加密投资机构 Paradigm 在最新研究报告中表示，比特币挖矿应被视为电网资产而非能源负担。 Paradigm 指出，比特币挖矿常被错误地与 AI 数据中心混为一谈，但实际上矿工属于"灵活用电需求"， 可根据电价和电网状况动态调整用电，在电网压力上升时主动降载、在电力过剩时提高消耗。报告称， 目前比特币挖矿约占全球能源消耗的 0.23%，占全球碳排放约 0.08%，且由于区块奖励每四年减半，长 期能源消耗增长受经济激励约束。（Cointelegraph） （来源：吴说） ...

Core Viewpoint - Jiuzi Holdings, Inc. has entered into a Securities Purchase Agreement with strategic investment institutions, raising approximately $60 million through the subscription of 40 million ordinary shares at $1.50 per share, to be funded with crypto assets [1][8]. Group 1: Investment Details - The agreement involves multiple institutional investors specializing in crypto treasury management and digital asset allocation, indicating strong institutional interest and expertise in the digital asset space [2]. - The total investment amount increased from an initial indication of $40 million to the final execution of $60 million within two weeks, showcasing rapid institutional recognition of Jiuzi's strategy [8]. Group 2: Digital Asset Treasury Strategy - The execution of the SPA signifies the transition of Jiuzi's Digital Asset Treasury (DAT) strategy from planning to implementation, focusing on systematic asset allocation and risk controls [3]. - The DAT strategy aims to build a resilient digital asset treasury system that balances long-term value appreciation with counter-cyclical resilience [3]. Group 3: Expected Outcomes - The investment will enhance the scale and structural depth of Jiuzi's treasury assets, improving the company's capacity to manage and rebalance its digital asset reserves under varying market conditions [4]. - Jiuzi plans to integrate multi-chain data interfaces and accelerate the deployment of on-chain applications, leveraging partner expertise in cross-chain protocol integration [5]. - Access to global liquidity networks will improve allocation efficiency, allowing for rapid conversion and strategic rebalancing of digital assets [6]. - The establishment of governance frameworks and scalable institutional infrastructure will support compliant asset allocation and risk management [7].

MicroStrategy’s (MSTR) founder and executive chairman, Michael Saylor, says the software-firm-turned-crypto-proxy will buy Bitcoin (BTCUSD) “every quarter forever.” His latest remarks on CNBC came shortly after MSTR loaded up on another 1,142 BTC for about $90 million, pushing its overall hoard to more than 714,000. At the time of writing, MicroStrategy stock is down more than 25% versus its year-to-date high. More News from Barchart www.barchart.com Why MSTR Stock Slipped on Saylor’s Remarks? MSTR s ...

Core Insights - Global listed companies (excluding mining firms) made a net purchase of approximately $9.283 million in Bitcoin last week, representing a 24.5% decrease week-over-week [1] Group 1: Company Activities - Strategy announced an investment of $90 million to increase its holdings at an average price of $78,815, acquiring a total of 1,142 BTC, bringing its total holdings to 714,644 BTC [1] - Japanese listed company Metaplanet has not increased its holdings for four consecutive weeks [1] - Several companies made small adjustments to their holdings, including DayDayCook increasing its position and Genius Group reducing its holdings [1]

Core Viewpoint - The company maintains a resilient balance sheet despite the recent decline in bitcoin prices, emphasizing that a significant drop to $8,000 would be necessary for it to impact their ability to service convertible debt [1][2]. Financial Performance - The company reported a net loss of $12.6 billion for the fourth quarter, primarily due to unrealized losses on digital asset holdings as bitcoin's price fell below the average acquisition cost [3]. - The decline in bitcoin value was attributed to quarter-end mark-to-market accounting, but the company remains committed to a long-term strategy despite short-term volatility [5]. Bitcoin Holdings and Strategy - The company continues to acquire more bitcoin, reinforcing its position as the largest corporate holder of the asset [4]. - Executives highlighted the importance of focusing on long-term fundamentals and regulatory support in the U.S. amidst the current market volatility [5]. Market Context - Bitcoin experienced a sharp sell-off, dropping 9% in the past 24 hours to trade at $64,833, with the company's stock (MSTR) falling 17.12% on the same day and down 72% over the past six months [5]. Quantum Computing Concerns - The company addressed concerns regarding quantum computing threats to bitcoin, suggesting that any significant risk is at least a decade away and labeling current fears as "FUD" (fear, uncertainty, doubt) [6].

Market Overview - Bitcoin has recently dropped below $70,000, marking its lowest price since late 2024, with a market capitalization of approximately $1.39 trillion [1][6] - The price decline follows a significant retreat from its record high of around $125,000 last fall, although it has not yet halved [1] Investor Sentiment - The recent downturn has led some investors to move away from risk assets, while others view the situation as a potential buying opportunity [2] - Bulls remain optimistic about Bitcoin's long-term potential, while bears predict further losses [3] Company Insights - Strategy (formerly MicroStrategy), a major Bitcoin buyer, is set to report its quarterly results, which may influence Bitcoin's price movements [4] - The company has recently increased its average purchase price for Bitcoin to around $76,000 [4] - Executive Chairman Michael Saylor has maintained a bullish outlook, referring to market volatility as a "gift to the faithful" [5]

