{"id":4385,"date":"2026-10-11T22:45:36","date_gmt":"2026-10-11T14:45:36","guid":{"rendered":"https:\/\/www.sjzylove.com\/?p=4385"},"modified":"2026-10-11T22:45:36","modified_gmt":"2026-10-11T14:45:36","slug":"%e5%af%b9%e8%af%9d-td-cowen-%e7%a0%94%e7%a9%b6%e4%b8%bb%e7%ae%a1%ef%bc%9a%e6%b7%b1%e5%ba%a6%e6%8b%86%e8%a7%a3-strategy-q2-%e8%b4%a2%e6%8a%a5%ef%bc%8c100-%e4%ba%bf%e5%87%80%e6%94%b6%e5%85%a5%e8%83%8c","status":"publish","type":"post","link":"https:\/\/www.zsmjt.com\/?p=4385","title":{"rendered":"\u5bf9\u8bdd TD Cowen \u7814\u7a76\u4e3b\u7ba1\uff1a\u6df1\u5ea6\u62c6\u89e3 Strategy Q2 \u8d22\u62a5\uff0c100 \u4ebf\u51c0\u6536\u5165\u80cc\u540e\u6709\u4f55\u5173\u952e\uff1f"},"content":{"rendered":"<div>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">\u7f16\u8005\u6309\uff1a<\/strong><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">7\u670831\u65e5\uff0cStrategy \u516c\u5e03 2025 \u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\uff0c\u51c0\u6536\u5165\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u8fbe 100 \u4ebf\u7f8e\u5143\uff0c\u6bcf\u80a1\u6536\u76ca\u8fbe 32.60 \u7f8e\u5143\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u5728\u672c\u671f\u5bf9\u8bdd\u4e2d\uff0c\u4e3b\u6301\u4eba&nbsp;Steven Ehrlich&nbsp;\u4e0eTD Cowen\u80a1\u7968\u7814\u7a76\u90e8\u4e3b\u7ba1&nbsp;Lance Vitanza&nbsp;\u6df1\u5165\u5256\u6790\u4e86\u8d22\u62a5\u80cc\u540e\u7684\u5173\u952e\u770b\u70b9\uff0c\u6db5\u76d6\u6bd4\u7279\u5e01\u6301\u4ed3\u7b56\u7565\u3001\u8d44\u672c\u7ed3\u6784\u8c03\u6574\u3001\u878d\u8d44\u5de5\u5177\u9009\u62e9\uff0c\u4ee5\u53ca\u5173\u952e\u8d22\u52a1\u6307\u6807\uff08\u5982&nbsp;Bitcoin Yield&nbsp;\u4e0e\u6bcf\u80a1\u6bd4\u7279\u5e01\uff09\u5982\u4f55\u63ed\u793a\u5176\u589e\u957f\u6f5c\u529b\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">Lance&nbsp;\u4ee5\u7814\u7a76\u89c6\u89d2\u89e3\u8bfb&nbsp;Strategy&nbsp;\u5728\u6bd4\u7279\u5e01\u91d1\u878d\u5316\u6d6a\u6f6e\u4e2d\u7684\u9886\u5148\u5730\u4f4d\uff0c\u4ee5\u53ca\u5176\u5bf9\u52a0\u5bc6\u91d1\u5e93\u8d5b\u9053\u53ef\u80fd\u4ea7\u751f\u7684\u201c\u793a\u8303\u6548\u5e94\u201d\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4ee5\u4e0b\u4e3a\u5bf9\u8bdd\u5185\u5bb9\uff0c\u7531&nbsp;ChainCatcher&nbsp;\u7f16\u8bd1\u6574\u7406\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven<\/strong><span style=\"color: inherit\">&nbsp;<\/span><strong style=\"color: inherit\">:\u4f60\u8ba4\u4e3a&nbsp;Strategy&nbsp;\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u62a5\u4e2d\u6700\u503c\u5f97\u5173\u6ce8\u7684\u4eae\u70b9\u662f\u4ec0\u4e48\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u5bf9\u6211\u6765\u8bf4\uff0c\u6700\u5173\u952e\u7684\u662f\u516c\u53f8\u5c06\u5168\u5e74\u6bd4\u7279\u5e01\u6536\u76ca\u9884\u671f\u4ece&nbsp;25% \u4e0a\u8c03\u81f3 