“囤币”模式破产了?MSTR“暂停买币”而Thiel旗下ETHZilla已“卖币偿债”

曾在上半年掀起囤币热潮的加密策略正迎来关键拐点。最新向美国证监会提交的文件显示，由亿万富翁Peter Thiel支持的ETHZilla已出售7450万美元的以太坊偿债，而曾开创囤币模式的Strategy本周也暂停了比特币买入，转而增加现金储备。这一系列操作显示，加密机构正从激进囤币转向稳健财务管理，市场风向或将随之调整。

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。

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%，Strategy股价同期暴跌超50%。

(Strategy股价近三个月暴跌50%)

ETHZilla转向：从囤币到卖币

ETHZilla was a follower of the digital currency investment strategy group four months ago. The company, headquartered in Palm Beach, Florida, was originally named 180 Life Sciences Corp. On August 18th, it announced its transformation from a biotech company into a digital asset management firm focused on accumulating Ethereum. The company’s stock price skyrocketed from $30 before the announcement to over $100 per share. However, this good times didn’t last long. According to documents submitted to the SEC on Monday, ETHZilla sold $74.5 million in Ethereum to pay off its senior secured convertible notes. As of December 19th, the company held approximately 69,800 Ethereum tokens, valued at about $210 million at current prices. At 3:14 p.m. ET on Monday, ETHZilla’s stock price fell by around 7.5%, reaching $6.38 per share. The company stated that it would continue to evaluate various financing options, including sales of Ethereum and equity offerings, to implement its business plan, which includes “tokenizing real-world assets”. According to media reports, ETHZilla’s spokesperson refused to comment beyond what was disclosed in the documents on Monday. Strategy paused its purchases and began accumulating cash reserves. Strategy also paused its efforts to develop this business model. According to documents submitted to the SEC on Monday, the company raised $748 million by selling common shares within the week ending December 21st, increasing its cash reserves to $2.19 billion. However, it suspended its purchases of Bitcoin.In the past two weeks, the company has purchased approximately $2 billion in Bitcoin, bringing its total holdings to around $60 billion.

Earlier this month, Strategy created a reserve of $1.4 billion to cover future dividends and interest payments, aiming to alleviate market concerns that the company might be forced to sell its Bitcoin holdings due to continuous declines in token prices.

According to analyst Lance Vitanza from TD Cowen, Strategy needs to pay approximately $824 million in interest and dividends each year, and the company’s software business cannot generate sufficient free cash flow to cover these expenses. Moreover, Bitcoin itself does not pay dividends.

On Monday, the company’s mNAV was around 1.1, a key valuation metric that compares the value of the company with the value of its Bitcoin holdings. This metric once showed a significant premium over market values.

The business logic is now under scrutiny.

Strategy’s strategy of accumulating Bitcoin through publicly listed companies has inspired hundreds of companies to follow suit during the first half of this year.

ETHZilla has replicated Strategy’s approach, trying to become a “Ethereum treasury company”.

However, this model remains difficult to explain: why should tokens be more valuable simply because they are held by publicly listed companies? This logic becomes even less valid after the sharp drop in cryptocurrency prices at the beginning of October.

As the crypto winter continues, the sustainability of this business model is being put to the test.

Billionaire Peter Thiel has several investments in the field of cryptocurrencies. In addition to ETHZilla, he was also one of the early investors in the cryptocurrency exchange Bullish. It is reported that Erebor, a crypto-friendly banking startup backed by Thiel, will raise $350 million at a valuation of $4.35 billion.