{"id":4896,"date":"2026-10-01T21:28:21","date_gmt":"2026-10-01T13:28:21","guid":{"rendered":"http:\/\/www.lqhyjs.com\/?p=4896"},"modified":"2026-10-01T21:28:21","modified_gmt":"2026-10-01T13:28:21","slug":"%e5%b8%81%e8%82%a1%e9%9a%90%e8%97%8f%e4%bc%9d%e8%ae%b0%ef%bc%9a%e9%9a%90%e8%97%8f%e5%9c%a8%e3%80%8c%e8%82%a1%e6%9d%83%e7%a8%80%e9%87%8a%e3%80%8d%e4%b8%8emnav%e7%ae%97%e6%b3%95%e9%87%8c%e7%9a%84","status":"publish","type":"post","link":"http:\/\/www.liaoxiaoha.com\/?p=4896","title":{"rendered":"\u5e01\u80a1\u9690\u85cf\u4f1d\u8bb0\uff1a\u9690\u85cf\u5728\u300c\u80a1\u6743\u7a00\u91ca\u300d\u4e0emNAV\u7b97\u6cd5\u91cc\u7684\u8170\u65a9\u5200\u6cd5"},"content":{"rendered":"
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\u4f5c\u8005\uff1adanny  \u6765\u6e90\uff1aX\uff0c@agintender<\/p>\n<\/section>\n

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\u53e4\u6709\u5996\u5200\u6751\u6b63Muramasa\uff0c\u4eca\u6709\u8170\u5200\u5e01\u80a1DAT\u2014\u2014\u4e3a\u4ec0\u4e48\u5e01\u80a1DAT\u5df2\u7ecf\u6f14\u53d8\u4e3a\u4e86\u300c\u5b98\u5ba3\u5373\u8170\u65a9\u300d\uff1f\uff01(\u8170\u65a9\uff1f\u8fd8\u662f\u5996\u65a9\uff1f)\u662f\u65e9\u671f\u6295\u8d44\u4eba\u7838\u76d8\uff1f\u662f\u5e02\u573a\u4e0d\u4e70\u5355\u4e86\u5417\uff1f\u8fd9\u5e76\u975e\u5e02\u573a\u5931\u7075\u6216\u5076\u7136\u7684\u6050\u614c\uff0c\u800c\u662f\u4e00\u4e2a\u53ef\u9884\u6d4b\u7684\u3001\u7406\u6027\u7684\u5e02\u573a\u91cd\u5b9a\u4ef7\u8fc7\u7a0b\u3002\u5b83\u6807\u5fd7\u7740\u5e02\u573a\u60c5\u7eea\u4ece\u5bf9\u4e00\u4e2a\u65b0\u9896\u6545\u4e8b\u7684\u72c2\u70ed\u8ffd\u6367\uff0c\u8f6c\u53d8\u4e3a\u5bf9\u516c\u53f8\u878d\u8d44\u673a\u5236\u3001\u80a1\u6743\u7a00\u91ca\u548c\u771f\u5b9e\u6bcf\u80a1\u4ef7\u503c\u7684\u51b7\u9759\u5ba1\u89c6\u3002<\/p>\n<\/section>\n

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\u7b2c\u4e00\u90e8\u5206\uff1a\u300c\u5e01\u80a1\u300dDAT\u6a21\u5f0f\u89e3\u6784<\/h2>\n<\/h2>\n<\/section>\n

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\u200c<\/span>
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1.1. \u5b9a\u4e49\u4e0e\u6838\u5fc3\u903b\u8f91\uff1a\u8fde\u63a5\u4f20\u7edf\u91d1\u878d\u4e0e\u52a0\u5bc6\u4e16\u754c\u7684\u6865\u6881<\/h3>\n<\/section>\n
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\u8fd1\u5e74\u6765\uff0c\u4e00\u7c7b\u65b0\u578b\u4e0a\u5e02\u516c\u53f8\u5728\u52a0\u5bc6\u8d27\u5e01\u4e0e\u4f20\u7edf\u91d1\u878d\u7684\u4ea4\u6c47\u5904\u6084\u7136\u5174\u8d77\uff0c\u6295\u8d44\u8005\u901a\u5e38\u79f0\u4e4b\u4e3a\u300c\u5e01\u80a1\u300d\u6216\u300c\u6570\u5b57\u8d44\u4ea7\u8d22\u653f\u6982\u5ff5\u80a1\u300d\u3002\u5728\u4e13\u4e1a\u91d1\u878d\u9886\u57df\uff0c\u8fd9\u7c7b\u516c\u53f8\u88ab\u5b9a\u4e49\u4e3a\u300c\u6570\u5b57\u8d44\u4ea7\u8d22\u653f(\u8d22\u5e93\uff09\u516c\u53f8\u300d\uff08Digital Asset Treasury Companies, DAT\uff09\u3002\u5176\u6838\u5fc3\u5546\u4e1a\u6a21\u5f0f\u5728\u4e8e\uff0c\u8fd9\u4e9b\u516c\u53f8\u5c06\u6218\u7565\u6027\u5730\u5728\u5176\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u79ef\u7d2f\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\uff08\u901a\u5e38\u662fBTC\/ETH\/BNB\/SOL\u7b49\u4e3b\u6d41\uff09\u4f5c\u4e3a\u5176\u6838\u5fc3\u4e1a\u52a1\u529f\u80fd\u4e4b\u4e00\u3002<\/p>\n<\/section>\n

\n

\u4e0e\u4f20\u7edf\u4f01\u4e1a\u6301\u6709\u52a0\u5bc6\u8d27\u5e01\u4e0d\u540c\uff0cDATs \u7684\u8425\u8fd0\u5b97\u65e8\u5c31\u662f\u4e3b\u52a8\u4e14\u660e\u786e\u5730\u589e\u6301\u52a0\u5bc6\uff08\u6570\u5b57\uff09\u8d44\u4ea7\u3002\u5b83\u4eec\u901a\u8fc7\u8fd9\u79cd\u65b9\u5f0f\uff0c\u4e3a\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u7684\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u4e00\u79cd\u53d7\u76d1\u7ba1\u7684\u3001\u57fa\u4e8e\u80a1\u6743\u7684\u5de5\u5177\uff0c\u4ee5\u83b7\u5f97\u5bf9\u52a0\u5bc6\u8d44\u4ea7\u7684\u655e\u53e3\u3002\u8fd9\u4e00\u6a21\u5f0f\u670d\u52a1\u4e8e\u4e00\u4e2a\u7279\u5b9a\u7684\u5e02\u573a\u9700\u6c42\uff1a\u8bb8\u591a\u5927\u578b\u673a\u6784\u6295\u8d44\u8005\uff0c\u5982\u517b\u8001\u57fa\u91d1\u3001\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u548c\u6350\u8d60\u57fa\u91d1\uff0c\u7531\u4e8e\u5185\u90e8\u5408\u89c4\u3001\u6258\u7ba1\u590d\u6742\u6027\u6216\u76d1\u7ba1\u9650\u5236\uff0c\u65e0\u6cd5\u76f4\u63a5\u8d2d\u4e70\u548c\u6301\u6709\u52a0\u5bc6\u8d27\u5e01\u3002DATs \u7684\u80a1\u7968\u5728\u7ebd\u4ea4\u6240\u6216\u7eb3\u65af\u514b\u7b49\u4e3b\u6d41\u4ea4\u6613\u6240\u4ea4\u6613\uff0c\u4e3a\u8fd9\u4e9b\u53d7\u9650\u8d44\u672c\u8fdb\u5165\u52a0\u5bc6\u9886\u57df\u63d0\u4f9b\u4e86\u4e00\u5ea7\u5408\u89c4\u7684\u6865\u6881\u3002<\/p>\n<\/section>\n