30%\u3002\u867d\u7136\u6211\u89c9\u5f97\u8fd9\u4e2a\u76ee\u6807\u4f9d\u7136\u4fdd\u5b88\uff0c\u4f46\u5df2\u7ecf\u662f\u5e74\u521d\u9884\u671f\u7684\u4e24\u500d\u4e86\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u5728\u6211\u8ffd\u8e2a\u7684\u516c\u53f8\u91cc\uff0c\u5f88\u5c11\u89c1\u5230\u54ea\u5bb6\u516c\u53f8\u80fd\u5728\u521a\u8fc7\u4e03\u4e2a\u6708\u65f6\u5c31\u63d0\u524d\u5b8c\u6210\u5168\u5e74\u4e0a\u8c03\u540e\u7684\u76ee\u6807\uff0c\u5e76\u518d\u6b21\u4e0a\u8c03\u3002\u8fd9\u8bf4\u660e\u5b83\u7684\u8868\u73b0\u975e\u5e38\u5f3a\u52b2\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven<\/strong><span style=\"color: inherit\">&nbsp;<\/span><strong style=\"color: inherit\">:&nbsp;\u4f60\u89c9\u5f97\u4ed6\u4eec\u4e3a\u4ec0\u4e48\u80fd\u505a\u5230\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u9996\u5148\uff0c\u5f53\u524d\u7684\u76d1\u7ba1\u73af\u5883\u5bf9&nbsp;Strategy \u548c\u5176\u4ed6\u6bd4\u7279\u5e01\u91d1\u5e93\u7c7b\u516c\u53f8\u975e\u5e38\u6709\u5229\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6211\u4eec\u770b\u5230\u591a\u4e2a\u79ef\u6781\u4fe1\u53f7\uff1aFASB \u4fee\u6539\u4f1a\u8ba1\u89c4\u5219\uff0c\u767d\u5bab\u4e5f\u5728\u62a5\u544a\u4e2d\u8868\u793a\u5c06\u4fdd\u7559\u5bf9\u52a0\u5bc6\u8d44\u4ea7\u672a\u5b9e\u73b0\u6536\u76ca\u7684\u4f18\u60e0\u7a0e\u6536\u5f85\u9047\u3002\u8fd9\u662f\u6700\u6709\u5229\u7684\u653f\u7b56\u80cc\u666f\u4e4b\u4e00\uff0c\u4e5f\u4f53\u73b0\u5728\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u5f3a\u52bf\u8d70\u52bf\u4e0a\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u5f53\u7136\uff0c\u4e5f\u8981\u5f52\u529f\u4e8e&nbsp;Strategy \u672c\u8eab\u7684\u7b56\u7565\u3002\u4ed6\u4eec\u4e0d\u4ec5\u6fc0\u8fdb\uff0c\u66f4\u662f\u975e\u5e38\u6709\u521b\u610f\u3001\u6267\u884c\u529b\u5f3a\u3002\u4ed6\u4eec\u7cbe\u51c6\u5207\u5165\u4e0d\u540c\u7684\u8d44\u672c\u5e02\u573a\uff0c\u6bd4\u5982\uff1a<\/span><\/p>\n<ul>\n<li class=\"ql-align-justify\"><span style=\"color: inherit\">\u5728\u53ef\u8f6c\u503a\u5e02\u573a\u7b79\u96c6\u4e86\u7ea6&nbsp;85 \u4ebf\u7f8e\u5143\uff0c\u5176\u4e2d 20 \u4ebf\u662f\u4eca\u5e74\u53d1\u884c\uff1b<\/span><\/li>\n<li class=\"ql-align-justify\"><span style=\"color: inherit\">\u6210\u529f\u63a8\u51fa\u4e86\u9762\u5411\u4f18\u5148\u80a1\u5e02\u573a\u7684&nbsp;Strike&nbsp;\uff1b<\/span><\/li>\n<li class=\"ql-align-justify\"><span style=\"color: inherit\">\u968f\u540e\u53c8\u8fdb\u5165\u9ad8\u8bc4\u7ea7\u4f18\u5148\u80a1\u5e02\u573a\uff0c\u53d1\u884c\u4e86&nbsp;Strife\uff1b<\/span><\/li>\n<li class=\"ql-align-justify\"><span style=\"color: inherit\">\u6700\u8fd1\u8fd8\u4e0a\u7ebf\u4e86\u9762\u5411\u6563\u6237\u7684\u65b0\u4ea7\u54c1\uff0c\u5438\u5f15\u66f4\u591a\u8d44\u91d1\u3002<\/span><\/li>\n<\/ul>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven<\/strong><span style=\"color: inherit\">&nbsp;<\/span><strong style=\"color: inherit\">:&nbsp;\u4ed6\u4eec\u516c\u5e03\u4e86&nbsp;100&nbsp;\u4ebf\u7f8e\u5143\u7684\u5229\u6da6\uff0c\u4f46\u6709\u4eba\u8d28\u7591\uff0c\u8fd9\u662f\u4e0d\u662f\u53ea\u662f\u6362\u4e86\u4f1a\u8ba1\u89c4\u5219\u540e\u7684\u201c\u865a\u9ad8\u8868\u73b0\u201d\uff1f\u5982\u679c\u4ed6\u4eec\u4ece&nbsp;2020&nbsp;\u5e74\u5c31\u80fd\u6309\u5e02\u503c\u8ba1\u91cf\uff0c\u4f1a\u662f\u4ec0\u4e48\u6837\u7684\u7ed3\u679c\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u6211\u4eec\u5176\u5b9e\u505a\u8fc7\u56de\u6eaf\u6d4b\u7b97\uff0c\u7ed3\u679c\u5f88\u660e\u786e\uff1a\u8d44\u4ea7\u66f2\u7ebf\u59cb\u7ec8\u5411\u4e0a\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u5373\u4fbf\u6309\u65b0\u89c4\u56de\u8c03&nbsp;2024 \u5e74\u8d22\u62a5\uff0c\u4e5f\u4f1a\u770b\u5230\u660e\u663e\u589e\u957f\u3002\u622a\u81f3\u6628\u5929\uff0c\u516c\u53f8\u62a5\u544a\u6bd4\u7279\u5e01\u76f8\u5173\u6536\u76ca\u5df2\u8d85 130 \u4ebf\u7f8e\u5143\uff0c\u8fd9\u8fd8\u4e0d\u5305\u62ec\u589e\u53d1\u80a1\u7968\u5e26\u6765\u7684\u6536\u76ca\uff0c\u5b8c\u5168\u662f\u901a\u8fc7\u73b0\u6709\u6bd4\u7279\u5e01\u4ed3\u4f4d\u8d5a\u5230\u7684\uff0c\u4e5f\u5c31\u662f\u8bf4\u6ca1\u6709\u7a00\u91ca\u80a1\u4e1c\u6743\u76ca\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4f5c\u4e3a\u5bf9\u6bd4\uff0c2024 \u5e74\u5168\u5e74\u662f 120 \u4ebf\u7f8e\u5143\uff0c\u73b0\u5728\u4ec5 2025 \u5e74\u524d 7 \u4e2a\u6708\u5c31\u8d85\u8fc7\u4e86\u8fd9\u4e00\u6570\u5b57\u3002\u66f4\u91cd\u8981\u7684\u662f\uff0c\u4ed6\u4eec\u7684\u65b0\u76ee\u6807\u662f\u5168\u5e74\u8fbe\u5230 200 \u4ebf\uff0c\u76f8\u5f53\u4e8e\u7ffb\u500d\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6240\u4ee5\uff0c\u5373\u4fbf\u4e0d\u770b\u4f1a\u8ba1\u89c4\u5219\u7684\u53d8\u5316\uff0c\u8fd9\u5bb6\u516c\u53f8\u4e5f\u786e\u5b9e\u5b9e\u73b0\u4e86\u975e\u5e38\u5f3a\u52b2\u7684\u589e\u957f\u3002\u65b0\u4f1a\u8ba1\u51c6\u5219\u653e\u5927\u4e86\u7ed3\u679c\uff0c\u4f46\u4e0d\u662f\u9020\u6210\u589e\u957f\u7684\u552f\u4e00\u539f\u56e0\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven<\/strong><span style=\"color: inherit\">&nbsp;<\/span><strong style=\"color: inherit\">: Strategy&nbsp;\u73b0\u5728\u4f3c\u4e4e\u5728\u9010\u6b65\u9000\u51fa\u53ef\u8f6c\u503a\u5e02\u573a\u3002\u867d\u7136\u8d44\u4ea7\u8d1f\u503a\u8868\u76f8\u5bf9\u5f88\u5065\u5eb7\uff0c\u4f46\u4ed6\u4eec\u73b0\u5728\u4f3c\u4e4e\u6253\u7b97\u4e3b\u52a8\u56de\u8d2d\u6216\u6e05\u7406\u503a\u52a1\u3002\u4f60\u600e\u4e48\u770b\uff1f\u8fd9\u5bf9\u4ed6\u4eec\u672a\u6765\u7684\u878d\u8d44\u7b56\u7565\u610f\u5473\u7740\u4ec0\u4e48\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u6211\u89c9\u5f97\u8fd9\u662f\u4e2a\u79ef\u6781\u4fe1\u53f7\uff0c\u8bf4\u660e&nbsp;Strategy&nbsp;\u6b63\u5728\u5347\u7ea7\u4ed6\u4eec\u7684\u8d44\u672c\u5e02\u573a\u7b56\u7565\