“囤币”模式濒临崩溃？“数字币财库公司”纷纷回购，试图拉股价

Core Viewpoint - The digital currency treasury industry is rapidly shifting from early enthusiasm to harsh reality, with several companies engaging in stock buybacks to support plummeting share prices, indicating significant challenges to their business model [1][2]. Group 1: Stock Buybacks - At least seven cryptocurrency treasury companies have announced stock buybacks in recent weeks due to a sharp decline in their stock prices, with five companies' market values falling below the value of their held cryptocurrencies [1][2]. - 180 Life Sciences, recently renamed ETHZilla, holds approximately $460 million in Ethereum but has seen its stock price drop 76% since its peak in August, leading to a $250 million buyback plan funded by an $80 million loan against its Ethereum holdings [2]. - Volcon, now Empery Digital, shifted to Bitcoin investments and initially saw a 380% stock price increase, but has since lost all gains, requiring additional debt financing for stock buybacks despite holding $476 million in Bitcoin while its market cap is only about $378 million [4]. Group 2: Market Sentiment - Analysts express a pessimistic outlook for digital currency treasuries, with only a few expected to succeed, and view the buybacks as a sign of market saturation [4]. - Elliot Chun from Architect Partners and Adam Morgan McCarthy from Kaiko highlight that these companies are merely trying to buy time until the next wave of cryptocurrency price increases, comparing them to a house of cards that could collapse quickly [4]. Group 3: Future Outlook - Coinbase's research team anticipates a constructive outlook for the cryptocurrency market in Q4, supported by strong liquidity, favorable macro conditions, and positive regulatory developments, with expectations of the Federal Reserve initiating interest rate cuts to provide liquidity support for risk assets [5].