\n

\u8fd9\u4e00\u6a21\u5f0f\u7684\u5148\u9a71\u662f Michael Saylor \u9886\u5bfc\u4e0b\u7684 Strategy Inc.\uff08\u524d\u8eab\u4e3a MicroStrategy\uff09\u3002\u81ea 2020 \u5e74\u8d77\uff0c\u8be5\u516c\u53f8\u5f00\u59cb\u5c06\u5927\u91cf\u73b0\u91d1\u50a8\u5907\u8f6c\u6362\u4e3aBTC\uff0c\u5f00\u521b\u4e86\u5c06\u4e0a\u5e02\u516c\u53f8\u8f6c\u53d8\u4e3aBTC\u6301\u6709\u5de5\u5177\u7684\u5148\u6cb3\u3002\u6b64\u4e3e\u4e0d\u4ec5\u91cd\u5851\u4e86\u5e02\u573a\u5bf9\u4f01\u4e1a\u5982\u4f55\u770b\u5f85BTC\u7684\u8ba4\u77e5\u2014\u2014\u4ece\u7eaf\u7cb9\u7684\u6295\u673a\u8d44\u4ea7\u8f6c\u53d8\u4e3a\u4e00\u79cd\u80fd\u591f\u62b5\u5fa1\u6cd5\u5b9a\u8d27\u5e01\u8d2c\u503c\u7684\u6218\u7565\u50a8\u5907\u8d44\u4ea7\u2014\u2014\u4e5f\u4e3a\u540e\u7eed\u516c\u53f8\u63d0\u4f9b\u4e86\u53ef\u590d\u5236\u7684\u6a21\u677f\u3002<\/p>\n<\/section>\n

\n

\u6b64\u540e\uff0c\u8fd9\u4e00\u8d8b\u52bf\u9010\u6e10\u5411\u5168\u7403\u8513\u5ef6\u3002\u4f8b\u5982\uff0c\u65e5\u672c\u4e0a\u5e02\u516c\u53f8 Metaplanet \u4e5f\u91c7\u7eb3\u4e86\u7c7b\u4f3c\u7684\u7b56\u7565\uff0c\u53cd\u6620\u51fa\u4e0d\u540c\u5730\u533a\u7684\u8d44\u672c\u5e02\u573a\u5bf9\u6b64\u7c7b\u6295\u8d44\u5de5\u5177\u540c\u6837\u5b58\u5728\u9700\u6c42\u3002\u8fd9\u4e9b\u516c\u53f8\u7684\u51fa\u73b0\uff0c\u6807\u5fd7\u7740\u52a0\u5bc6\u8d44\u4ea7\u6b63\u4ece\u8fb9\u7f18\u8d70\u5411\u4e3b\u6d41\uff0c\u65e5\u76ca\u878d\u5165\u5168\u7403\u5b8f\u89c2\u91d1\u878d\u4f53\u7cfb\u3002<\/p>\n<\/section>\n

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\n<\/section>\n

\n

\u88681:\u4e3b\u8981\u52a0\u5bc6\u8d27\u5e01\u8d44\u4ea7\u8d22\u653f\u516c\u53f8\u6982\u89c8<\/p>\n<\/section>\n

\n

\u6ce8\uff1a\u6570\u636e\u622a\u81f32025\u5e748\u6708\uff0c\u5e02\u503c\u548c\u52a0\u5bc6\u8d44\u4ea7\u6301\u6709\u91cf\u4f1a\u968f\u5e02\u573a\u6ce2\u52a8\u3002<\/p>\n<\/section>\n

\n

1.2. \u5173\u952e\u6982\u5ff5\u4e0e\u4ef7\u503c\u4e3b\u5f20\uff1a\u6295\u8d44\u8005\u7684\u4e13\u4e1a\u8bcd\u5178<\/h3>\n<\/section>\n
\n

\u8981\u51c6\u786e\u8bc4\u4f30\u300c\u5e01\u80a1\u300d\uff0c\u6295\u8d44\u8005\u5fc5\u987b\u8d85\u8d8a\u4f20\u7edf\u7684\u672c\u76ca\u6bd4\u6216\u5e02\u51c0\u7387\u7b49\u6307\u6807\uff0c\u638c\u63e1\u4e00\u5957\u4e13\u4e3a\u8be5\u6a21\u5f0f\u8bbe\u8ba1\u7684\u5206\u6790\u8bcd\u6c47\u3002\u8fd9\u4e9b\u6982\u5ff5\u662f\u7406\u89e3\u5176\u4ef7\u503c\u4e3b\u5f20\u548c\u5185\u5728\u98ce\u9669\u7684\u5173\u952e\u3002<\/p>\n<\/section>\n

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  • \n

    \u8d44\u4ea7\u51c0\u503c (Net Asset Value, NAV): \u8fd9\u662f\u8bc4\u4f30 DAT \u7684\u57fa\u77f3\uff0c\u6307\u516c\u53f8\u6301\u6709\u7684\u6570\u5b57\u8d44\u4ea7\u6309\u5f53\u524d\u5e02\u573a\u4ef7\u683c\u8ba1\u7b97\u7684\u603b\u4ef7\u503c\u3002\u5b83\u4ee3\u8868\u4e86\u516c\u53f8\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u52a0\u5bc6\u8d44\u4ea7\u7684\u300c\u771f\u5b9e\u300d\u5185\u5728\u4ef7\u503c\u3002<\/p>\n<\/li>\n

  • \n

    \u80a1\u6743\u76f8\u5bf9\u8d44\u4ea7\u51c0\u503c\u7684\u6ea2\u4ef7 (Equity Premium to NAV \u6216 mNAV): \u8fd9\u662f\u7406\u89e3\u300c\u5e01\u80a1\u300d\u4f30\u503c\u7684\u6838\u5fc3\u6982\u5ff5\u3002\u5b83\u91cf\u5316\u4e86\u516c\u53f8\u7684\u80a1\u7968\u5e02\u503c\u76f8\u5bf9\u4e8e\u5176\u6bcf\u80a1\u6240\u542b\u6570\u5b57\u8d44\u4ea7\u51c0\u503c\u7684\u6ea2\u4ef7\u7a0b\u5ea6\u3002\u8be5\u6307\u6807\u901a\u5e38\u4ee5\u500d\u6570\uff08mNAV\uff0c\u5373 multiple of NAV\uff09\u8868\u793a\u3002\u4f8b\u5982\uff0c\u5982\u679c\u4e00\u5bb6\u516c\u53f8\u7684 mNAV \u4e3a 2.0x\uff0c\u610f\u5473\u8457\u5176\u80a1\u4ef7\u662f\u5176\u6bcf\u80a1\u6240\u542bBTC\u4ef7\u503c\u7684\u4e24\u500d\u3002\u9ad8 mNAV \u53cd\u6620\u4e86\u5e02\u573a\u7684\u4e50\u89c2\u60c5\u7eea\u3001\u5bf9\u516c\u53f8\u672a\u6765\u589e\u6301\u8d44\u4ea7\u7684\u9884\u671f\u3001\u80a1\u7968\u7684\u7a00\u7f3a\u6027\u4ee5\u53ca\u4f5c\u4e3a\u5408\u89c4\u6295\u8d44\u5de5\u5177\u7684\u4fbf\u5229\u6027\u6ea2\u4ef7\u3002\u53cd\u4e4b\uff0cmNAV \u7684\u6536\u7f29\u5219\u9884\u793a\u7740\u5e02\u573a\u4fe1\u5fc3\u7684\u51cf\u5f31\u3002<\/p>\n<\/li>\n