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u8fc7\u53bb\uff0c\u4ed6\u4eec\u4e3b\u8981\u901a\u8fc7\u53ef\u8f6c\u503a\u878d\u8d44\uff0c\u4f46\u8fd9\u4e2a\u5e02\u573a\u4ee5\u5957\u5229\u4e3a\u4e3b\uff0c\u673a\u6784\u4e70\u503a\u7684\u540c\u65f6\u505a\u7a7a\u80a1\u7968\u6765\u5bf9\u51b2\u98ce\u9669\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4f46\u73b0\u5728\uff0c\u968f\u7740\u516c\u53f8\u6210\u957f\uff0c\u4ed6\u4eec\u5df2\u7ecf\u6709\u80fd\u529b\u8f6c\u5411\u4f18\u5148\u80a1\u5e02\u573a\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4f18\u5148\u80a1\u63d0\u4f9b\u4e86\u66f4\u9ad8\u6548\u7684\u8d44\u672c\u589e\u503c\u3001\u66f4\u6709\u5229\u7684\u6761\u6b3e\u548c\u66f4\u5f3a\u7684\u6760\u6746\u6548\u5e94\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u8fd9\u4e5f\u4e3a\u5176\u4ed6\u6bd4\u7279\u5e01\u91d1\u5e93\u7c7b\u516c\u53f8\uff08PBTC\uff09\u63d0\u4f9b\u4e86\u53c2\u8003\uff0c\u5f88\u591a\u8fd9\u7c7b\u516c\u53f8\u65e9\u671f\u4e5f\u4f1a\u4ece\u53ef\u8f6c\u503a\u8d77\u6b65\uff0c\u4f46\u7406\u60f3\u8def\u5f84\u5e94\u8be5\u662f\u50cf&nbsp;Strategy&nbsp;\u4e00\u6837\uff0c\u9010\u6b65\u8f6c\u5411\u66f4\u7a33\u5b9a\u3001\u5177\u4fe1\u7528\u4f18\u52bf\u7684\u878d\u8d44\u6e20\u9053\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven&nbsp;<\/strong><span style=\"color: inherit\">\uff1a<\/span><strong style=\"color: inherit\">\u4f60\u63d0\u5230\u53ef\u8f6c\u503a\u662f\u76ee\u524d\u5f88\u591a\u52a0\u5bc6\u91d1\u5e93\u516c\u53f8\u5408\u9002\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u80fd\u5177\u4f53\u804a\u804a\u5417\uff1f\u54ea\u4e9b\u8ff9\u8c61\u8bf4\u660e\u5b83\u4eec\u5df2\u7ecf\u5177\u5907\u8fdb\u5165\u4f18\u5148\u80a1\u5e02\u573a\u7684\u6761\u4ef6\uff1f\u5982\u679c\u8fd9\u4e9b\u516c\u53f8\u503a\u52a1\u538b\u529b\u8fd8\u5f88\u5927\uff0c\u6295\u8d44\u8005\u53c8\u8be5\u5173\u6ce8\u54ea\u4e9b\u98ce\u9669\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u9996\u5148\uff0c\u8981\u8fdb\u5165\u4f18\u5148\u80a1\u5e02\u573a\uff0c\u516c\u53f8\u5fc5\u987b\u8db3\u591f\u5927\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4ee5&nbsp;Strategy \u4e3a\u4f8b\uff0c\u4ed6\u4eec\u4ece 2020 \u5e74\u79cb\u624d\u5f00\u59cb\u6d89\u8db3\u6bd4\u7279\u5e01\uff0c\u5230\u73b0\u5728\u4e5f\u4e0d\u8fc7\u56db\u5e74\u65f6\u95f4\uff0c\u800c\u9996\u6b21\u53d1\u884c\u4f18\u5148\u80a1\u662f\u5728\u4eca\u5e74 1 \u6708\u3002\u90a3\u65f6\uff0c\u4ed6\u4eec\u7684\u5e02\u503c\u548c\u6bd4\u7279\u5e01\u4ed3\u4f4d\u90fd\u5df2\u76f8\u5f53\u53ef\u89c2\uff0c\u80a1\u4ef7\u8868\u73b0\u4e5f\u975e\u5e38\u5f3a\u52b2\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6240\u4ee5\uff0c\u597d\u6d88\u606f\u662f\uff1a\u53ef\u8f6c\u503a\u5982\u679c\u8fd0\u4f5c\u5f97\u5f53\uff0c\u786e\u5b9e\u80fd\u5e26\u6765\u53ef\u89c2\u7684\u589e\u503c\u3002\u5bf9\u8bb8\u591a&nbsp;PBTC \u6765\u8bf4\uff0c\u4ece\u53ef\u8f6c\u503a\u8d77\u6b65\u662f\u5408\u7406\u7684\u8def\u5f84\uff0c\u5173\u952e\u662f\u6267\u884c\u529b\u3002\u81f3\u4e8e\u65b0\u4e00\u6279\u516c\u53f8\u80fd\u5426\u590d\u5236\u8fd9\u79cd\u6210\u529f\uff0c\u8fd8\u9700\u8981\u65f6\u95f4\u89c2\u5bdf\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u8fd9\u662f\u4e00\u4e2a\u6709\u8db3\u591f\u5e02\u573a\u7a7a\u95f4\u7684\u8d5b\u9053\u3002Michael Saylor \u672c\u4eba\u5c31\u4e00\u76f4\u79ef\u6781\u652f\u6301\u5176\u4ed6 PBTC \u7684\u53d1\u5c55\uff0c\u8fd9\u4e0d\u662f\u7ade\u4e89\uff0c\u800c\u662f\u5171\u8d62\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">PBTC \u6570\u91cf\u8d8a\u591a\uff0c\u8d8a\u80fd\u5438\u5f15\u66f4\u591a\u8d44\u91d1\u8fdb\u5165\u6574\u4e2a\u8d5b\u9053\uff0c\u4e5f\u4f1a\u63a8\u52a8\u6bd4\u7279\u5e01\u66f4\u6df1\u5730\u878d\u5165\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u3002\u8fd9\u5bf9 Strategy \u662f\u5229\u597d\uff0c\u800c\u975e\u5a01\u80c1\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven<\/strong><span style=\"color: inherit\">&nbsp;\uff1a<\/span><strong style=\"color: inherit\">\u8d22\u62a5\u4e2d\u6709\u4e2a\u65b0\u627f\u8bfa\uff1aMNAV\uff08\u5e02\u4ef7\u51c0\u503c\u6bd4\uff09\u4f4e\u4e8e&nbsp;1&nbsp;\u65f6\u4e0d\u53d1\u884c\u666e\u901a\u80a1\u3002\u8fd9\u79cd\u505a\u6cd5\u662f\u5426\u80fd\u5728\u5176\u4ed6\u52a0\u5bc6\u91d1\u5e93\u516c\u53f8\u4e2d\u63a8\u5e7f\uff1f\u4f60\u600e\u4e48\u770b\u8fd9\u6837\u7684\u627f\u8bfa\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u5c31&nbsp;Strategy\u6765\u8bf4\uff0c\u8fd9\u5176\u5b9e\u4e0d\u662f\u5168\u65b0\u505a\u6cd5\u3002\u4ed6\u4eec\u8fc7\u53bb\u4ece\u6ca1\u5728 MNAV \u4f4e\u4e8e 1 \u65f6\u53d1\u8fc7\u666e\u901a\u80a1\uff0c\u6211\u4eec\u4e5f\u4ece\u672a\u9884\u671f\u4ed6\u4eec\u4f1a\u8fd9\u4e48\u505a\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u771f\u6b63\u7684\u65b0\u627f\u8bfa\u662f\uff1aMNAV \u82e5\u672a\u8d85\u8fc7 2.5\uff08\u5373\u6ea2\u4ef7 150% \u4ee5\u4e0a\uff09\uff0c\u4ed6\u4eec\u5219\u4e0d\u4f1a\u589e\u53d1\u666e\u901a\u80a1\uff0c\u9664\u975e\u662f\u4e3a\u4e86\u652f\u4ed8\u80a1\u606f\u3001\u5229\u606f\u6216\u65e5\u5e38\u8fd0\u8425\u652f\u51fa\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5373\u4f7f MNAV \u8fbe\u5230 2\uff0c\u4ed6\u4eec\u4e5f\u4e0d\u4f1a\u518d\u53d1\u80a1\u4e70\u6bd4\u7279\u5e01\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4e4b\u524d\u4ed6\u4eec\u66fe\u5728&nbsp;MNAV \u4f4e\u4e8e 2.5\uff08\u751a\u81f3\u4f4e\u4e8e 2\uff09\u65f6\u5927\u91cf\u53d1\u884c\u666e\u901a\u80a1\uff0c\u6240\u4ee5\u8fd9\u6b21\u786e\u5b9e\u662f\u91cd\u5927\u8f6c\u53d8\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u5bf9\u80a1\u4e1c\u6765\u8bf4\uff0c\u8fd9\u786e\u5b9e\u66f4\u5b89\u5fc3\u3002\u4f46\u4e5f\u5e26\u6765\u65b0\u95ee\u9898\uff1a\u5982\u679c\u5f53\u524d&nbsp;MNAV \u53ea\u6709 1.8 \u5de6\u53f3\uff0c\u4ed6\u4eec\u5c31\u5f97\u4f9d\u8d56\u5176\u4ed6\u878d\u8d44\u65b9\u5f0f\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u8003\u8651\u5230\u4ed6\u4eec\u4e0d\u518d\u503e\u5411\u4f7f\u7528\u53ef\u8f6c\u503a\uff0c\u90a3\u4f18\u5148\u80a1\u5c31\u4f1a\u6210\u4e3a\u4e3b\u8981\u6e20\u9053\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u76ee\u524d\u6765\u770b\uff0c\u4ed6\u4eec\u7684&nbsp;IPO \u8868\u73b0\u5f88\u5f3a\u52b2\uff0c\u4f46\u901a\u8fc7 ATM\uff08\u6309\u5e02\u4ef7\u53d1\u884c\uff09\u7684\u53cd\u54cd\u4e00\u822c\u3002\u4e0d\u8fc7\u8fd9\u53ef\u80fd\u4f1a\u56e0\u65b0\u63a8\u51fa\u7684\u6d6e\u52a8\u5229\u7387\u4f18\u5148\u80a1 STRC \u800c\u6539\u53d8\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u8fd9\u53ea\u65b0\u80a1\u5728\u7eb3\u65af\u8fbe\u514b\u4e0a\u5e02\u9996\u5468\u4ea4\u6613\u91cf\u975e\u5e38\u5f3a\uff0c\u672a\u6765\u901a\u8fc7&nbsp;ATM \u65b9\u5f0f\u6269\u5927\u53d1\u884c\u662f\u53ef\u80fd\u7684\uff0c\u800c\u8fd9\u4e2a ATM \u8ba1\u5212\u4e5f\u662f\u4ed6\u4eec\u5728\u6628\u5929\u7684\u8d22\u62a5\u4e2d\u6b63\u5f0f\u5ba3\u5e03\u7684\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven&nbsp;\uff1a\u4ed6\u4eec\u73b0\u5728\u5f00\u59cb\u9891\u7e41\u63d0\u5230\u4e24\u4e2a\u6307\u6807\uff1a\u201c\u6bcf\u80a1\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u201d\uff08Bitcoin per share\uff09\u548c\u201c\u6bd4\u7279\u5e01\u6536\u76ca\u7387\u201d\uff08Bitcoin yield\uff09\u3002\u4f60\u80fd\u7b80\u5355\u8bf4\u660e\u8fd9\u4e24\u4e2a\u6709\u4ec0\u4e48\u533a\u522b\uff0c\u4ee5\u53ca\u4e3a\u4ec0\u4e48\u540e\u8005\u66f4\u91cd\u8981\u5417\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u5176\u5b9e\u8fd9\u4e24\u4e2a\u6307\u6807\u662f\u5bc6\u5207\u76f8\u5173\u7684\u3002\u6bd4\u7279\u5e01\u6536\u76ca\u7387\u7684\u8ba1\u7b97\u672c\u8eab\u5c31\u79bb\u4e0d\u5f00\u201c\u6bcf\u80a1\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u201d\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6211\u4eec\u53d1\u5e03\u7684\u7814\u7a76\uff0c\u6536\u76ca\u7387\u7684\u5e95\u5c42\u6570\u636e\u5176\u5b9e\u5c31\u662f\u201c\u6bcf\u80a1\u6bd4\u7279\u5e01\u201d\u7684\u53d8\u5316\u3002\u6240\u4ee5\u6211\u4e0d\u89c9\u5f97\u201c\u6bcf\u80a1\u6bd4\u7279\u5e01\u201d\u662f\u4e2a\u5168\u65b0\u6982\u5ff5\uff0c\u53ea\u662f\u8fd9\u6b21\u4ed6\u4eec\u628a\u5b83\u63d0\u5f97\u66f4\u660e\u663e\u4e86\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u5047\u8bbe\u4ece&nbsp;2023&nbsp;\u5e74\u521d\u5230\u73b0\u5728\uff0c\u516c\u53f8\u6bcf\u80a1\u6bd4\u7279\u5e01\u6301\u6709\u91cf\u589e\u957f\u4e86\u7ea6&nbsp;130%\u3002\u6362\u53e5\u8bdd\u8bf4\uff0c\u5982\u679c\u4f60\u6301\u6709\u4e00\u80a1\uff0c\u73b0\u5728\u5bf9\u5e94\u7684\u6bd4\u7279\u5e01\u662f\u5f53\u65f6\u7684&nbsp;2.3&nbsp;\u500d\uff0c\u8fd9\u662f\u5f88\u60ca\u4eba\u7684\u589e\u957f\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