（来源：吴说） 比特币财库公司 Empery Digital（NASDAQ: EMPD）披露，截至 2026 年 2 月 6 日，公司已在 2 亿美元 股票回购计划下累计回购 1540 万股普通股，平均回购价约 6.71 美元。同期，公司以均价 67,907 美元出 售 357.7 枚 BTC，获得约 2400 万美元收入，部分用于回购股份并偿还部分债务以降低风险。Empery Digital 目前持有 3723.7 枚 BTC，并表示将继续通过低于 NAV 的回购来提升每股价值，必要时将动用 资产负债表（包括减少比特币持仓）支持后续回购。 来源：市场资讯 ...

Michael Saylor‘s Strategy Inc. posted a staggering $12.4 billion net loss for the fourth quarter of 2025, driven almost entirely by unrealized losses on its bitcoin treasury as crypto prices tumbled. The company disclosed Wednesday that it now holds 713,502 bitcoins acquired at a total cost of $54.26 billion, representing an average purchase price of $76,052 per coin. Despite the paper losses, Strategy added 41,002 bitcoins in January 2026 alone, signaling no retreat from its core accumulation strategy. ...

Metaplanet (3350) expects its revenue to nearly double this year after a volatile end to 2025 that saw the firm post a paper loss of over 100 billion yen ($650.6 million) over bitcoin’s sharp correction. The Tokyo-listed company revised its full-year FY2025 forecast and released its outlook for FY2026, showing operating income and sales far exceeding earlier projections thanks to its expanding Bitcoin Income Generation business. That unit uses the company’s bitcoin (BTC) holdings as collateral to genera ...

Core Insights - Bitcoin (BTC) is increasingly being utilized for passive income generation through various financial products and innovative tools, moving beyond the traditional "buy and hold" strategy [1] - The article discusses different methods for earning passive income with Bitcoin, including interest-bearing accounts, lending, structured finance, DeFi liquidity mining, and innovative financial products, each catering to different user needs and risk profiles [1] Yield Rate Analysis - **Savings Accounts**: Offer annual yields of 0.5%-3%, providing high liquidity and low risk, making them ideal for beginners [2] - **Fixed-term Investments**: Yield between 2%-8%, suitable for investors with some financial planning skills, with options for various terms like 7, 30, or 90 days [2] - **Lending**: Provides a wider yield range of 3%-12%, reflecting market demand and supply dynamics, with platforms ensuring market-based returns [2] - **Structured Products**: Offer potential returns from 5% to over 30%, linked to Bitcoin price performance, catering to different risk-return profiles [2] DeFi and Innovative Financial Products - **DeFi Earnings**: Can yield between 5%-20% or higher, but come with significant risks such as smart contract and liquidity risks, with platforms ensuring safety through project selection and audits [3] - **BGBTC Innovative Finance**: Features a dual yield model of 2%-5% base yield plus potential airdrop opportunities, making it a balanced choice for risk and return [3] Financial Product Comparison - **Savings Accounts**: 0.5%-3% yield, low entry barrier, low risk, suitable for beginners [4] - **Fixed-term Investments**: 2%-8% yield, low entry barrier, medium-low risk, for conservative investors [4] - **Lending**: 3%-12% yield, moderate entry barrier, medium risk, for advanced users [4] - **Structured Products**: 5%-30% yield, higher entry barrier, medium-high risk, for experienced investors [4] - **DeFi Earnings**: 5%-20% yield, variable entry barrier, high risk, for advanced DeFi users [4] - **BGBTC**: 2%-5% yield plus airdrop, low entry barrier, medium-low risk, suitable for all investors [4] Passive Income Generation Methods - **Savings Accounts**: Users deposit BTC into exchanges offering interest, with flexible withdrawal options [5] - **Lending**: Users lend BTC to borrowers, earning interest, similar to P2P lending [6] - **Structured Finance**: Combines BTC returns with market conditions, allowing for higher potential returns under certain conditions [7] - **DeFi Protocols**: Users convert BTC to cross-chain assets to participate in lending protocols and liquidity pools [9] BGBTC Product Features - **Automatic Yield Generation**: Users stake BTC and the system deploys multiple yield strategies automatically [10] - **Safety and Flexibility**: High security through third-party custodians and flexible liquidity post-term [10] - **Target Audience**: Suitable for long-term BTC holders seeking higher passive income and those wanting to explore DeFi without complex operations [12] Conclusion on Passive Income Strategies - Conservative and novice investors should focus on savings and fixed-term investments while exploring structured and innovative products [14] - Investors seeking yield flexibility may consider BGBTC and similar innovative products [14] - Experienced investors with higher risk tolerance can engage in DeFi lending and liquidity pools, ensuring risk management [14]

Core Insights - SharpLink Gaming has deployed $170 million worth of ether (ETH) into a yield strategy on Consensys' Linea, marking the transition from planning to execution for a multi-year treasury program [1] - The strategy aims to combine Ethereum staking yield with restaking rewards and incentives, all under a qualified custodian structure [1][4] - The deployment aligns with SharpLink's earlier plan to allocate up to $200 million of ETH to Linea over multiple years, reflecting a trend in crypto markets towards stacking multiple yield streams [2] Group 1 - The Linea platform, backed by Consensys, utilizes zero-knowledge Ethereum Virtual Machine (zkEVM) technology to enable faster transaction speeds and lower costs by bundling transactions for bulk verification [3] - SharpLink's strategy is designed to create an "enhanced yield" profile, making its ETH holdings more productive without fully adopting a decentralized finance (DeFi) custody model [4] - This approach represents a broader shift among publicly traded crypto-linked firms, positioning them as yield-and-infrastructure vehicles rather than merely offering directional token exposure [4] Group 2 - SharpLink shares have gained attention following Bernstein's initiation of coverage with an outperform rating, highlighting the company as an institutional gateway to Ethereum [5]