  • \n

    BTC\u6b96\u5229\u7387 (Bitcoin Yield \u6216 Crypto Yield): \u8fd9\u662f DATs \u7ba1\u7406\u5c42\u63d0\u51fa\u5e76\u79ef\u6781\u63a8\u5e7f\u7684\u4e00\u4e2a\u5173\u952e\u7ee9\u6548\u6307\u6807\uff08KPI\uff09\u3002\u5b83\u8861\u91cf\u7684\u662f\u5728\u7279\u5b9a\u65f6\u671f\u5185\uff0c\u516c\u53f8\u6bcf\u80a1\uff08\u5b8c\u5168\u7a00\u91ca\u540e\uff09\u6240\u4ee3\u8868\u7684BTC\uff08\u6216\u5176\u4ed6\u52a0\u5bc6\u8d44\u4ea7\uff09\u6570\u91cf\u7684\u589e\u957f\u7387\u3002\u6b63\u7684\u300cBTC\u6b96\u5229\u7387\u300d\u610f\u5473\u8457\u516c\u53f8\u901a\u8fc7\u878d\u8d44\u8d2d\u4e70\u65b0\u8d44\u4ea7\u7684\u901f\u5ea6\u8d85\u8fc7\u4e86\u80a1\u6743\u7a00\u91ca\u7684\u901f\u5ea6\uff0c\u4f7f\u5f97\u6bcf\u4f4d\u80a1\u4e1c\u540d\u4e49\u4e0a\u62e5\u6709\u7684BTC\u5e02\u5360\u7387\u5728\u589e\u52a0\u3002\u7136\u800c\uff0c\u5bf9\u8fd9\u4e00\u6307\u6807\u9700\u8981\u8fdb\u884c\u6279\u5224\u6027\u5ba1\u89c6\u3002\u5982\u679c\u80a1\u4ef7\u5728\u540c\u4e00\u65f6\u671f\u5185\u5927\u5e45\u4e0b\u8dcc\uff0c\u5373\u4f7f\u300cBTC\u6b96\u5229\u7387\u300d\u4e3a\u6b63\uff0c\u80a1\u4e1c\u7684\u5b9e\u9645\u8d22\u5bcc\u4e5f\u53ef\u80fd\u906d\u53d7\u635f\u5931\u3002\u56e0\u6b64\uff0c\u8be5\u6307\u6807\u5fc5\u987b\u4e0e\u80a1\u4ef7\u8868\u73b0\u548c mNAV \u8d8b\u52bf\u7ed3\u5408\u5206\u6790\uff0c\u624d\u80fd\u5168\u9762\u8bc4\u4f30\u5176\u5bf9\u80a1\u4e1c\u7684\u771f\u5b9e\u4ef7\u503c\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

    \n

    1.3. \u4e00\u79cd\u5e26\u6760\u6746\u7684\u4ee3\u7406\u5de5\u5177\uff1a\u4e0eBTC ETF\u7684\u6bd4\u8f83<\/h3>\n<\/section>\n
    \n

    \u968f\u84572024\u5e74\u7f8e\u56fd\u73b0\u8d27BTC ETF\u7684\u6279\u51c6\uff0c\u6295\u8d44\u8005\u83b7\u5f97\u4e86\u76f4\u63a5\u3001\u4f4e\u6210\u672c\u8ffd\u8e2aBTC\u4ef7\u683c\u7684\u5de5\u5177\u3002\u8fd9\u4f7f\u5f97 DATs \u4e0e ETF \u4e4b\u95f4\u7684\u5dee\u5f02\u53d8\u5f97\u5c24\u4e3a\u91cd\u8981\uff0c\u56e0\u4e3a\u5b83\u4eec\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u622a\u7136\u4e0d\u540c\u7684\u98ce\u9669\u6536\u76ca\u4f53\u9a8c\u3002<\/p>\n<\/section>\n

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    • \n

      \u4e3b\u52a8\u7ba1\u7406 vs. \u88ab\u52a8\u8ffd\u8e2a: ETF \u7684\u8bbe\u8ba1\u5b97\u65e8\u662f\u5c3d\u53ef\u80fd\u7cbe\u786e\u5730\u590d\u5236\u5176\u6807\u7684\u8d44\u4ea7\uff08\u5373BTC\uff09\u7684\u4ef7\u683c\u8868\u73b0\uff0c\u662f\u4e00\u79cd\u88ab\u52a8\u578b\u6295\u8d44\u5de5\u5177\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0cDATs \u662f\u4e3b\u52a8\u7ba1\u7406\u578b\u5b9e\u4f53\u3002\u5176\u7ba1\u7406\u5c42\u9700\u8981\u5c31\u8d44\u672c\u914d\u7f6e\u3001\u878d\u8d44\u65f6\u673a\u3001\u878d\u8d44\u5de5\u5177\u9009\u62e9\uff08\u80a1\u6743\u6216\u503a\u52a1\uff09\u4ee5\u53ca\u8d44\u4ea7\u8d2d\u4e70\u7b56\u7565\u505a\u51fa\u5173\u952e\u51b3\u7b56\u3002\u6295\u8d44 DAT \u4e0d\u4ec5\u662f\u6295\u8d44BTC\uff0c\u4e5f\u662f\u6295\u8d44\u5176\u7ba1\u7406\u56e2\u961f\u7684\u8d44\u672c\u8fd0\u4f5c\u80fd\u529b\u3002<\/p>\n<\/li>\n

    • \n

      \u5185\u5d4c\u6760\u6746\u6548\u5e94: \u6295\u8d44 DAT \u7684\u80a1\u7968\uff0c\u5728\u672c\u8d28\u4e0a\u662f\u4e00\u79cd\u5bf9BTC\u7684\u6760\u6746\u5316\u62bc\u6ce8\u3002\u8fd9\u79cd\u6760\u6746\u6e90\u4e8e\u4e24\u4e2a\u65b9\u9762\uff1a\u9996\u5148\uff0c\u516c\u53f8\u53ef\u80fd\u901a\u8fc7\u53d1\u884c\u503a\u5238\u7b49\u503a\u52a1\u5de5\u5177\u6765\u878d\u8d44\u8d2d\u4e70BTC\uff0c\u8fd9\u6784\u6210\u4e86\u8d22\u52a1\u6760\u6746\u3002\u5176\u6b21\uff0cmNAV \u6ea2\u4ef7\u672c\u8eab\u5c31\u5177\u6709\u6760\u6746\u6548\u5e94\u3002\u5f53\u5e02\u573a\u60c5\u7eea\u9ad8\u6da8\u65f6\uff0cBTC\u4ef7\u683c\u4e0a\u6da8 1%\uff0c\u53ef\u80fd\u4f1a\u9a71\u52a8 DAT \u80a1\u4ef7\u4e0a\u6da8 2% \u6216\u66f4\u591a\uff0c\u53cd\u4e4b\u4ea6\u7136\u3002<\/p>\n<\/li>\n

    • \n

      \u72ec\u7279\u7684\u98ce\u9669\u655e\u53e3: ETF \u7684\u98ce\u9669\u4e3b\u8981\u96c6\u4e2d\u4e8eBTC\u81ea\u8eab\u7684\u4ef7\u683c\u6ce2\u52a8\u3002\u800c DATs \u5728\u6b64\u57fa\u7840\u4e0a\u53e0\u52a0\u4e86\u516c\u53f8\u5c42\u9762\u7684\u7279\u5b9a\u98ce\u9669\uff0c\u8fd9\u4e9b\u98ce\u5c42\u6267\u884c\u98ce\u9669\u3001\u4e0a\u5e02\u516c\u53f8\u9762\u4e34\u7684\u7279\u5b9a\u76d1\u7ba1\u6311\u6218\uff0c\u4ee5\u53ca\u6700\u4e3a\u6838\u5fc3\u7684\u2014\u2014\u878d\u8d44\u98ce\u9669\uff0c\u5373\u80a1\u6743\u7a00\u91ca\u548c\u503a\u52a1\u518d\u878d\u8d44\u7684\u98ce\u9669\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

      \n

      \u7efc\u4e0a\u6240\u8ff0\uff0cDATs \u5e76\u975e\u7b80\u5355\u7684\u300c\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u516c\u53f8\u300d\uff0c\u800c\u5e94\u88ab\u89c6\u4e3a\u4e00\u79cd\u590d\u6742\u7684\u91d1\u878d\u5de5\u5177\u3002\u5b83\u4eec\u901a\u8fc7\u4e3b\u52a8\u7684\u8d44\u672c\u5e02\u573a\u8fd0\u4f5c\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u4e86\u5bf9BTC\u7b49\u52a0\u5bc6\u8d27\u5e01\u7684\u6760\u6746\u5316\u655e\u53e3\uff0c\u4f46\u8fd9\u540c\u65f6\u4e5f\u5f15\u5165\u4e86\u4f20\u7edf\u80a1\u6743\u6295\u8d44\u548c\u91d1\u878d\u5de5\u7a0b\u6240\u56fa\u6709\u7684\u591a\u91cd\u98ce\u9669\u3002<\/p>\n<\/section>\n

      \n

      \n

      \u7b2c\u4e8c\u90e8\u5206\uff1a\u8d44\u672c\u98de\u8f6e\u2014\u2014\u878d\u8d44\u3001\u53cd\u8eab\u6027\u4e0e\u5e02\u573a\u5f71\u54cd<\/h2>\n<\/h2>\n<\/section>\n
      \n

