比特币配置策略

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连续三个季度跑赢ETF!美企比特币购买潮再升温
Hua Er Jie Jian Wen· 2025-07-03 02:30
Core Insights - The corporate treasury strategy for Bitcoin is gaining momentum, with companies accumulating Bitcoin surpassing ETF purchases for the third consecutive quarter [1][4] - In Q2 2025, public companies purchased approximately 131,000 Bitcoins, an 18% increase from the previous quarter, while ETF purchases totaled 111,000 Bitcoins, with an 8% increase [1][4] Group 1: Corporate Strategy - Companies are purchasing Bitcoin primarily to enhance shareholder value, differing from institutional investors who acquire Bitcoin through ETFs [4] - This purchasing behavior is driven by distinct business logic rather than macro trends or market sentiment, providing a new impetus for Bitcoin prices [4] Group 2: Market Dynamics - Recent entrants into the Bitcoin holding space include GameStop, KindlyMD, and ProCap, while MicroStrategy remains the leader with 597,000 Bitcoins held [7] - Despite the surge in corporate participation, ETFs still hold the largest share of Bitcoin, controlling over 1.4 million Bitcoins, approximately 6.8% of the fixed supply cap, compared to public companies holding about 855,000 Bitcoins, or 4% [7] Group 3: Future Outlook - The current pace of corporate Bitcoin adoption may not be sustainable and could represent a temporary opportunity for companies seeking to profit from this trend [7]