Core Viewpoint - ZOOZ Strategy Ltd. has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, but this does not currently affect its listing status on the Nasdaq Capital Market [1][3]. Compliance and Listing Status - Nasdaq Listing Rule 5550(a)(2) mandates that listed securities maintain a minimum bid price of US$1.00 per share, and a deficiency exists if this requirement is not met for 30 consecutive business days [2]. - The company has until June 15, 2026, to regain compliance by ensuring its ordinary shares have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days [3]. Business Operations - The receipt of the Notification Letter does not impact the company's business operations [4]. - The company plans to monitor its share price and may consider options such as a reverse share split to regain compliance with Nasdaq's minimum bid price requirement [4]. Company Overview - ZOOZ is the first dual-listed company on Nasdaq and TASE implementing a long-term Bitcoin treasury strategy, aiming to provide shareholders with long-term exposure to Bitcoin while adhering to financial and regulatory standards [5].

In the 2021 and 2022 Bitcoin bull market, ASIC-backed loans – a form of debt secured by bitcoin mining computers – were all the rage for the U.S.’s burgeoning bitcoin mining sector. But when bitcoin prices took a turn for the worse, and drug bitcoin mining revenue down with it, many of these loans soured, with debtors defaulting and creditors seizing and running ASICs to pay back the loans. Fast forward to 2025, and now, Coinbase’s (NASDAQ: COIN) independent subsidiary Coinbase Asset Management is reimag ...

Core Viewpoint - Michael Saylor's aggressive strategy to buy Bitcoin and convert it into BTC-backed digital credit is positioned as a significant innovation in the financial landscape, with potential implications for global financial systems [2][5][7] Group 1: Saylor's Strategy and Vision - Saylor emphasizes that Bitcoin is "digital capital" and has gained endorsement from U.S. financial regulators, marking a regulatory turning point [2] - The company aims to "buy all the Bitcoin sellers can sell," establishing itself as a pioneer in converting volatile Bitcoin into stable, yield-producing digital credit [3][6] - Saylor believes that Bitcoin-backed credit is superior to traditional credit backed by depreciating assets, allowing for increased BTC per share and offering "leveraged Bitcoin equity" for long-term investors [6] Group 2: Credit Products and Market Position - Strategy's credit products are designed as high-yield, Bitcoin-backed instruments, akin to preferred shares or bonds, providing predictable cash flow [4] - Saylor envisions a global free-market yield curve formed by Bitcoin-backed credit that could outcompete traditional money markets, suggesting a future need for Bitcoin treasury companies in major economies [7] Group 3: Criticism from Peter Schiff - Peter Schiff criticizes Saylor's vision as unrealistic, arguing that it is impossible to eliminate Bitcoin's volatility while guaranteeing a perpetual 10% yield [5] - Schiff contends that the political support for Bitcoin is not based on fundamentals but rather on political favors [5]

Core Insights - Twenty One Capital began trading on the New York Stock Exchange as XXI after merging with Cantor Equity Partners, entering the market with over 43,000 BTC valued at nearly $4 billion, positioning itself among the largest public corporate holders of Bitcoin [1] - The trading debut was characterized by significant selling pressure, with XXI shares trading around $11, significantly lower than Cantor Equity Partners' pre-merger close of approximately $14 [1] - The debut aligns with trends observed in other Bitcoin treasury listings this year, where new entrants often trade below pre-merger benchmarks due to Bitcoin's current market conditions [2] Company Positioning - The company is supported by Tether, Bitfinex, and a minority investment from SoftBank, with plans to develop financial infrastructure and educational products related to Bitcoin [2] - Investors are evaluating how quickly Twenty One can transition from a balance sheet-driven model to one with established business operations [3] Market Sentiment - The current market environment is described as a "risk-off climate," with investors becoming more cautious towards Bitcoin treasury companies and SPAC listings, which are perceived as high-risk leveraged bets without proven revenue [4] - The decline in XXI's stock price reflects a broader trend of re-pricing among companies that primarily hold Bitcoin rather than generate predictable cash flow [4] Industry Trends - Similar patterns have been observed in other SPAC listings, where companies that raised capital to buy Bitcoin are now facing significant drops in equity value, with discounts becoming increasingly common [6] - The market appears to be moving away from prioritizing firms based solely on their Bitcoin holdings, emphasizing the need for clearer business models and revenue generation plans [4][5]

Core Viewpoint - Metaplanet is launching a new preferred-share structure called MARS, aimed at expanding its corporate Bitcoin treasury, modeled after Strategy's Bitcoin funding vehicle [1][2]. Group 1: New Capital Instrument - Metaplanet's CEO announced that shareholders will vote on the MARS capital instrument, designed specifically for raising capital to purchase more Bitcoin [2]. - MARS shares are classified as senior, non-dilutive Class A preferred stock, positioned above other equity classes in the capital structure [3]. Group 2: Financial Structure and Strategy - Proceeds from MARS shares will be allocated towards Bitcoin accumulation as part of Metaplanet's long-term treasury strategy [4]. - MARS shares will offer adjustable monthly dividends, with rates that fluctuate based on stock performance relative to par value, aiming to provide steady income while minimizing price volatility [4]. Group 3: Comparison with Strategy's STRC - The MARS structure is similar to Strategy's STRC preferred stock, which has delivered an annualized dividend of approximately 10.75% and has been effective in maintaining a stable price [5]. - Since its launch, STRC has returned over 10% and has contributed significantly to Strategy's Bitcoin treasury growth, with substantial BTC purchases funded through its preferred offerings [6][7].