      DAT \u6a21\u5f0f\u7684\u6838\u5fc3\u9a71\u52a8\u529b\u5728\u4e8e\u5176\u72ec\u7279\u7684\u878d\u8d44\u673a\u5236\uff0c\u8fd9\u79cd\u673a\u5236\u5728\u6709\u5229\u7684\u5e02\u573a\u73af\u5883\u4e0b\u80fd\u591f\u5f62\u6210\u4e00\u4e2a\u5f3a\u5927\u7684\u3001\u81ea\u6211\u5f3a\u5316\u7684\u6b63\u53cd\u9988\u5faa\u73af\uff0c\u5373\u300c\u8d44\u672c\u98de\u8f6e\u300d\u3002\u7136\u800c\uff0c\u8fd9\u4e2a\u98de\u8f6e\u540c\u6837\u5177\u6709\u53cc\u5411\u6027\uff0c\u5176\u8fd0\u8f6c\u65b9\u5411\u5b8c\u5168\u4f9d\u8d56\u4e8e\u5e02\u573a\u60c5\u7eea\u548c\u8d44\u672c\u5e02\u573a\u7684\u6d41\u52a8\u6027\u3002<\/p>\n<\/section>\n

      \n

      2.1. \u878d\u8d44\u5f15\u64ce\uff1a\u8d44\u672c\u5982\u4f55\u88ab\u521b\u9020<\/h3>\n<\/section>\n
      \n

      DATs \u4e3b\u8981\u901a\u8fc7\u4e24\u79cd\u590d\u6742\u7684\u91d1\u878d\u5de5\u5177\u6765\u7b79\u96c6\u7528\u4e8e\u8d2d\u4e70\u6570\u5b57\u8d44\u4ea7\u7684\u8d44\u91d1\u3002\u8fd9\u4e9b\u5de5\u5177\u7684\u8bbe\u8ba1\u7cbe\u5999\u4e4b\u5904\u5728\u4e8e\uff0c\u5b83\u4eec\u80fd\u591f\u6700\u5927\u9650\u5ea6\u5730\u5229\u7528\u516c\u53f8\u9ad8\u4f01\u7684\u80a1\u4ef7\u548c\u5e02\u573a\u5bf9\u5176\u672a\u6765\u589e\u957f\u7684\u9884\u671f\u3002<\/p>\n<\/section>\n

      \n
        \n
      • \n

        \u5e02\u573a\u5316\u80a1\u7968\u53d1\u884c\u8ba1\u5212 (At-the-Market Equity Programs, ATM): \u8fd9\u662f DATs \u6700\u5e38\u7528\u4e14\u6700\u9ad8\u6548\u7684\u878d\u8d44\u624b\u6bb5\u3002ATM \u8ba1\u5212\uff08\u4e5f\u5f88\u5f62\u8c61\uff0c\u76f4\u63a5\u8ddf\u5e02\u573a\u300c\u53d6\u6b3e\u300d\uff09\u5141\u8bb8\u516c\u53f8\u6839\u636e\u5e02\u573a\u72b6\u51b5\uff0c\u76f4\u63a5\u5728\u516c\u5f00\u5e02\u573a\u4e0a\u4ee5\u5f53\u524d\u5e02\u4ef7\uff0c\u5206\u6279\u3001\u5c0f\u989d\u5730\u51fa\u552e\u65b0\u53d1\u884c\u7684\u80a1\u7968\u3002\u8fd9\u79cd\u65b9\u5f0f\u6781\u5176\u7075\u6d3b\uff0c\u907f\u514d\u4e86\u4f20\u7edf\u5927\u89c4\u6a21\u589e\u53d1\u6240\u9700\u7684\u8def\u6f14\u548c\u6298\u4ef7\u53d1\u884c\uff0c\u4f46\u5b83\u4e5f\u662f\u5bfc\u81f4\u73b0\u6709\u80a1\u4e1c\u6301\u80a1\u6bd4\u4f8b\u88ab\u7a00\u91ca\u7684\u4e3b\u8981\u539f\u56e0\u3002<\/p>\n<\/li>\n

      • \n

        \u53ef\u8f6c\u6362\u503a\u5238 (Convertible Notes): \u8fd9\u662f\u4e00\u79cd\u6df7\u5408\u578b\u878d\u8d44\u5de5\u5177\uff0c\u672c\u8d28\u4e0a\u662f\u516c\u53f8\u53d1\u884c\u7684\u4f4e\u606f\u6216\u96f6\u606f\u503a\u5238\uff0c\u4f46\u9644\u5e26\u4e00\u4e2a\u671f\u6743\uff1a\u5728\u7279\u5b9a\u6761\u4ef6\u4e0b\uff0c\u503a\u5238\u6301\u6709\u4eba\u6709\u6743\u5c06\u503a\u5238\u8f6c\u6362\u4e3a\u516c\u53f8\u80a1\u7968\u3002\u5bf9\u516c\u53f8\u800c\u8a00\uff0c\u8fd9\u662f\u4e00\u79cd\u6781\u5177\u5438\u5f15\u529b\u7684\u878d\u8d44\u65b9\u5f0f\uff0c\u56e0\u4e3a\u5b83\u80fd\u4ee5\u8fdc\u4f4e\u4e8e\u5e02\u573a\u6c34\u5e73\u7684\u5229\u7387\u501f\u5165\u5927\u91cf\u8d44\u91d1\u3002\u4f8b\u5982\uff0cMicroStrategy \u66fe\u591a\u6b21\u53d1\u884c\u5229\u7387\u4f4e\u81f3 0% \u6216 0.625% \u7684\u53ef\u8f6c\u6362\u503a\u5238\uff0c\u7b79\u96c6\u6570\u5341\u4ebf\u7f8e\u5143\u3002\u5bf9\u6295\u8d44\u8005\u800c\u8a00\uff0c\u8fd9\u79cd\u503a\u5238\u63d0\u4f9b\u4e86\u300c\u4e0b\u884c\u6709\u4fdd\u5e95\uff08\u81f3\u5c11\u80fd\u6536\u56de\u672c\u91d1\uff09\uff0c\u4e0a\u884c\u6709\u7a7a\u95f4\uff08\u80a1\u4ef7\u4e0a\u6da8\u65f6\u53ef\u8f6c\u80a1\u83b7\u5229\uff09\u300d\u7684\u975e\u5bf9\u79f0\u6536\u76ca\u3002\u7136\u800c\uff0c\u8fd9\u79cd\u5de5\u5177\u4e5f\u4e3a\u516c\u53f8\u57cb\u4e0b\u4e86\u672a\u6765\u7684\u300c\u7a00\u91ca\u5730\u96f7\u300d\uff1a\u4e00\u65e6\u80a1\u4ef7\u5927\u5e45\u4e0a\u6da8\u5e76\u8d85\u8fc7\u8f6c\u6362\u4ef7\u683c\uff0c\u5927\u91cf\u503a\u5238\u88ab\u8f6c\u6362\u4e3a\u80a1\u7968\uff0c\u5c06\u5bfc\u81f4\u603b\u80a1\u672c\u6025\u5267\u6269\u5f20\u3002<\/p>\n<\/li>\n<\/ul>\n<\/section>\n

        \n

        2.2. \u300c\u98de\u8f6e\u6548\u5e94\u300d\uff1a\u6536\u76ca\u4e0e\u4e8f\u635f\u7684\u653e\u5927\u5668<\/h3>\n<\/section>\n
        \n

        DAT \u6a21\u5f0f\u7684\u8fd0\u4f5c\u5b8c\u7f8e\u8be0\u91ca\u4e86\u300c\u53cd\u8eab\u6027\u300d\uff08Reflexivity\uff09\u7406\u8bba\uff0c\u5373\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u9884\u671f\u4e0e\u5e02\u573a\u57fa\u672c\u9762\u4e4b\u95f4\u5b58\u5728\u4e00\u4e2a\u76f8\u4e92\u5f71\u54cd\u3001\u76f8\u4e92\u52a0\u5f3a\u7684\u52a8\u6001\u53cd\u9988\u5faa\u73af\u3002<\/p>\n<\/section>\n

        \n

        \u4e0a\u884c\u87ba\u65cb\uff08\u725b\u5e02\u4e2d\u7684\u6b63\u53cd\u9988\uff09: \u5728\u725b\u5e02\u4e2d\uff0c\u98de\u8f6e\u4f1a\u4ea7\u751f\u5f3a\u5927\u7684\u6b63\u5411\u9a71\u52a8\u529b\u3002\u5176\u8fd0\u4f5c\u903b\u8f91\u5982\u4e0b\uff1a<\/p>\n<\/section>\n

