[{"type":"paragraph","children":[{"text":"TL;DR","bold":true},{"text":": 以MicroStrategy为首，越来越多上市公司将加密资产纳入金库，利用\"双杠杆\"环境重塑估值体系。从BTC被动储备→ETH/SOL生息金库→代理型主题储备，该叙事正从小众走向主流。"}]},{"type":"paragraph","children":[{"text":"💰 "},{"text":"核心数据","bold":true},{"text":"："}]},{"type":"bulleted-list","children":[{"text":"\n比特币持有实体292个，上市公司166家\nBTC储备量95万枚，占比4.5%，市值超$1100亿\nETH储备量350万枚，占比2.95%，市值超$165亿\n"}]},{"type":"paragraph","children":[{"text":"📈 "},{"text":"演进阶段","bold":true},{"text":"："}]},{"type":"paragraph","children":[{"text":"2020-2022 | BTC奠基期（\"微策略时代\"）","bold":true}]},{"type":"bulleted-list","children":[{"text":"\nMicroStrategy首创上市公司BTC储备模式\n通过可转债、ATM增发等融资工具扩张持仓\nBTC被定位为\"数字黄金\"和通胀对冲资产\n"}]},{"type":"paragraph","children":[{"text":"2023-2024 | 跨区域复制","bold":true}]},{"type":"bulleted-list","children":[{"text":"\n日本Metaplanet、美国Semler Scientific等加入\nFASB会计准则调整为企业持有加密资产提供便利\n单一BTC模式可行性得到验证\n"}]},{"type":"paragraph","children":[{"text":"2025年 | 生息金库崛起","bold":true}]},{"type":"bulleted-list","children":[{"text":"\nETH型：BitMine、SharpLink通过质押获得3-4% APR\nSOL型：DFDV运营节点质押获得15-17%收益\n代理型：围绕TRX、XRP、BNB等主题性代币储备\n"}]},{"type":"paragraph","children":[{"text":"🎯 "},{"text":"核心案例分析","bold":true},{"text":"："}]},{"type":"paragraph","children":[{"text":"MicroStrategy ($MSTR)","bold":true}]},{"type":"bulleted-list","children":[{"text":"\n市值：$110B | 持有629K BTC≈$76.7B | mNAV=1.43\n股价从2020年$12飙升至$390，涨幅超30倍\nMichael Saylor孤注一掷成功翻盘\n"}]},{"type":"paragraph","children":[{"text":"Bitmine ($BMNR)","bold":true}]},{"type":"bulleted-list","children":[{"text":"\n市值：$6.92B | 持有1.2M ETH≈$5.46B | mNAV=1.27\n从比特币矿企转型ETH储备，股价暴涨30倍\n目标掌握全球5% ETH流通量\n"}]},{"type":"paragraph","children":[{"text":"SharpLink ($SBET)","bold":true}]},{"type":"bulleted-list","children":[{"text":"\n市值：$3.28B | 持有598.8K ETH≈$2.84B | mNAV=1.15\n从体育博彩转型ETH储备，获ConsenSys等顶级VC支持\nJoseph Lubin出任董事会主席\n"}]},{"type":"paragraph","children":[{"text":"DFDV ($DFDV)","bold":true}]},{"type":"bulleted-list","children":[{"text":"\n市值：$404.1M | 持有1.30M SOL≈$261.7M | mNAV=1.53\nKraken团队收购壳公司，运营Solana节点获15-17%收益\n年初至今涨幅超2000%\n"}]},{"type":"paragraph","children":[{"text":"⚙️ "},{"text":"核心变量","bold":true},{"text":"："}]},{"type":"numbered-list","children":[{"text":"\n"},{"text":"市值溢价率(mNAV)","bold":true},{"text":"：决定融资成本与效率\n"},{"text":"持仓扩张速度(BPS增速)","bold":true},{"text":"：反映金库增长能力\n"},{"text":"资产增值/现金流收益","bold":true},{"text":"：BTC靠升值，ETH/SOL靠质押收益\n"}]},{"type":"paragraph","children":[{"text":"🔄 "},{"text":"飞轮效应","bold":true},{"text":"："}]},{"type":"bulleted-list","children":[{"text":"\n正向：币价↑→溢价率↑→融资增强→持仓扩张→币价进一步↑\n反向：币价↓→溢价率收缩→融资受限→被迫减仓→币价进一步↓\n"}]},{"type":"paragraph","children":[{"text":"💡 "},{"text":"投资机会","bold":true},{"text":"："}]},{"type":"bulleted-list","children":[{"text":"\n"},{"text":"套利窗口","bold":true},{"text":"：信息不对称仍存在显著获利空间\n"},{"text":"买卖时机","bold":true},{"text":"：低估买入，高估卖出；关注事件驱动\n"},{"text":"估值技巧","bold":true},{"text":"：准确计算NAV，关注每股加密资产增速\n"},{"text":"风险提醒","bold":true},{"text":"：托管安全、监管变化、市场波动\n"}]},{"type":"paragraph","children":[{"text":"🔮 "},{"text":"未来趋势","bold":true},{"text":"："}]},{"type":"bulleted-list","children":[{"text":"\n市场效率提升，套利空间减少\n多元化融资方式持续创新\n非BTC资产（ETH/SOL）储备公司崛起\n华尔街资本持续涌入\n全球流动性扩张提供宏观支撑\n"}]},{"type":"paragraph","children":[{"text":"底线","bold":true},{"text":"：加密储备公司本质是利用资本市场机制进行加密资产杠杆化配置的\"金融化载体\"，在当前宏观环境下具备显著的投资价值和叙事潜力。"}]},{"type":"paragraph","children":[{"text":"📖 完整深度研究报告: "},{"type":"link","url":"https://blog.jucoin.com/zh-hans/narrative-of-crypto-reserve-companies/","children":[{"text":"https://blog.jucoin.com/zh-hans/narrative-of-crypto-reserve-companies/"}]},{"text":""}]},{"type":"paragraph","children":[{"text":""},{"type":"topic","character":"加密储备公司","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"MicroStrategy","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"MSTR","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"比特币储备","children":[{"text":""}]},{"text":""}]}]