2024年是关于所谓的上市公司对比特币投资的创纪录的一年。

这就是位资产管理研究主管Ryan Rasmussen所揭示的。

Year 2024 saw record investments by so-called public companies in Bitcoin, and 2025 is already shaping up to be another record year.

2024年看到了比特币的所谓上市公司的创纪录投资，而2025年已经塑造了另一个创纪录的一年。

This is what Ryan Rasmussen, Head of Research at Bitwise Asset Management, pointed out.

这就是位资产管理研究负责人瑞安·拉斯穆森（Ryan Rasmussen）指出的。

What are the companies buying the most Bitcoin?

购买最多的比特币的公司是什么？

Recently, Bitwise shared an interesting chart highlighting the trend in the total BTC purchased annually by public companies.

最近，Bitwise分享了一个有趣的图表，强调了上市公司每年购买的BTC总数的趋势。

In 2019, this figure was almost zero, while in 2020, when MicroStrategy (now Strategy) started buying, it did not exceed 100,000 BTC.

在2019年，这个数字几乎为零，而在2020年，当MicroStrategy（现在的策略）开始购买时，它不超过100,000 BTC。

At the time, the price was below $20,000, so the investments needed to buy, for example, 100,000 Bitcoin were much lower.

当时，价格低于20,000美元，因此购买所需的投资，例如100,000比特币要低得多。

In 2021, thanks to the great bull run, more than 200,000 BTC were purchased, while in 2022, due to the bear market, it fell below that figure, despite the more affordable prices.

在2021年，由于出色的公牛奔跑，购买了超过200,000 BTC，而在2022年由于价格更便宜，由于熊市的价格更高。

In 2023, just over 250,000 BTC were purchased, and in 2024 there was a real boom, even greater than that of 2021: almost 600,000 BTC purchased in a single year by all the public companies monitored by Bitwise.

在2023年，仅购买了25万BTC，在2024年，实际的繁荣，甚至比2021年的繁荣：几乎60万BTC在一年内购买的所有上市公司都受到了Bitwise监控。

Rasmussen himself writes:

拉斯穆森本人写道：

“In 2024, public companies purchased twice as many bitcoins as in all previous years combined”.

“在2024年，上市公司购买的比特币是过去几年的两倍”。

Now, in 2025, the 600,000 BTC purchased by public companies has already been surpassed in the first quarter.

现在，在2025年，由上季度购买的60万BTC已经超过了。

According to Rasmussen, the approximately 70 companies they monitor currently hold a combined value of 52 billion dollars in Bitcoin, which is about 3% of the total supply.

根据拉斯穆森（Rasmussen）的说法，他们监视的大约70家公司目前持有比特币520亿美元的总价值，约占总供应量的3％。

Public company

上市公司

The term “public company” simply refers to companies with widespread shareholding, meaning those whose shares can be bought and traded (on the stock exchange), and that do not have a single majority owner.

“上市公司”一词只是指具有广泛股份的公司，这意味着那些可以购买和交易的股份（在证券交易所），而没有单个多数所有者。

They are called public companies not because they are publicly owned (they are in all respects private companies), but because by law they must make their financial statements public.

它们之所以被称为上市公司，不是因为它们是公共拥有的（在各个方面都是私人公司），而是因为根据法律，他们必须将其财务报表公开。

Precisely because publicly traded companies are legally required to disclose their data, it is possible to monitor, for example, their purchases and sales of Bitcoin, which they are also obligated to make public.

正是因为在法律上要求公开交易的公司披露其数据，因此可以监视他们的购买和比特币的购买和销售，他们也有义务公开。

Practically all the major companies fall into this category, including Apple, Microsoft, Nvidia, and the other magnificent seven.

实际上，所有主要公司都属于这一类别，包括苹果，微软，NVIDIA和其他宏伟的七个。

Private company and Bitcoin

私人公司和比特币

The first public company to start investing heavily in Bitcoin was MicroStrategy in 2020.

2020年，第一家开始大量投资比特币投资的上市公司是MicroStrategy。

Now the company has changed its name, it is called just Strategy and owns almost half a million BTC.

现在，该公司更改了其名称，它被称为“仅仅战略”，并拥有将近一百万BTC。

Of the 52 billion dollars mentioned by Rasmussen, 41.5 belong to Strategy, which in this special ranking has a dominance of almost 79%.

在拉斯穆森（Rasmussen）提到的520亿美元中，有41.5美元属于战略，在这一特殊排名中，该战略的统治地位近79％。

Already in 2021 alone Strategy had surpassed 100,000 BTC, while to date there does not appear to be any other public company that reaches this figure.

仅在2021年，就已经超过了100,000 BTC，而迄今为止，似乎没有其他上市公司能够达到这一数字。

It should be noted, however, that among the companies not listed on the stock exchange (the private companies), there is at least one that would exceed that threshold: it is Block.one, the company behind the crypto project EOS, which should own about 164,000.

但是，应该指出的是，在未在证券交易所（私人公司）上列出的公司中，至少有一个超过该门槛的公司：它是Block.OOS，是Crypto Project EOS背后的公司，该公司应拥有约164,000个。

The difference between public companies and private companies is primarily the fact of being listed on the stock exchange, as private companies are not. Since they are not, they are not required to make their data public, and therefore it is more difficult to obtain information about their accounts.

上市公司和私营公司之间的差异主要是在证券交易所上市的事实，因为私营公司不是。由于不是，因此不需要将数据公开，因此获取有关其帐户的信息更加困难。

Moreover, the third company in the world by number of BTC owned, after Strategy and Block.one, is also a private company. It is the famous Tether, the company behind the stablecoin USDT, which now appears to have acquired more than 83,000.

此外，据BTC拥有的第三家公司，次要战略和Block.One也是一家私人公司。它是著名的系绳，是Stablecoin USDT背后的公司，现在似乎已经收购了83,000多个。

In total, the public companies appear to collectively hold approximately 658,000 BTC, while the private companies hold 424,000.

总的来说，上市公司似乎共同持有约658,000 BTC，而私营公司则持有424,000个BTC。

Note that those held by state institutions, such as the USA Department of Justice, amount to approximately 526,000.

请注意，美国司法部等州机构持有的人约为526,000。

The spot Bitcoin ETFs

斑点比特币ETF

These numbers, however, pale in comparison to the nearly 1.3 million BTC held by ETPs (including ETFs and ETNs).

然而，与ETP持有的近130万BTC（包括ETF和ETN）相比，这些数字苍白。

However, there is a huge difference.

但是，有很大的区别。

In fact, both the Bitcoins owned by private companies and those held by state institutions are actually their property, and therefore they can dispose of them at will, as long as they do so in compliance with the laws.

实际上，私营公司拥有的比特币和国家机构持有的比特币实际上都是其财产，因此，只要他们遵守法律，他们就可以随意处置它们。

Instead, the BTC held by funds such as ETFs are not their property.

取而代之的是，诸如ETF之类的资金持有的BTC不是其财产。

Or rather, funds

或更确切地说是资金