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BTC 加密金库模式早期优势已大幅消退
据DWF Ventures最新报告，加密金库（Crypto Treasury）模式的早期优势已基本丧失。目前，大多数数字资产金库（DAT）公司不再享有此前的高溢价，而这些溢价曾使它们能够在不稀释现有股东权益的情况下筹集资金并积累更多加密货币。
该报告于周四发布，数据显示，在按管理资产规模排名的前20家DAT公司中，仅有4家的mNAV（市值与净资产比率）高于1，即其市场价值超过其所持加密货币的价值。这四家公司分别是Bit Digital、Strive、Hyperliquid Strategies和BitMine。
广泛的折价现象表明，投资者不再愿意为通过上市公司获得加密资产敞口支付同样的溢价。
DWF指出，自Michael Saylor的Strategy公司在2020年开创比特币金库模式以来，大多数DAT股票的表现甚至不如直接持有底层加密资产。即使在表现优于直接持有加密货币的DAT股票中，其相对于直接持有加密资产的优势通常也很小。
@#0_14@#
来源：DWF Ventures
随着法国半导体公司Sequans Communications披露其出售了剩余的314枚比特币，标志着其退出行动完成——该公司去年推出了比特币金库策略，并于今年5月通过赎回可转换债务开始退出——目前其资产负债表上已无任何加密货币持仓。
According to SDL's analysis, the premium investors pay for DAT stocks usually peaks early in the strategy and when investors attract attention. For example, Strategy's mNAV peaked during the Bitcoin rally in late 2024, when demand for leveraged BTC exposure was strong.
The warning issued by the DWG about a drop in mNAV is not an isolated case. Standard Chartered raised the issue as early as September 2025, when the Bitcoin and broader crypto market were booming, warning that a "mNAV collapse" could lead to large-scale consolidation of digital asset vault companies.
Galaxy Digital issued a similar warning last year, arguing that the DAT model "relies heavily on the continued premium of equity to NAV." This premium allows companies to issue shares and use the proceeds to purchase more cryptocurrencies without diluting existing shareholders 'holdings. If stocks turn to trade below NAV, purchasing more cryptocurrencies through additional equity issues could cause dilution, undermining the strategy's core financing mechanism.
Galaxy Research analyst Will Owens wrote: "If the premium collapses, or worse, turns into a discount, the model begins to collapse."
This year, this model proved more difficult to maintain. Bitcoin prices fell from an all-time high of more than $126,000 in October last year to below $60,000, and then recovered to about $86,000.