        \n
      • \n

        BTC\u4ef7\u683c\u4e0a\u6da8\uff0c\u5f15\u53d1\u5e02\u573a\u5bf9 DAT \u7684\u4e50\u89c2\u9884\u671f\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        \u4e50\u89c2\u9884\u671f\u63a8\u52a8 DAT \u80a1\u4ef7\u4ee5\u66f4\u9ad8\u7684beta\u7cfb\u6570\uff08\u5373\u66f4\u5927\u7684\u6da8\u5e45\uff09\u4e0a\u6da8\uff0c\u4ece\u800c\u6269\u5927\u5176 mNAV \u6ea2\u4ef7\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        \u9ad8\u4f01\u7684 mNAV \u6ea2\u4ef7\u4f7f\u5f97\u516c\u53f8\u7684\u878d\u8d44\u6d3b\u52a8\u5177\u6709\u300c\u589e\u503c\u6027\u300d\u3002\u4f8b\u5982\uff0c\u516c\u53f8\u53ef\u4ee5\u7528\u4ef7\u503c 1.5 \u7f8e\u5143\u7684\u80a1\u7968\uff0c\u5728\u5e02\u573a\u4e0a\u7b79\u96c6\u5230 1.5 \u7f8e\u5143\u73b0\u91d1\uff0c\u7136\u540e\u7528\u8fd9\u7b14\u94b1\u8d2d\u4e70\u4ef7\u503c 1 \u7f8e\u5143\u7684BTC\uff0c\u5e76\u5c06\u5269\u4f59\u7684 0.5 \u7f8e\u5143\u4f5c\u4e3a\u516c\u53f8\u7684\u589e\u503c\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        \u901a\u8fc7 ATM \u6216\u53d1\u884c\u65b0\u503a\u7b79\u96c6\u7684\u5927\u91cf\u8d44\u91d1\u88ab\u7528\u4e8e\u8d2d\u4e70\u66f4\u591aBTC\uff0c\u8fd9\u8fdb\u4e00\u6b65\u589e\u52a0\u4e86\u516c\u53f8\u7684\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        \u516c\u53f8\u8d44\u4ea7\u7684\u589e\u957f\u548c\u6301\u7eed\u8d2d\u4e70\u7684\u52a8\u4f5c\uff0c\u53cd\u8fc7\u6765\u53c8\u5f3a\u5316\u4e86\u5176\u4f5c\u4e3a\u300cBTC\u589e\u957f\u5f15\u64ce\u300d\u7684\u5e02\u573a\u53d9\u4e8b\uff0c\u5438\u5f15\u66f4\u591a\u6295\u8d44\u8005\uff0c\u8fdb\u4e00\u6b65\u63a8\u9ad8\u80a1\u4ef7\u548c mNAV \u6ea2\u4ef7\uff0c\u4ece\u800c\u5b8c\u6210\u4e00\u8f6e\u6b63\u53cd\u9988\u5faa\u73af\u3002<\/p>\n<\/li>\n<\/section>\n

        \n

        \u4e0b\u884c\u87ba\u65cb\uff08\u718a\u5e02\u4e2d\u7684\u8d1f\u53cd\u9988\uff09: \u8fd9\u4e2a\u98de\u8f6e\u7684\u8106\u5f31\u6027\u5728\u4e8e\u5176\u5bf9\u5e02\u573a\u60c5\u7eea\u7684\u9ad8\u5ea6\u4f9d\u8d56\u3002\u4e00\u65e6\u5e02\u573a\u8f6c\u718a\uff0c\u98de\u8f6e\u5c06\u8fc5\u901f\u53cd\u5411\u65cb\u8f6c\uff0c\u5f62\u6210\u300c\u6b7b\u4ea1\u87ba\u65cb\u300d\uff1a<\/p>\n<\/section>\n

        \n
      • \n

        BTC\u4ef7\u683c\u4e0b\u8dcc\uff0c\u5f15\u53d1\u5e02\u573a\u60b2\u89c2\u60c5\u7eea\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        DAT \u80a1\u4ef7\u56e0\u5176\u9ad8beta\u548c\u6760\u6746\u6548\u5e94\u800c\u8dcc\u5e45\u66f4\u751a\uff0c\u5bfc\u81f4 mNAV \u6ea2\u4ef7\u8fc5\u901f\u6536\u7f29\u751a\u81f3\u53d8\u4e3a\u6298\u4ef7\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        \u6b64\u65f6\uff0c\u4efb\u4f55\u901a\u8fc7\u53d1\u884c\u65b0\u80a1\u7684\u878d\u8d44\u884c\u4e3a\u90fd\u5c06\u662f\u300c\u51cf\u503c\u6027\u300d\u7684\uff08Dilutive\uff09\uff0c\u5373\u51fa\u552e\u80a1\u7968\u6362\u6765\u7684\u73b0\u91d1\u8fd8\u4e0d\u8db3\u4ee5\u5f25\u8865\u5bf9\u73b0\u6709\u80a1\u4e1c\u7684\u7a00\u91ca\uff0c\u8fd9\u4f7f\u5f97\u901a\u8fc7 ATM \u878d\u8d44\u53d8\u5f97\u4e0d\u5207\u5b9e\u9645\u6216\u6781\u5177\u7834\u574f\u6027\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        \u878d\u8d44\u6e20\u9053\u7684\u67af\u7aed\u6253\u7834\u4e86\u516c\u53f8\u6301\u7eed\u589e\u6301BTC\u7684\u589e\u957f\u53d9\u4e8b\uff0c\u5bfc\u81f4\u6295\u8d44\u8005\u4fe1\u5fc3\u5d29\u6e83\uff0c\u629b\u552e\u80a1\u7968\u3002<\/p>\n<\/li>\n<\/section>\n

        \n
      • \n

        \u80a1\u4ef7\u7684\u8fdb\u4e00\u6b65\u4e0b\u8dcc\u4f7f\u5f97\u516c\u53f8\u5e02\u503c\u8fdc\u4f4e\u4e8e\u5176\u6301\u6709\u7684BTC\u4ef7\u503c\uff0c\u9677\u5165\u4e25\u91cd\u6298\u4ef7\uff0c\u4ece\u800c\u5f15\u53d1\u66f4\u731b\u70c8\u7684\u629b\u552e\uff0c\u5f62\u6210\u6076\u6027\u5faa\u73af<\/p>\n<\/li>\n<\/section>\n

        \n

        \n

        \u7b2c\u4e09\u90e8\u5206\uff1aDAT\u300c\u5b98\u5ba3\u5373\u8170\u65a9\u300d\u4e4b\u8c1c\uff1a\u591a\u56e0\u7d20\u98ce\u9669\u5206\u6790<\/h2>\n<\/h2>\n<\/section>\n
        \n

        \u5927\u90e8\u5206\u300c\u5e01\u80a1\u300d\u5728\u5b98\u5ba3\u540e\u80a1\u4ef7\u66b4\u8dcc\u7684\u73b0\u8c61\uff0c\u5e76\u975e\u5076\u7136\u7684\u5e02\u573a\u60c5\u7eea\u6ce2\u52a8\uff0c\u800c\u662f\u5176\u5546\u4e1a\u6a21\u5f0f\u5185\u5728\u98ce\u9669\u7684\u96c6\u4e2d\u4f53\u73b0\u3002\u8fd9\u4e00\u73b0\u8c61\u7684\u80cc\u540e\uff0c\u662f\u80a1\u6743\u7a00\u91ca\u3001\u5e02\u573a\u5fc3\u7406\u3001\u6760\u6746\u673a\u5236\u548c\u4f30\u503c\u903b\u8f91\u7b49\u591a\u91cd\u56e0\u7d20\u4ea4\u7ec7\u4f5c\u7528\u7684\u7ed3\u679c\u3002\u80a1\u4ef7\u7684\u5d29\u76d8\uff0c\u53ef\u4ee5\u88ab\u7406\u89e3\u4e3a\u5e02\u573a\u4ece\u6700\u521d\u7684\u300c\u53d9\u4e8b\u9a71\u52a8\u4f30\u503c\u300d\u5411\u66f4\u4e3a\u4e25\u82db\u7684\u300c\u57fa\u672c\u9762\u9a71\u52a8\u4f30\u503c\u300d\u7684\u5267\u70c8\u8f6c\u53d8\u8fc7\u7a0b\u3002<\/p>\n<\/section>\n

