今年最火爆的加密货币交易正在崩盘

CURRENCIES The Year’s Hottest Crypto Trade IsCrumbling今年最⽕爆的加密货币交易正在崩盘 Selloff in bitcoin and other digital tokens hits crypto-treasurycompanies⽐特币及其他数字货币的抛售潮冲击加密资产管理公司 ByGregory Zuckerman Follow andVicky Ge Huang格雷⼽⾥·祖克曼和黄维琪合著FollowNov. 9, 2025 5:30 amET美国东部时间 Michael Saylor, co-founder of MicroStrategy, now known as Strategy.ROGER KISBY FOR WSJ 迈克尔·塞勒，现更名为Strategy的公司联合创始⼈。摄影：ROGER KISBY/WSJ The hottest crypto trade has turned cold. Some investors are saying “told you so,”while others are doubling down. 最热门的加密货币交易已遇冷。⼀些投资者正说着"早告诉过你"，⽽另⼀些⼈却加倍押注。 It wasthe move to makefor much of the year: Sell shares or borrow money, thenplow the cash into bitcoin, ether and other cryptocurrencies. Investors bid up sharesof these “crypto-treasury” companies, seeing them as a way to turbocharge wagerson the volatile crypto market. 这曾是今年⼤部分时间⾥的流⾏操作：抛售股票或借款筹资，然后将资⾦⼤举投⼊⽐特币、以太币等加密货币。投资者将这些"加密⾦库"公司的股价推⾼，视其为押注波动剧烈的加密市场的杠杆⼯具。 Michael Saylorpioneered the movein 2020 when he transformed a tiny softwarecompany, then calledMicroStrategy, into a bitcoin whale now knownas Strategy. But with bitcoin and ether prices now tumbling, so are shares inStrategy and its copycats. Strategy was worth around $128 billion at its peak in July;it is now worth about $70 billion.MSTR1.99% 迈克尔·塞勒在2020年开创了这⼀模式，将当时名为MicroStrategy（股票代码MSTR，涨幅1.99%）的⼩型软件公司转型为如今名为Strategy的⽐特币巨鲸。但随着⽐特币和以太币价格暴跌，Strategy及其模仿者的股价也随之跳⽔。Strategy在7⽉巅峰时期市值约达1280亿美元，如今已缩⽔⾄约700亿美元。 The selloffis hitting big-name investors includingPeter Thiel, the famed venturecapitalist who hasbacked multiple crypto-treasury companies, as well asindividuals who followed evangelists into these stocks. 这场抛售波及了包括彼得·蒂尔在内的知名投资者——这位传奇风险投资家曾注资多家加密货币储备公司，同时也殃及那些追随布道者购⼊这类股票的散户。 Saylor, for his part, has remained characteristically bullish, taking to social media todeclare that bitcoin is on sale. Skeptics have been anticipating the pullback, giventhat crypto treasuries often trade at a premium to the underlying value of the tokensthey hold. 赛勒则⼀如既往地保持看涨姿态，在社交媒体上宣称⽐特币正在打折促销。怀疑论者早已预料到这次回调，因为加密储备股的交易价格通常⾼于其持有代币的实际价值。 “The whole concept makes no sense to me. You are just paying $2 for a one-dollarbill,” said Brent Donnelly, president of Spectra Markets. “Eventually thosepremiums will compress.” Spectra Markets总裁布伦特·唐纳利表⽰："整个概念在我看来毫⽆意义。你只是在⽤两美元购买⼀张⼀美元的钞票，最终这些溢价都会被压缩。" When theyfirst appeared, crypto-treasury companies also gave institutionalinvestors who previously couldn’t easily access crypto a way to invest. Cryptoexchange-traded funds that became available over the past two years now offer thesame solution. 当加密资产信托公司⾸次出现时，它们为那些此前难以接触加密货币的机构投资者提供了投资渠道。⽽在过去两年间问世的加密货币交易所交易基⾦，如今也提供了相同的解决⽅案。 BitMine Immersion Technologies, a big ether-treasury companybacked by Thiel and run by veteran Wall Street strategistTom Lee, is down moreBMNR7.65% than 30% over the past month. 由彼得·蒂尔⽀持、华尔街资深策略师汤姆·李运营的⼤型以太坊信托公司BitMineImmersion Technologies BMNR7.65%，在过去⼀个⽉内下跌超过30%。 ETHZilla, which transformed itself from a biotech company to anether treasury and counts Thiel as an investor, is down 23% in a month.ETHZ12.34% 从⽣物科技公司转型为以太坊信托、并获蒂尔投资的ETHZilla ETHZ12.34%，单⽉跌幅达23%。 Crypto prices rallied for much of the year, driven by the crypto-friendly Trumpadministration. The frenzy around crypto treasuries further boosted token prices.But the bullish run abruptly ended on Oct. 10, when PresidentTrump’ssurprisetariffannouncement against Chinatriggered a selloff. Arecord-long governmentshutdownand uncertainty surrounding Federal Reservemonetary policyalso have weighed on prices. 在特朗普政府对加密货币持友好态度的推动下，加密资产价格年内⼤部分时间持续⾛⾼。围绕加密资产信托的狂热进⼀步推升了代币价格。但这⼀轮⽜市⾏情在10⽉10⽇戛然⽽⽌——特朗普总统出⼈意料的对华关税声明引发抛售。创纪录的政府停摆和美联储货币政策的不确定性也对价格造成了压⼒。 Bitcoin prices have fallen 15% in the past month. Strategy is off26% over that sameperiod, while Matthew Tuttle’s related ETF—MSTU—which aims for a return that istwice that of Strategy, has fallen 50%. ⽐特币价格在过去⼀个⽉下跌了15%。同期Strategy公司股价下跌26%，⽽MatthewTuttle旗下旨在实现Strategy两倍收益的相关ETF——MSTU——已暴跌50%。 “Digital asset treasury companies are basically leveraged crypto assets, so whencrypto falls, they will fall more,” Tuttle said. “Bitcoin has shown that it’s not goinganywhere and that you get rewarded for buying the dips.” "数字资产财政公司本质上是加了杠杆的加密资产，所以当加密货币下跌时，它们会跌得更惨，"Tuttle表⽰，"⽐特币已经证明它不会消失，逢低买⼊终将获得回报。" Many of the companies that raised cash to buy cryptocurrencies are unlikely to faceshort-term crises as long as their crypto holdings retain value. Some have raised somuch money that they are still sitting on a lot of cash they can use to buy crypto atlower prices or even acquire rivals. 只要加密货币持仓保持价值，那些募集资⾦购买加密货币的公司⼤多不太会⾯临短期危机。其中有些公司募资数额庞⼤，⾄今仍持有⼤量现⾦可⽤于低价增持加密货币，甚⾄收购竞争对⼿。 But companies facing losses willfind it challenging to sell new shares to buy morecryptocurrencies, analysts say, potentially putting pressure on crypto prices whileraising questions about the business models of these companies. 但分析师指出，⾯临亏损的企业将难以通过增发新股来购买更多加密货币，这可能导致加密货币价格承压，同时引发市场对这些公司商业模式的质疑。 “A lot of them are stuck,” said Matt Cole, the chief executive