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飞哥非哥
医疗、电子、增强现实等方面的新产品研发
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飞哥非哥
飞哥非哥
·
11-13 19:02
老美的机构、传统支付主要是跟USDc合作,感觉明年USDc会超越USDT规模,现在发展速度是超过USDT的。
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飞哥非哥
飞哥非哥
·
11-13 18:59
貌似USDC目前是老美唯一合规的稳定币吧。
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飞哥非哥
飞哥非哥
·
11-08
也不用太悲观,人都是容易走极端,看好看空都过度,哈哈。看它的发行量上升很快,明年初就会超1000亿美元了,作为老美唯一合规稳定币,是虚拟货币行业真正能赚钱的品种,值得期待。
@leadahead:
$Circle Internet Corp.(CRCL)$ 还没跌到位啊,反弹个几块钱估计又要来暴跌了
$Circle Internet Corp.(CRCL)$ 还没跌到位啊,反弹个几块钱估计又要来暴跌了
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飞哥非哥
飞哥非哥
·
11-08
Replying to
@乐_7534
:
$Circle Internet Corp.(CRCL)$
我也是认为现在这个价钱可以大胆建仓了,有担心的当然是分部建仓,两不误。股票本身的前景是可以的,目前老美唯一合规的稳定币,明年估计可以超越USDT。//
@乐_7534
:解禁是便宜买股的机会,再加上大盘和加密货币的双重打击,现在的价值入绝对没问题,明年至少翻一倍
@Sick my duck:
$Circle Internet Corp.(CRCL)$ 大伙看一下招股书啊,crcl是三季报发布的第二天股票解禁,11月13号,不是月底,小心点,这公司玩得很贼
$Circle Internet Corp.(CRCL)$ 大伙看一下招股书啊,crcl是三季报发布的第二天股票解禁,11月13号,不是月底,小心点,这公司玩得很贼
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飞哥非哥
飞哥非哥
·
10-13
$博威合金(601137)$
调研活动,这个参与者还挺多的。
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飞哥非哥
飞哥非哥
·
10-09
风电环保
港股异动丨风电股上涨,金风科技涨超7%刷新阶段新高
10月9日,港股风电股继续上涨行情,其中,$金风科技$涨超7%续刷阶段新高,$东方电气$涨超4%,$大唐新能源$、$新天绿色能源$跟涨。消息上,在全球能源结构向清洁低碳加速转型的背景下,中国风电产业正以全方位领先的姿态,书写着全球能源变革的 “中国答卷”。截至2025年6月底,全国风电累计并网容量达到5.73亿千瓦,同比增长22.7%。
港股异动丨风电股上涨,金风科技涨超7%刷新阶段新高
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飞哥非哥
飞哥非哥
·
09-30
BTBT貌似是一家拥有大量矿机的挖矿公司,而不是一家炒币的财库公司。
美SEC开始对加密财库公司下手,DAT 叙事还继续吗?
9 月 24 日,美国证券交易委员会与金融业监管局联合宣布,将对 200 余家曾宣布加密财库计划的上市公司展开调查,理由是这些公司在发布相关消息前夕普遍出现了「异常股价波动」。在财库策略公司语境下,NAV 则指的是其所持有的数字资产价值。公司并未提交重大更新,也未公开新闻稿,其发言人则拒绝对此置评。Arthur Hayes 判断,本轮周期会出现类似 FTX 暴雷的大型 DAT 事故。届时,这些公司会翻车,其股票或债券可能出现巨幅折价,造成市场大幅动荡。
美SEC开始对加密财库公司下手,DAT 叙事还继续吗?
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飞哥非哥
飞哥非哥
·
09-11
$Circle Internet Corp.(CRCL)$
看好,作为合规的交易媒介货币,短期需求大,支付前景好,尤其是在米国是首选支付货币,支付落地估值将是现在的数倍。
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飞哥非哥
飞哥非哥
·
08-13
H20原先出口受阻,第一季度就计提了50亿用于消化库存损失,结果后面又放开了,库存出清还不够,所以以销定产又生产了一批(开始的新闻是说本来即使不够卖已经不打算生产,后面估计是订单量还是比较大,没忍住 [开心])。占英伟达销售额比已经很低,这次出清相当于捡到一个大红包而已。 英伟达h20的主要目的现在其实已经不是赚钱,而是从商业上阻止或大幅延迟国产替代而已,因为一旦缺席,国内性能差一些的芯片就有了空间,所以估计不久还会有更先进的阉割版出来
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飞哥非哥
飞哥非哥
·
06-25
$兖矿能源(01171)$
咨询一下各位朋友,前阵子的分红大约多久可以达到港股通账号?