        \n

        3.1. \u7a00\u91ca\u5f15\u64ce\uff1a\u5bf9MicroStrategy\u7684\u91cf\u5316\u5206\u6790<\/h3>\n<\/section>\n
        \n

        \u80a1\u6743\u7a00\u91ca\u662f DAT \u6a21\u5f0f\u4e0e\u751f\u4ff1\u6765\u7684\u300c\u539f\u7f6a\u300d\uff0c\u4e5f\u662f\u7406\u89e3\u5176\u80a1\u4ef7\u957f\u671f\u8868\u73b0\u7684\u5173\u952e\u3002\u867d\u7136\u516c\u53f8\u7ba1\u7406\u5c42\u503e\u5411\u4e8e\u5ba3\u4f20\u5176\u603b\u8d44\u4ea7\u7684\u589e\u957f\uff0c\u4f46\u5bf9\u4e8e\u80a1\u7968\u6295\u8d44\u8005\u800c\u8a00\uff0c\u552f\u4e00\u6709\u610f\u4e49\u7684\u6307\u6807\u662f\u5176\u6bcf\u80a1\u6240\u62e5\u6709\u7684\u8d44\u4ea7\u4ef7\u503c\u3002<\/p>\n<\/section>\n

        \n

        \u4ee5\u8be5\u6a21\u5f0f\u7684\u5f00\u521b\u8005\u548c\u6700\u5927\u5b9e\u8df5\u8005 Strategy (MSTR) \u4e3a\u4f8b\uff0c\u81ea2020\u5e74\u5f00\u59cb\u5b9e\u65bdBTC\u6218\u7565\u4ee5\u6765\uff0c\u8be5\u516c\u53f8\u7684\u603b\u80a1\u672c\u7ecf\u5386\u4e86\u7206\u70b8\u6027\u589e\u957f\u3002\u6570\u636e\u663e\u793a\uff0c\u5176\u5b8c\u5168\u7a00\u91ca\u540e\u7684\u6d41\u901a\u80a1\u6570\u91cf\u4ece2020\u5e74\u4e2d\u671f\u7684\u7ea69700\u4e07\u80a1\uff0c\u6fc0\u589e\u81f32025\u5e74\u4e2d\u671f\u7684\u8d85\u8fc73\u4ebf\u80a1\uff0c\u589e\u5e45\u8d85\u8fc7200%\u3002\u8fd9\u610f\u5473\u8457\uff0c\u4e3a\u4e86\u7b79\u96c6\u8d2d\u4e70BTC\u7684\u8d44\u91d1\uff0c\u516c\u53f8\u7684\u80a1\u6743\u86cb\u7cd5\u88ab\u5207\u6210\u4e86\u6bd4\u539f\u6765\u591a\u4e09\u500d\u7684\u4efd\u6570\u3002<\/p>\n<\/section>\n

        \n

        \u4e0e\u6b64\u540c\u65f6\uff0c\u516c\u53f8\u7684BTC\u6301\u6709\u91cf\u4e5f\u4ece\u96f6\u589e\u957f\u5230\u4e86\u8d85\u8fc763\u4e07\u679a\u3002\u90a3\u4e48\uff0c\u8fd9\u573a\u300c\u589e\u6301\u300d\u4e0e\u300c\u7a00\u91ca\u300d\u7684\u8d5b\u8dd1\uff0c\u6700\u7ec8\u5bf9\u80a1\u4e1c\u7684\u6bcf\u80a1BTC\u655e\u53e3\u9020\u6210\u4e86\u600e\u6837\u7684\u5f71\u54cd\uff1f\u901a\u8fc7\u4e0b\u8868\u7684\u6570\u636e\u5206\u6790\uff0c\u6211\u4eec\u53ef\u4ee5\u6e05\u6670\u5730\u770b\u5230\u7b54\u6848\u3002<\/p>\n<\/section>\n

        \n

        \n<\/section>\n

        \n

        \u88682\uff1aStrategy Inc. (MSTR) \u7684\u80a1\u6743\u7a00\u91ca\u4e0e\u6bcf\u80a1BTC\u6301\u6709\u91cf\u5206\u6790 (2020\u20132025)<\/p>\n<\/section>\n

        \n

        \u4e0a\u8868\u6e05\u6670\u5730\u63ed\u793a\u4e86\u4e00\u4e2a\u5173\u952e\u8d8b\u52bf\uff1a\u5c3d\u7ba1 Strategy Inc. \u7684BTC\u603b\u6301\u6709\u91cf\u5728\u6301\u7eed\u589e\u957f\uff0c\u4f46\u5176\u300c\u6bcf\u80a1BTC\u6301\u6709\u91cf\u300d\u5374\u7ecf\u5386\u4e86\u5267\u70c8\u6ce2\u52a8\uff0c\u5e76\u5728\u8fd1\u671f\u5448\u73b0\u51fa\u660e\u663e\u7684\u4e0b\u964d\u8d8b\u52bf\u3002\u5728\u7b56\u7565\u521d\u671f\uff0c\u516c\u53f8\u7684BTC\u589e\u6301\u901f\u5ea6\u8d85\u8fc7\u4e86\u80a1\u6743\u7a00\u91ca\u901f\u5ea6\uff0c\u5bfc\u81f4\u6bcf\u80a1BTC\u542b\u91cf\u4e0a\u5347\u3002\u7136\u800c\uff0c\u968f\u8457\u878d\u8d44\u89c4\u6a21\u7684\u6269\u5927\u548c\u80a1\u4ef7\u7684\u6ce2\u52a8\uff0c\u7279\u522b\u662f\u8fdb\u51652025\u5e74\u540e\uff0c\u5927\u89c4\u6a21\u7684\u80a1\u6743\u878d\u8d44\u5bfc\u81f4\u5206\u6bcd\uff08\u6d41\u901a\u80a1\u6570\u91cf\uff09\u7684\u589e\u957f\u901f\u5ea6\u8d85\u8fc7\u4e86\u5206\u5b50\uff08BTC\u6301\u6709\u91cf\uff09\u7684\u589e\u957f\u901f\u5ea6\uff0c\u4f7f\u5f97\u6bcf\u80a1BTC\u7684\u5b9e\u9645\u542b\u91cf\u5f00\u59cb\u88ab\u644a\u8584\u3002<\/p>\n<\/section>\n

        \n

        \u8fd9\u4e00\u91cf\u5316\u7ed3\u679c\uff1a\u6301\u7eed\u7684\u80a1\u6743\u878d\u8d44\uff0c\u5373\u4f7f\u662f\u4e3a\u4e86\u8d2d\u4e70\u88ab\u770b\u597d\u7684\u8d44\u4ea7\uff0c\u4e5f\u53ef\u80fd\u5bf9\u73b0\u6709\u80a1\u4e1c\u9020\u6210\u5b9e\u9645\u7684\u4ef7\u503c\u7a00\u91ca\u3002\u5f53\u5e02\u573a\u4ece\u5bf9\u300c\u603b\u6301\u6709\u91cf\u300d\u7684\u72c2\u70ed\u5d07\u62dc\uff0c\u8f6c\u5411\u5bf9\u300c\u6bcf\u80a1\u4ef7\u503c\u300d\u7684\u7406\u6027\u5ba1\u89c6\u65f6\uff0c\u80a1\u4ef7\u7684\u5411\u4e0b\u4fee\u6b63\u4fbf\u4e0d\u53ef\u907f\u514d\u3002<\/p>\n<\/section>\n

        \n

        3.2. \u5d29\u76d8\u7684\u5fc3\u7406\u5b66\uff1a\u62e5\u6324\u4ea4\u6613\u4e0e\u53d9\u4e8b\u7834\u4ea7<\/h3>\n<\/section>\n
        \n