u81f3\u4e8e\u201c\u6bd4\u7279\u5e01\u6536\u76ca\u7387\u201d\uff0c\u6bd4\u5982\u4ed6\u4eec\u73b0\u5728\u516c\u5e03\u7684\u662f&nbsp;25%\uff0c\u610f\u601d\u662f\u6bcf\u80a1\u6bd4\u7279\u5e01\u6570\u91cf\u6bd4\u8fc7\u53bb\u589e\u957f\u4e86&nbsp;25%\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6211\u4e2a\u4eba\u5176\u5b9e\u4e0d\u592a\u5173\u5fc3\u201c\u5177\u4f53\u6bcf\u80a1\u662f\u591a\u5c11\u201d\uff0c\u6211\u66f4\u5173\u6ce8\u7684\u662f\u8fd9\u4e2a\u6570\u5b57\u7684\u589e\u957f\u901f\u5ea6\u3002\u6240\u4ee5\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u6211\u66f4\u770b\u91cd\u201c\u6bd4\u7279\u5e01\u6536\u76ca\u7387\u201d\u8fd9\u4e2a\u6307\u6807\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven&nbsp;\uff1a\u4f60\u600e\u4e48\u770bStrategy\u7684\u7ec8\u6781\u76ee\u6807\uff1f\u4e00\u5bb6\u516c\u53f8\u5728\u6bd4\u7279\u5e01\u884c\u4e1a\u8fd8\u5904\u4e8e\u201c\u521d\u671f\u9636\u6bb5\u201d\u65f6\u5c31\u638c\u63e1\u8fd9\u4e48\u5927\u4efd\u989d\uff0c\u8fd9\u5065\u5eb7\u5417\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u76ee\u524d&nbsp;Strategy&nbsp;\u6301\u6709\u7ea6&nbsp;63&nbsp;\u4e07\u679a\u6bd4\u7279\u5e01\uff0c\u5360\u6bd4\u5927\u7ea6\u662f\u6bd4\u7279\u5e01\u603b\u91cf\uff082100&nbsp;\u4e07\u679a\uff09\u7684&nbsp;3%\u3002\u8fd9\u4e2a\u6bd4\u4f8b\u662f\u6309\u603b\u4f9b\u5e94\u91cf\u7b97\u7684\uff0c\u4e5f\u5305\u62ec\u4e86\u90a3&nbsp;5%&nbsp;\u88ab\u8ba4\u4e3a\u5df2\u6c38\u4e45\u4e22\u5931\u7684\u6bd4\u7279\u5e01\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4ece\u66f4\u5b8f\u89c2\u7684\u89d2\u5ea6\u770b\uff0c\u8fd9\u5bb6\u516c\u53f8\u672a\u6765\u8fd8\u6709\u5f88\u591a\u589e\u957f\u7a7a\u95f4\u3002\u4f46\u786e\u5b9e\uff0c\u603b\u6709\u4e00\u5929\uff0c\u4ed6\u4eec\u6301\u6709\u7684\u6bd4\u7279\u5e01\u4f1a\u8fbe\u5230\u67d0\u4e2a\u201c\u6781\u9650\u201d\uff0c\u518d\u7ee7\u7eed\u589e\u6301\u53ef\u80fd\u4f1a\u5f71\u54cd\u6bd4\u7279\u5e01\u66f4\u5e7f\u6cdb\u7684\u91d1\u878d\u5e94\u7528\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6ca1\u4eba\u80fd\u786e\u5b9a\u8fd9\u4e2a\u4e34\u754c\u70b9\u4f1a\u662f\u591a\u5c11\u3002\u6211\u7684\u770b\u6cd5\u662f\uff1a\u4ed6\u4eec\u8fd8\u6709\u5927\u7ea6\u5341\u5e74\u65f6\u95f4\u53ef\u4ee5\u7ee7\u7eed\u63a8\u8fdb\u5f53\u524d\u7b56\u7565\uff0c\u4e0d\u65ad\u589e\u6301\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6211\u4eec\u7684\u6a21\u578b\u9884\u6d4b\uff0c\u5230&nbsp;2027&nbsp;\u5e74\u5e95\uff0c\u4ed6\u4eec\u53ef\u80fd\u4f1a\u6301\u6709\u7ea6&nbsp;4.3%&nbsp;\u7684\u603b\u6bd4\u7279\u5e01\u4f9b\u5e94\uff0c\u6bd4\u73b0\u5728\u591a\u4e86\u7ea6&nbsp;1.3&nbsp;\u4e2a\u767e\u5206\u70b9\u3002\u73b0\u5728\u53ef\u4ee5\u9884\u89c1\u7684\u662f\uff0c\u4ed6\u4eec\u672a\u6765\u51e0\u5e74\u4ecd\u6709\u7a33\u5b9a\u7684\u589e\u957f\u7a7a\u95f4\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Steven&nbsp;\uff1aStrategy&nbsp;\u56e0\u524d\u516d\u4e2a\u6708\u6bd4\u7279\u5e01\u7b56\u7565\u6267\u884c\u5f97\u597d\uff0c\u4e0a\u8c03\u4e86\u5168\u5e74\u76ee\u6807\u3002\u6211\u770b\u5230\u4f60\u4eca\u5929\u65e9\u4e0a\u7684\u62a5\u544a\u4e5f\u66f4\u65b0\u4e86\u6a21\u578b\u3002\u80fd\u5206\u4eab\u4e00\u4e0b\u4f60\u4eec\u73b0\u5728\u5bf9\u5e74\u5e95\u524d\u7684\u9884\u6d4b\u5417\uff1f<\/strong><\/p>\n<p