赵颖，华尔街见闻 一场始于10月的加密货币抛售潮，正在吞噬华尔街今年最火热的投资策略。通过借债或募资买入比特 币、以太坊等加密货币的"数字币财库公司"，曾被投资者视为给加密货币加杠杆的绝佳工具，如今股价 跌幅已远超其持有的代币本身。 这一模式由Michael Saylor在2020年开创，将一家名为MicroStrategy的小型软件公司转型为比特币巨鲸。 该公司市值在去年7月曾触及约1280亿美元峰值，如今已缩水至约700亿美元。过去一个月， MicroStrategy股价下跌25%，比特币同期跌幅为15%。 这轮暴跌波及包括知名风投家Peter Thiel在内的多位重量级投资者。Thiel支持的以太坊财库公司BitMine Immersion Technologies过去一个月下跌超30%，另一家由他投资、从生物科技公司转型而来的ETHZilla 同期下跌23%。 加密货币总市值已从10月6日触及的近4.4万亿美元历史高点暴跌约20%，几乎抹去今年前十个月的全部 涨幅，年初至今涨幅仅剩2.5%，较10月6日创下的12万美元纪录高点下跌约18%。 杠杆效应放大下行风险 "数字资产财库公司本质上是加了杠杆的加 ...

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]

Core Viewpoint - A previously popular business strategy involving significant investments in cryptocurrencies is facing collective resistance from major Asian stock exchanges, including Hong Kong, India, and Australia, which are rejecting or limiting listings of companies focused on this model [1][2]. Group 1: Regulatory Actions - The Hong Kong Stock Exchange has rejected at least five listing applications from companies aiming to become Digital Asset Treasury (DAT) firms, citing rules against "cash companies" that primarily hold liquid assets [1][2]. - The Bombay Stock Exchange in India has also denied a listing application from a company planning to invest in cryptocurrencies, reflecting a cautious regulatory stance [2]. - Australia's ASX prohibits companies from allocating more than half of their balance sheet to cash-like assets, including cryptocurrencies, making the DAT business model nearly impossible [1][2]. Group 2: Market Impact - The market performance of DAT companies has significantly declined, with many stocks falling below their net asset value (NAV) amid a recent downturn in the cryptocurrency market, raising questions about the sustainability of their business models [1]. - The tightening of regulations has led to a reassessment of the DAT model, which was previously seen as a driver for cryptocurrency market growth [3]. Group 3: Japan's Position - Japan remains an exception in Asia, with its exchanges being open to the concept of DAT companies, provided they ensure proper information disclosure [3]. - Japan has the highest number of publicly listed Bitcoin-holding companies in Asia, totaling 14, including Metaplanet, the fourth-largest Bitcoin treasury company globally [3]. Group 4: Emerging Risks - MSCI, a major index provider, is proposing to exclude large DAT companies holding over 50% of their assets in cryptocurrencies from its indices, which could cut off passive investment flows and negatively impact their stock prices [3]. - The sentiment in the market is turning pessimistic, with industry insiders suggesting that the bubble surrounding DAT companies may have burst, as evidenced by plummeting stock prices and increasing regulatory hurdles [3].