Core Viewpoint - The CEO of the Smarter Web Company, Andrew Webley, remains committed to purchasing Bitcoin despite incurring significant losses of nearly $100 million in three months due to a decline in Bitcoin prices [1][3]. Group 1: Company Overview - The Smarter Web Company has invested approximately £220 million to establish itself as the UK's largest "Bitcoin treasury" business, although its Bitcoin holdings have decreased in value amid a prolonged sell-off [2][3]. - The company currently owns 2,674 Bitcoins, purchased at an average price of $111,232 each, with a 33% decline in value resulting in a loss of $98 million at the recent low [3]. Group 2: Market Position and Strategy - The company plans to transition to the London Stock Exchange's main market, which is expected to attract more funding from larger investors [4]. - Andrew Webley emphasized that the company's strategy is long-term, stating that they will continue to buy Bitcoin through both market upswings and downturns, having doubled their Bitcoin ownership since July [5]. Group 3: Industry Context - Bitcoin treasury companies, which provide investors exposure to Bitcoin without direct ownership, have gained popularity in the US, with the largest company, Strategy, holding 713,000 Bitcoins [6]. - An analysis indicated that most British Bitcoin treasury companies have experienced financial losses since entering the market last year [6].

Group 1 - The recent drop in Bitcoin prices has put pressure on Strategy Inc.'s cryptocurrency asset reserves, with Bitcoin prices falling below the average holding cost of $76,037, a key psychological support level for the market [1][3] - Strategy Inc. has seen its stock price decline nearly 70% from historical highs, losing its stock premium advantage, and facing increasing pressure from a tightening capital market [1][3] - The company currently does not face an immediate financial crisis, with no margin calls expected and a cash buffer of $2.25 billion built through stock issuance [1] Group 2 - Strategy's operational logic involves issuing stock at prices above its Bitcoin holdings to finance further Bitcoin purchases, a strategy that has become less favorable as the cryptocurrency market has cooled [3] - Despite holding over 712,000 Bitcoins, the market narrative around Bitcoin has weakened, with traditional catalysts failing to drive prices up, leading to a shift in investor focus towards faster-moving speculative assets [3] - The disappearance of stock premium means that issuing new shares could dilute equity without providing strategic advantages, while Bitcoin prices hover around the breakeven point, losing their psychological support [3] Group 3 - The market anticipates further declines in Strategy's stock price, as its market capitalization is now nearly equal to the value of its Bitcoin holdings, making any fluctuations in Bitcoin prices significantly impactful on the perception of Saylor's investment strategy [6]

Core Viewpoint - The recent dip in Bitcoin prices to around $75,500 has temporarily placed Strategy's average purchase cost of Bitcoin at approximately $76,037 per coin, but this does not fundamentally alter the company's financial position or create balance sheet stress [1][2]. Group 1: Bitcoin Holdings and Debt Management - Strategy currently holds 712,647 Bitcoin, all unencumbered, meaning there is no risk of forced selling due to price drops [2]. - The company has $8.2 billion in convertible debt, which, while significant, provides flexibility in managing obligations [2]. - Strategy can extend maturities or convert debt to shares when due, with the first convertible note put date not until Q3 2027 [3]. Group 2: Cash Reserves and Fundraising Strategy - Strategy has $2.25 billion in cash on its balance sheet, reserved for dividend payments, indicating a strong liquidity position [4]. - Historically, the company has funded Bitcoin purchases through at-the-market (ATM) offerings, selling shares at current market prices to minimize market impact [5]. - The effectiveness of this fundraising strategy is contingent on the stock trading at a premium to its net asset value (mNAV), which has recently shifted to a discount as Bitcoin prices fell [6]. Group 3: Impact of Price Fluctuations - Trading below the cost basis is not a crisis for Strategy; it merely slows the company's ability to increase its Bitcoin holdings without diluting shareholders [7]. - In 2022, when MSTR shares traded below the Bitcoin holding value, the company added only about 10,000 Bitcoin, illustrating the impact of price on growth potential [7].

Company Overview - ZOOZ Strategy, formerly ZOOZ Power, transitioned from kinetic energy to Bitcoin investment, resulting in an 84% stock decline since last summer, with a current market cap of $87 million, lower than its Bitcoin holdings [1][2] - The company held its IPO on the Tel Aviv Stock Exchange in 2021 and later merged with a SPAC but faced challenges on Wall Street [2] Leadership and Strategy - CEO Jordan Fried, appointed after a background in blockchain ventures and cybersecurity, emphasizes a long-term vision for ZOOZ, including an annual salary of $1 and performance-based shares [3][4] - ZOOZ's strategy includes optimizing operations, improving transparency, and exploring asset management beyond merely holding Bitcoin [6] Market Position and Valuation - ZOOZ is perceived as undervalued in the market, trading below $1 and receiving a warning from Nasdaq for non-compliance, with plans for a potential reverse stock split and a $50 million share buyback [7] - The company aims to provide exposure to Bitcoin for Israeli investors facing regulatory challenges in purchasing Bitcoin directly [6] Industry Perspective - Fried views Bitcoin as a significant innovation, likening its adoption to historical financial shifts, and believes it plays a role in national security [2][8] - The company is exploring the potential for its original energy activities to pivot towards serving large cloud providers, reflecting a shift in market dynamics [6] Geopolitical Considerations - Fried highlights the importance of energy production in relation to Bitcoin mining and national competitiveness, noting Israel's current energy challenges compared to other nations [9]