曾在今年上半年风靡市场的加密货币囤积策略正面临转折。 据周五提交给美国证券交易委员会的文件显示，亿万富翁Peter Thiel支持的ETHZilla公司已出售价值7450万美元的以太坊代币用于偿还债务，而开 创这一模式的Strategy也在本周暂停了比特币购买，转而充实现金储备。 根据文件，ETHZilla将继续评估包括出售以太坊和股权融资在内的多种融资策略。这是该公司四个月内第二次出售以太坊，此前在10月底曾出售 约4000万美元以太坊用于股票回购。 与此同时，Strategy创始人Michael Saylor在过去一周将公司现金储备增至21.9亿美元，并停止购买比特币。 该公司此前表示已建立现金储备以偿还此前证券发行产生的高额利息。据TD Cowen分析师Lance Vitanza测算，Strategy每年需支付约8.24亿美元的 利息和股息。 根据周一向SEC提交的文件，该公司在截至12月21日的一周内通过出售普通股筹集了7.48亿美元，将现金储备增至21.9亿美元，但暂停了比特币购 买。 这些动向表明，通过上市公司囤积加密货币的商业模式正面临考验。比特币自10月初创下历史高点以来已下跌约30%，Str ...

Core Insights - The strategy of using company cash to purchase Bitcoin or other digital tokens, initially seen as a lucrative investment, has rapidly turned into one of the worst investments within a few months [2][8] - This approach, pioneered by Michael Saylor, led to over a hundred companies transforming into publicly traded Bitcoin holding platforms, referred to as "digital asset treasuries" [2][8] - Companies like SharpLink Gaming Inc. experienced extreme volatility, with stock prices soaring over 2600% before crashing [2][9] Company Performance - SharpLink's stock has plummeted by 86% from its peak, resulting in a market value lower than the value of its held digital tokens [9] - The current stock price of SharpLink is only 0.9 times its Ethereum holdings [9] - Greenlane Holdings, despite holding approximately $48 million in BERA tokens, has seen its stock price drop over 99% this year [9] Market Trends - Among U.S. and Canadian companies that transitioned to digital asset treasuries (DAT), the median stock price has decreased by 43% this year, while Bitcoin has only dropped about 6% [10] - It is estimated that 70% of DAT companies will end the year with stock prices below their levels at the beginning of the year [10] - Companies that opted for smaller, more volatile tokens instead of Bitcoin have performed the worst [10]

Core Viewpoint - The cryptocurrency market is experiencing a downturn despite rising expectations for interest rate cuts by the Federal Reserve, with significant declines in tokens and companies associated with the Trump family [1] Group 1: Market Performance - Digital assets and related stocks continued to decline, particularly those linked to Trump-related projects, with ALT5Sigma Corp. (ALTS.US) shares dropping 12% and WLFI token falling 25%, resulting in a cumulative decline of over 50% in the past week [1] - American Bitcoin Corp. (ABTC.US), associated with Eric Trump, saw a maximum drop of 22% after its listing [1] - Ethereum token price decreased by 3.3%, while Solana token fell by 3.8%, reflecting a broader trend of declining prices among cryptocurrency treasury companies [2] Group 2: Regulatory Concerns - Nasdaq is requiring companies holding cryptocurrency to obtain shareholder approval before raising funds through stock issuance for token purchases, which may slow down transactions but aligns with shareholder rights [2] - A total of 184 public companies have announced plans to raise over $132 billion for cryptocurrency purchases, indicating a significant interest in the market despite regulatory scrutiny [2] Group 3: Investor Sentiment - Investors are reassessing the actual value of underlying tokens in cryptocurrency treasury companies, leading to a decline in both stock prices and token values [5] - The recent employment data suggests a cooling labor market, contributing to a cautious approach among investors ahead of key economic indicators [6] - Bitcoin, a market benchmark, fell approximately 2% to around $109,800, significantly lower than its historical high of over $125,000 reached on August 14 [6]