial unrealized losses amid Bitcoin’s sharp downturn.

重要的是，持有比特币储量的公司尚未从最近的市场血液中获利。现在，由于比特币的急剧下滑，许多人现在面临着实质性的未实现损失。

According to data from Bitcoin Treasuries, the NGU ratio, which measures the difference between the current Bitcoin value and the cost basis of a company’s holdings, has turned red for several firms.

根据比特币国库的数据，NGU比率衡量了当前比特币价值与公司持股的成本基础之间的差异，但对于多家公司来说已变成红色。

This indicates that the current market price of Bitcoin is now below the acquisition cost for many institutional investors. For instance, Metaplanet (3350.T) is experiencing a 12.4% unrealized loss on its Bitcoin holdings. The company currently holds 4,206 Bitcoins, valued at approximately $314.7 million, with an average cost per Bitcoin of $85,483.

这表明比特币的当前市场价格现在低于许多机构投资者的收购成本。例如，Metaplanet（3350.T）的比特币持有量未实现12.4％。该公司目前持有4,206个比特币，价值约3.147亿美元，平均每比特币成本为85,483美元。

Similarly, The Blockchain Group’s (ALTBG.PA) portfolio is down 14.4%. Holding 620 Bitcoins valued at $46.39 million, the company’s average cost per Bitcoin is $87,424.

同样，区块链集团（Altbg.pa）投资组合下跌了14.4％。该公司的平均每比特币成本为87,424美元。

Semler Scientific (SMLR) has also felt the impact, with a 14.7% loss on its portfolio. The company holds 3,192 Bitcoins valued at $238.9 million, with an average cost of $87,850 per Bitcoin.

Semler Scientific（SMLR）也感受到了影响，其投资组合损失了14.7％。该公司持有3,192个比特币，价值2.389亿美元，平均每比特币成本为87,850美元。

Even Strategy (MSTR), an early player in corporate Bitcoin adoption, is facing challenges. Since beginning its Bitcoin acquisition in August 2020, the company has accumulated 528,185 Bitcoins, valued at $39.5 billion, with an average cost of $67,485 per Bitcoin, resulting in an overall profit of 10.9%.

即使是企业比特币领域的早期参与者，战略（MSTR）也面临着挑战。自2020年8月开始其比特币收购以来，该公司累积了528,185个比特币，价值395亿美元，平均每比特币成本为67,485美元，总利润为10.9％。

However, data from SaylorTracker reveals that all Bitcoin purchased by the firm since November 2024 is currently at a loss. These acquisitions were made at prices ranging from $83,000 to as high as $106,000 per Bitcoin.

但是，Saylortracker的数据显示，自2024年11月以来，该公司购买的所有比特币目前都亏损。这些收购的价格从83,000美元到每个比特币的$ 106,000不等。

Meanwhile, the decline in Bitcoin’s value has had a significant ripple effect on the firms’ stocks. 3350.T saw a sharp 20.2% drop in its stock price, while ALTBG.PA experienced a 15.8% decline.

同时，比特币价值的下降对公司的股票产生了重大连锁反应。 3350.T的股价下跌20.2％，而Altbg.PA下降了15.8％。

SMLR experienced a smaller 0.6% dip but still reflected the broader market trend. Lastly, MSTR dropped 11.2% in pre-market trading despite some initial resilience.

SMLR经历了较小的0.6％下降，但仍反映出更广泛的市场趋势。最后，尽管有一些最初的弹性，但MSTR在预售交易中下跌了11.2％。

Amid this market crash, Peter Schiff, economist and long-time Bitcoin skeptic, took aim at Strategy.

在这种市场崩溃之中，经济学家和长期比特币怀疑论者彼得·希夫（Peter Schiff）瞄准了战略。

“Attention Saylor, now that Bitcoin is below $80,000, if you want to prevent it from crashing below your average cost of $68,000, you had better back up the truck with borrowed money today and go all in,” he posted on X.

他在X上张贴说：“ Saylor，现在比特币低于80,000美元，如果您想防止其崩溃低于平均成本68,000美元的平均成本，那么您今天最好将卡车备份到卡车上，然后全力以赴。”

The economist further predicted that the company’s Bitcoin strategy could lead to its downfall.

这位经济学家进一步预测，该公司的比特币战略可能导致其衰落。

“It will end with the bankruptcy of MSTR,” Schiff stated.

席夫说：“这将以MSTR的破产结束。”

He also questioned Bitcoin’s value as a safe haven asset. Schiff stressed that the coin’s substantial decline compared to other assets makes it an unreliable store of value, especially during market selloffs.

他还质疑比特币作为避风港资产的价值。席夫强调，与其他资产相比，硬币的大幅下降使其成为不可靠的价值存储，尤其是在市场抛售期间。