“囤币”模式破产了？MSTR“暂停买币”，而Thiel旗下ETHZilla已“卖币偿债”

Core Viewpoint - The cryptocurrency accumulation strategy that gained popularity in the first half of the year is facing a turning point, as companies like ETHZilla and Strategy are shifting their approaches due to market pressures and declining asset values [1][3][7]. Group 1: ETHZilla's Strategy Shift - ETHZilla, supported by billionaire Peter Thiel, has sold $74.5 million worth of Ethereum tokens to repay debt, marking its second sale in four months [1][5]. - The company, which transitioned from a biotech firm to a digital asset management company, has seen its stock price drop significantly from over $100 to around $6.38 [5][10]. - As of December 19, ETHZilla holds approximately 69,800 Ethereum tokens, valued at about $210 million at current prices [5]. Group 2: Strategy's Financial Maneuvers - Strategy's founder, Michael Saylor, has increased the company's cash reserves to $2.19 billion and halted Bitcoin purchases, previously accumulating around $20 billion in Bitcoin [2][6]. - The company raised $748 million through common stock sales to bolster its cash reserves, aiming to cover annual interest and dividend payments of approximately $824 million [2][6]. - Strategy's market NAV is around 1.1, indicating a significant valuation metric that compares enterprise value to Bitcoin holdings, which has previously shown a premium [6]. Group 3: Market Implications - The business model of accumulating cryptocurrencies through public companies is under scrutiny, especially as Bitcoin has dropped about 30% since its peak in early October, leading to a more than 50% decline in Strategy's stock price [3][4]. - The rationale behind the increased value of tokens simply due to being held by public companies is increasingly questioned, particularly in the context of a prolonged downturn in the cryptocurrency market [7][8].