673万枚比特币藏身：这家科技公司究竟是怎样的"比特币提取机"？

2026-01-11 15:00:10

【币界】最近看到一家科技公司的财务状况有点意思。这家公司手里握着673,783枚比特币，入场均价每枚75,024美元，目前这部分持仓价值超过611.6亿美元。账面上看起来赚了个20.98%，不过故事没那么简单。

真正有趣的地方在这儿——公司股价反而低于其净资产值。换句话说，市场给它的估值只有账面价值的0.739倍。这意味着什么呢？除掉比特币部分的账面价值，剩下的业务部分投资者们似乎并不怎么看好。从某种角度讲，这家公司的企业价值近96%都来自比特币持仓，已经完全演变成了高杠杆的比特币代理。

这种现象挺值得玩味的——一个传统科技公司逐步演变成比特币金库的历程。

BTC2,27%

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ChainWanderingPoet

· 01-11 15:30

Wow, isn't this just a disguised Bitcoin ETF? The stock price is even discounted. The market really doesn't trust its core business.

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OffchainOracle

· 01-11 15:30

This is just a Bitcoin ETF in disguise as a tech product, hilarious, the main business has completely fallen apart.

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NFTPessimist

· 01-11 15:28

Really, this is just a Bitcoin extraction machine disguised with a tech exterior; its core business has long been relegated to the background.

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OnChainArchaeologist

· 01-11 15:25

Huh? Isn't this just an arbitrage machine? The market is still selling at a discount.

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ChainWallflower

· 01-11 15:22

Oh my, this is just a Bitcoin ETF with a shell, haha

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SellTheBounce

· 01-11 15:05

0.739 times net asset value... This is the honesty of the market, stripping away all falsehoods. Retail investors are still fantasizing about taking over, not realizing that this is just a Bitcoin extraction machine disguised as technology. It will fall sooner or later.

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