        \u300c\u5e01\u80a1\u300d\u7684\u66b4\u8dcc\u4e5f\u662f\u4e00\u573a\u5178\u578b\u7684\u5e02\u573a\u5fc3\u7406\u5b66\u6848\u4f8b\uff0c\u5176\u6838\u5fc3\u662f\u300c\u62e5\u6324\u4ea4\u6613\u300d\uff08Crowded Trade\uff09\u548c\u968f\u4e4b\u800c\u6765\u7684\u300c\u53d9\u4e8b\u7834\u4ea7\u300d\u3002<\/p>\n<\/section>\n

        \n

        \u62e5\u6324\u4ea4\u6613\u662f\u6307\u5927\u91cf\u6295\u8d44\u8005\u57fa\u4e8e\u76f8\u4f3c\u7684\u903b\u8f91\u548c\u7b56\u7565\uff0c\u96c6\u4e2d\u6301\u6709\u540c\u4e00\u9879\u8d44\u4ea7\uff0c\u4ece\u800c\u4ea7\u751f\u5185\u751f\u6027\u98ce\u9669\u2014\u2014\u5373\u98ce\u9669\u5e76\u975e\u6765\u81ea\u8d44\u4ea7\u57fa\u672c\u9762\uff0c\u800c\u662f\u6e90\u4e8e\u5e02\u573a\u7ed3\u6784\u672c\u8eab\u3002DATs \u5b8c\u7f8e\u7b26\u5408\u62e5\u6324\u4ea4\u6613\u7684\u7279\u5f81\uff1a\u4e00\u4e2a\u7b80\u5355\u3001\u8bf1\u4eba\u7684\u53d9\u4e8b\uff08\u300c\u4e0b\u4e00\u4e2aMicroStrategy\u300d\u3001\u300c\u5e26\u6760\u6746\u7684BTC\u80a1\u7968\u300d\uff09\u5438\u5f15\u4e86\u5927\u91cf\u89c2\u70b9\u8d8b\u540c\u7684\u6295\u673a\u6027\u8d44\u672c\u6d8c\u5165\u3002<\/p>\n<\/section>\n

        \n

        \u8fd9\u79cd\u62e5\u6324\u7684\u7ed3\u6784\u4e3a\u4ef7\u683c\u7684\u5267\u70c8\u6ce2\u52a8\u57cb\u4e0b\u4e86\u4f0f\u7b14\u3002\u7528\u6237\u7684\u53e6\u4e00\u4e2a\u731c\u60f3\u2014\u2014\u300c\u524d\u671f\u7684\u6295\u8d44\u53c8\u8981\u5957\u73b0\u300d\u2014\u2014\u70b9\u51fa\u4e86\u62e5\u6324\u4ea4\u6613\u74e6\u89e3\u7684\u5bfc\u706b\u7d22\u3002\u65e9\u671f\u6295\u8d44\u8005\uff0c\u5c24\u5176\u662f\u901a\u8fc7\u79c1\u52df\u6295\u8d44\uff08PIPE\uff09\u7b49\u65b9\u5f0f\u4ee5\u8f83\u4f4e\u4f30\u503c\u8fdb\u5165\u7684\u673a\u6784\uff0c\u6709\u5f3a\u70c8\u7684\u52a8\u673a\u5728\u516c\u53f8\u5b98\u5ba3\u6218\u7565\u3001\u5e02\u573a\u60c5\u7eea\u8fbe\u5230\u9876\u5cf0\u65f6\u629b\u552e\u80a1\u7968\u4ee5\u9501\u5b9a\u5229\u6da6\u3002\u4ed6\u4eec\u7684\u5356\u51fa\u884c\u4e3a\u6784\u6210\u4e86\u7b2c\u4e00\u6ce2\u629b\u538b\u3002<\/p>\n<\/section>\n

        \n

        \u5f53\u6700\u521d\u7684\u7092\u4f5c\u70ed\u6f6e\u9000\u53bb\uff0c\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u6ce8\u610f\u529b\u4f1a\u4ece\u5b8f\u5927\u53d9\u4e8b\u8f6c\u5411\u67af\u71e5\u7684\u8d22\u52a1\u62a5\u8868\u548cSEC\u6587\u4ef6\u3002\u6b64\u65f6\uff0c\u6295\u8d44\u8005\u4f1a\u53d1\u73b0\uff0c\u4f34\u968f\u6bcf\u4e00\u6b21\u300c\u6210\u529f\u300d\u878d\u8d44\u548cBTC\u589e\u6301\u516c\u544a\u7684\uff0c\u662f\u6301\u7eed\u589e\u957f\u7684\u6d41\u901a\u80a1\u672c\u548c\u4e0d\u65ad\u88ab\u7a00\u91ca\u7684\u6bcf\u80a1\u4ef7\u503c\u3002\u8fd9\u79cd\u4ece\u300c\u6545\u4e8b\u300d\u5230\u300c\u6570\u5b57\u300d\u7684\u8ba4\u77e5\u8f6c\u53d8\uff0c\u6784\u6210\u4e86\u300c\u53d9\u4e8b\u7834\u4ea7\u300d\u7684\u6838\u5fc3\u3002\u4e00\u65e6\u5e02\u573a\u610f\u8bc6\u5230\u652f\u6491\u9ad8\u6ea2\u4ef7\u7684\u589e\u957f\u6545\u4e8b\u5b58\u5728\u7455\u75b5\uff0c\u62e5\u6324\u7684\u4ea4\u6613\u4f1a\u8fc5\u901f\u9006\u8f6c\uff0c\u5f62\u6210\u300c\u8e29\u8e0f\u5f0f\u300d\u51fa\u9003\uff0c\u5bfc\u81f4\u80a1\u4ef7\u65ad\u5d16\u5f0f\u4e0b\u8dcc\u3002<\/p>\n<\/section>\n

        \n

        3.3. \u6ce2\u52a8\u7684\u529b\u5b66\uff1a\u6760\u6746\u4e0e\u5f3a\u5236\u6027\u629b\u552e<\/h3>\n<\/section>\n
        \n

        DAT \u6a21\u5f0f\u7684\u5185\u5728\u7ed3\u6784\u548c\u6295\u8d44\u8005\u7684\u4ea4\u6613\u884c\u4e3a\uff0c\u5171\u540c\u653e\u5927\u4e86\u80a1\u4ef7\u7684\u6ce2\u52a8\u6027\u3002<\/p>\n<\/section>\n

        \n

        \u9996\u5148\uff0c\u516c\u53f8\u5c42\u9762\u7684\u8d22\u52a1\u6760\u6746\u662f\u6ce2\u52a8\u6027\u7684\u4e3b\u8981\u6765\u6e90\u3002\u901a\u8fc7\u53d1\u884c\u503a\u5238\u6765\u8d2d\u4e70BTC\uff0c\u516c\u53f8\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u88ab\u6760\u6746\u5316\uff0c\u8fd9\u610f\u5473\u8457\u5176\u80a1\u4e1c\u6743\u76ca\u5bf9\u6807\u7684\u8d44\u4ea7\u4ef7\u683c\u7684\u53d8\u52a8\u66f4\u4e3a\u654f\u611f\u3002<\/p>\n<\/section>\n

        \n

        \u5176\u6b21\uff0c\u867d\u7136 DATs \u4e0d\u4f1a\u50cf\u52a0\u5bc6\u8d27\u5e01\u884d\u751f\u54c1\u90a3\u6837\u9762\u4e34\u300c\u7206\u4ed3\u6e05\u7b97\u300d\uff0c\u4f46\u4e00\u79cd\u7c7b\u4f3c\u7684\u300c\u5f3a\u5236\u6027\u53bb\u6760\u6746\u300d\u98ce\u9669\u4f9d\u7136\u5b58\u5728\u3002\u5f53\u80a1\u4ef7\u66b4\u8dcc\uff0cmNAV \u6ea2\u4ef7\u5927\u5e45\u6536\u7f29\u65f6\uff0c\u516c\u53f8\u901a\u8fc7 ATM \u8ba1\u5212\u53d1\u884c\u65b0\u80a1\u7684\u80fd\u529b\u4f1a\u53d7\u5230\u4e25\u91cd\u524a\u5f31\uff0c\u751a\u81f3\u5b8c\u5168\u4e27\u5931\u3002\u56e0\u4e3a\u6b64\u65f6\u589e\u53d1\u80a1\u7968\u5c06\u662f\u9ad8\u5ea6\u7a00\u91ca\u6027\u7684\uff0c\u65e0\u5f02\u4e8e\u300c\u996e\u9e29\u6b62\u6e34\u300d\u3002\u878d\u8d44\u6e20\u9053\u7684\u4e2d\u65ad\uff0c\u610f\u5473\u8457\u8d44\u672c\u98de\u8f6e\u7684\u505c\u8f6c\uff0c\u8fd9\u5bf9\u4e8e\u4e00\u4e2a\u4f9d\u8d56\u6301\u7eed\u878d\u8d44\u6765\u7ef4\u6301\u589e\u957f\u53d9\u4e8b\u7684\u516c\u53f8\u800c\u8a00\u662f\u81f4\u547d\u7684\u6253\u51fb\u3002\u5e02\u573a\u4f1a\u5c06\u6b64\u89e3\u8bfb\u4e3a\u91cd\u5927\u5229\u7a7a\uff0c\u4ece\u800c\u5f15\u53d1\u66f4\u731b\u70c8\u7684\u629b\u552e\uff0c\u5f62\u6210\u4e00\u4e2a\u81ea\u6211\u5f3a\u5316\u7684\u8d1f\u53cd\u9988\u3002<\/p>\n<\/section>\n