class=\"ql-align-justify\"><strong style=\"color: inherit\">Lance\uff1a<\/strong><span style=\"color: inherit\">\u6211\u4eec\u76ee\u524d\u7684\u9884\u6d4b\u662f\u5168\u5e74\u5b9e\u73b0&nbsp;32.1%&nbsp;\u7684\u6bd4\u7279\u5e01\u6536\u76ca\u7387\uff08Bitcoin yield\uff09\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u8fd9\u4e2a\u6570\u5b57\u6bd4\u516c\u53f8\u5f53\u524d\u7684\u5b98\u65b9\u76ee\u6807\u9ad8\u51fa&nbsp;2.1&nbsp;\u4e2a\u767e\u5206\u70b9\uff0c\u6211\u4eec\u8ba4\u4e3a\u516c\u53f8\u5f88\u6709\u53ef\u80fd\u518d\u6b21\u4e0a\u8c03\u76ee\u6807\uff0c\u751a\u81f3\u8d85\u51fa\u9884\u671f\u3002\u5766\u767d\u8bf4\uff0c\u6211\u8ba4\u4e3a\u6211\u4eec\u7ed9\u51fa\u7684&nbsp;32.1% \u9884\u6d4b\uff0c\u4e0a\u884c\u7684\u53ef\u80fd\u6027\u66f4\u5927\uff0c\u800c\u4e0d\u662f\u4e0b\u884c\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u6211\u4eec\u8ba1\u7b97\u201c\u6bd4\u7279\u5e01\u6536\u76ca\u201d\u7684\u65b9\u6cd5\u4e0e\u4ed6\u4eec\u7565\u6709\u4e0d\u540c\uff0c\u6211\u4eec\u662f\u4ee5\u8d2d\u4e70\u65f6\u7684\u6210\u672c\u4ef7\u4e3a\u57fa\u7840\uff0c\u800c\u4e0d\u662f\u5e02\u573a\u671f\u672b\u4ef7\u683c\u3002\u6240\u4ee5\u6211\u4eec\u7684\u6570\u636e\u66f4\u4fdd\u5b88\u4e00\u4e9b\uff0c\u4e0d\u80fd\u76f4\u63a5\u548c\u516c\u53f8\u62ab\u9732\u7684\u6570\u5b57\u5bf9\u6807\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4f5c\u4e3a\u53c2\u8003\uff0c\u6211\u4eec\u9884\u6d4b\u516c\u53f8\u4eca\u5e74\u5c06\u5b9e\u73b0&nbsp;\u7ea6&nbsp;153&nbsp;\u4ebf\u7f8e\u5143\u7684\u6bd4\u7279\u5e01\u6536\u76ca\uff0c\u672a\u6765\u4e24\u5e74\u5927\u81f4\u90fd\u5728&nbsp;160&nbsp;\u4ebf\u7f8e\u5143\u5de6\u53f3\u3002<\/span><\/p>\n<p class=\"ql-align-justify\"><span style=\"color: inherit\">\u4e0d\u540c\u8ba1\u7b97\u65b9\u6cd5\u4f1a\u5f97\u51fa&nbsp;160&nbsp;\u4ebf\u5230&nbsp;220&nbsp;\u4ebf\u7f8e\u5143\u4e4b\u95f4\u7684\u9884\u6d4b\u533a\u95f4\u3002\u6211\u4eec\u9009\u7528\u4e86\u8f83\u4fdd\u5b88\u7684\u65b9\u5f0f\uff0c\u8ba4\u4e3a\u66f4\u5408\u7406\u3002\u4f46\u6700\u7ec8\u7ed3\u679c\u6ca1\u6709\u552f\u4e00\u7684\u6b63\u786e\u7b54\u6848\u3002<\/span><\/p>\n<p class=\"ql-align-justify\">&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u7f16\u8005\u6309\uff1a 7\u670831\u65e5\uff0cStrategy \u516c\u5e03 2025 \u5e74\u7b2c\u4e8c\u5b63\u5ea6\u8d22\u52a1\u4e1a\u7ee9\uff0c\u51c0\u6536\u5165\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u8fbe 100 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