币圈连遭血洗，“给币加杠杆”的“数字币财库公司”崩了

Core Insights - A cryptocurrency sell-off that began in October last year is significantly impacting Wall Street's hottest investment strategies, particularly those involving "digital asset treasury companies" that leverage debt or fundraising to invest in cryptocurrencies like Bitcoin and Ethereum [1][4] - The market capitalization of cryptocurrencies has plummeted approximately 20% from a peak of nearly $4.4 trillion on October 6, erasing most of the gains made in the first ten months of the year [3] Group 1: Market Performance - MicroStrategy, a company transformed into a Bitcoin whale by Michael Saylor, saw its market value drop from a peak of about $128 billion in July last year to around $70 billion, with its stock price falling 25% in the past month compared to a 15% decline in Bitcoin [1] - Other treasury companies, such as BitMine Immersion Technologies and ETHZilla, have also experienced significant stock price declines of over 30% and 23% respectively in the past month [1] Group 2: Investment Strategy Concerns - The premium trading logic of digital asset treasury companies is being questioned, as investors are effectively paying much more than the net asset value of the cryptocurrencies held by these companies [4] - Notable short-seller Jim Chanos has been shorting MicroStrategy while buying Bitcoin, arguing that there is no justification for the premium investors are paying for Saylor's company [4][5] Group 3: Leverage and Risk - Digital asset treasury companies are essentially leveraged crypto assets, leading to greater declines when cryptocurrencies fall [6] - The MSTU ETF, which aims to provide double the returns of MicroStrategy, has seen a 50% drop in the past month, illustrating the leverage effect [6] Group 4: Investor Sentiment - Despite the downturn, some investors are still increasing their positions, citing confidence in the underlying blockchain technology and influential figures in the industry [7] - Michael Saylor maintains an optimistic view, suggesting that Bitcoin is currently "on sale" [8]