        \n

        \u6b64\u5916\uff0c\u6301\u6709 DAT \u80a1\u7968\u7684\u6295\u8d44\u8005\u81ea\u8eab\u4e5f\u53ef\u80fd\u4f7f\u7528\u6760\u6746\uff08\u4f8b\u5982\u901a\u8fc7\u5238\u5546\u7684\u4fdd\u8bc1\u91d1\u5e10\u6237\uff09\u3002\u5f53\u80a1\u4ef7\u4e0b\u8dcc\u65f6\uff0c\u8fd9\u4e9b\u6295\u8d44\u8005\u53ef\u80fd\u4f1a\u9762\u4e34\u8ffd\u52a0\u4fdd\u8bc1\u91d1\u7684\u8981\u6c42\uff0c\u5982\u679c\u65e0\u6cd5\u6ee1\u8db3\uff0c\u5176\u6301\u4ed3\u5c06\u88ab\u5f3a\u5236\u5e73\u4ed3\uff0c\u4ece\u800c\u5bf9\u80a1\u4ef7\u9020\u6210\u989d\u5916\u7684\u4e0b\u884c\u538b\u529b\u3002<\/p>\n<\/section>\n

        \n

        3.4. \u6ea2\u4ef7\u7684\u84b8\u53d1\uff1a\u7ade\u4e89\u4e0e\u5e02\u573a\u6210\u719f<\/h3>\n<\/section>\n
        \n

        DATs \u80a1\u7968\u65e9\u671f\u80fd\u591f\u4eab\u6709\u6781\u9ad8\u7684 mNAV \u6ea2\u4ef7\uff0c\u4e3b\u8981\u6e90\u4e8e\u5176\u7a00\u7f3a\u6027\u3002\u5728\u73b0\u8d27BTC ETF \u95ee\u4e16\u4e4b\u524d\uff0c\u50cf MicroStrategy \u8fd9\u6837\u7684\u516c\u53f8\u662f\u4e3a\u6570\u4e0d\u591a\u7684\u3001\u80fd\u8ba9\u5927\u91cf\u53d7\u76d1\u7ba1\u8d44\u91d1\u5408\u89c4\u6301\u6709BTC\u655e\u53e3\u7684\u6e20\u9053\u4e4b\u4e00\u3002\u8fd9\u79cd\u72ec\u7279\u7684\u5e02\u573a\u5730\u4f4d\u4e3a\u5176\u5e26\u6765\u4e86\u663e\u8457\u7684\u300c\u7a00\u7f3a\u6027\u6ea2\u4ef7\u300d\u3002<\/p>\n<\/section>\n

        \n

        \u7136\u800c\uff0c\u8fd9\u79cd\u6ea2\u4ef7\u662f\u4e0d\u53ef\u6301\u7eed\u7684\uff0c\u9664\u4e86\u662f\u56e0\u4e3aETF\u7684\u51fa\u73b0\u63d0\u4f9b\u4e86\u4e00\u79cd\u6210\u672c\u66f4\u4f4e\u3001\u7ed3\u6784\u66f4\u7b80\u5355\u3001\u98ce\u9669\u66f4\u7eaf\u7cb9\u7684\u6570\u4f4d\u8d27\u5e01\u6295\u8d44\u65b9\u5f0f\u4e4b\u5916\uff0c\u5e02\u573a\u7684\u6210\u719f\u56e0\u4e5f\u5c06\u8ba9\u6295\u8d44\u8005\u8d85\u8d8a\u300c\u589e\u6301\u6570\u4f4d\u8d27\u5e01\u300d\u7684\u8868\u5c42\u53d9\u4e8b\uff0c\u8f6c\u800c\u6df1\u5165\u5206\u6790\u5176\u878d\u8d44\u673a\u5236\u3001\u7a00\u91ca\u6548\u5e94\u548c\u6760\u6746\u98ce\u9669<\/p>\n<\/section>\n

        \n

        \u7efc\u5408\u4ee5\u4e0a\u5206\u6790\uff0c\u6211\u4eec\u53ef\u4ee5\u5f97\u51fa\uff1a\u5e01\u80a1DAT\u662f\u4e00\u79cd\u9ad8\u5ea6\u521b\u65b0\u4f46\u98ce\u9669\u6781\u9ad8\u7684\u91d1\u878d\u5de5\u5177\u3002\u5b83\u4eec\u6210\u529f\u5730\u5728\u4f20\u7edf\u8d44\u672c\u5e02\u573a\u548c\u65b0\u5174\u7684\u52a0\u5bc6\u4e16\u754c\u4e4b\u95f4\u67b6\u8d77\u4e86\u4e00\u5ea7\u6865\u6881\uff0c\u4f46\u8fd9\u5ea7\u6865\u6881\u7684\u7ed3\u6784\u5374\u5145\u6ee1\u4e86\u5185\u5728\u7684\u77db\u76fe\u548c\u4e0d\u7a33\u5b9a\u6027\u3002<\/p>\n<\/section>\n

        \n

        \u5047\u8bbe\u524d\u671f\u7684\u5d29\u76d8\u662f\u4e0d\u53ef\u907f\u514d\u7684\uff0c\u90a3\u4e48\u5bf9\u6295\u8d44\u8005\u6765\u8bf4\uff0c\u6211\u4eec\u5e94\u8be5\u5982\u4f55\u5e94\u5bf9\uff1f\u5e94\u5f53\u91c7\u53d6\u4ec0\u4e48\u7b56\u7565\uff1f\u6709\u4ec0\u4e48\u7b97\u6cd5\u548c\u6807\u51c6\uff1f\u5e02\u573a\u4e0a\u662f\u5426\u6709\u6210\u529f\u7684\u6848\u4f8b\uff1f \u5b83\u4eec\u7684\u6838\u5fc3\u7ade\u4e89\u4f18\u52bf\u662f\u4ec0\u4e48\uff1f<\/p>\n<\/section>\n

        \n

        \u6b32\u77e5\u540e\u4e8b\u5982\u4f55\uff0c\u8bf7\u542c\u4e0b\u56de\u5206\u89e3\u3002<\/p>\n<\/section>\n

        \n

        \u6765\u6e90\uff1a\u91d1\u8272\u8d22\u7ecf<\/p>\n<\/section>\n

        \n

        \u53d1\u5e03\u8005\u5bf9\u672c\u6587\u7ae0\u7684\u5185\u5bb9\u627f\u62c5\u5168\u90e8\u8d23\u4efb
        \u5728\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u524d\uff0c\u8bf7\u52a1\u5fc5\u6df1\u5165\u7814\u7a76\uff0c\u7406\u89e3\u76f8\u5173\u98ce\u9669\uff0c\u5e76\u8c28\u614e\u8bc4\u4f30\u81ea\u5df1\u7684\u98ce\u9669\u627f\u53d7\u80fd\u529b\u3002\u4e0d\u8981\u56e0\u4e3a\u77ed\u671f\u9ad8\u56de\u62a5\u7684\u8bf1\u60d1\u800c\u5ffd\u89c6\u6f5c\u5728\u7684\u91cd\u5927\u635f\u5931\u3002<\/p>\n<\/section>\n

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