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href=\"https://laohu8.com/S/CRCL\">$Circle Internet Corp.(CRCL)$</a> 还没跌到位啊,反弹个几块钱估计又要来暴跌了","listText":"<a href=\"https://laohu8.com/S/CRCL\">$Circle Internet Corp.(CRCL)$</a> 还没跌到位啊,反弹个几块钱估计又要来暴跌了","text":"$Circle Internet Corp.(CRCL)$ 还没跌到位啊,反弹个几块钱估计又要来暴跌了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/497584768217928","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":107,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":497841077293328,"gmtCreate":1762565749942,"gmtModify":1762567525204,"author":{"id":"3493163577009875","authorId":"3493163577009875","name":"飞哥非哥","avatar":"https://static.tigerbbs.com/be30ffbb0d97fa29b176343faa31b553","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3493163577009875","authorIdStr":"3493163577009875"},"themes":[],"htmlText":"Replying to <a href=\"https://laohu8.com/U/3530099042163704\">@乐_7534</a>:<a href=\"https://laohu8.com/S/CRCL\"> $Circle Internet Corp.(CRCL)$ </a>我也是认为现在这个价钱可以大胆建仓了,有担心的当然是分部建仓,两不误。股票本身的前景是可以的,目前老美唯一合规的稳定币,明年估计可以超越USDT。//<a href=\"https://laohu8.com/U/3530099042163704\">@乐_7534</a>:解禁是便宜买股的机会,再加上大盘和加密货币的双重打击,现在的价值入绝对没问题,明年至少翻一倍","listText":"Replying to <a href=\"https://laohu8.com/U/3530099042163704\">@乐_7534</a>:<a href=\"https://laohu8.com/S/CRCL\"> $Circle Internet Corp.(CRCL)$ </a>我也是认为现在这个价钱可以大胆建仓了,有担心的当然是分部建仓,两不误。股票本身的前景是可以的,目前老美唯一合规的稳定币,明年估计可以超越USDT。//<a href=\"https://laohu8.com/U/3530099042163704\">@乐_7534</a>:解禁是便宜买股的机会,再加上大盘和加密货币的双重打击,现在的价值入绝对没问题,明年至少翻一倍","text":"Replying to @乐_7534: $Circle Internet Corp.(CRCL)$ 我也是认为现在这个价钱可以大胆建仓了,有担心的当然是分部建仓,两不误。股票本身的前景是可以的,目前老美唯一合规的稳定币,明年估计可以超越USDT。//@乐_7534:解禁是便宜买股的机会,再加上大盘和加密货币的双重打击,现在的价值入绝对没问题,明年至少翻一倍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/497841077293328","repostId":"497641958560184","repostType":1,"repost":{"id":497641958560184,"gmtCreate":1762517220417,"gmtModify":1762520677835,"author":{"id":"4119161859696640","authorId":"4119161859696640","name":"Sick my duck","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":8,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4119161859696640","authorIdStr":"4119161859696640"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/CRCL\">$Circle Internet Corp.(CRCL)$ </a> 大伙看一下招股书啊,crcl是三季报发布的第二天股票解禁,11月13号,不是月底,小心点,这公司玩得很贼","listText":"<a href=\"https://laohu8.com/S/CRCL\">$Circle Internet Corp.(CRCL)$ </a> 大伙看一下招股书啊,crcl是三季报发布的第二天股票解禁,11月13号,不是月底,小心点,这公司玩得很贼","text":"$Circle Internet Corp.(CRCL)$ 大伙看一下招股书啊,crcl是三季报发布的第二天股票解禁,11月13号,不是月底,小心点,这公司玩得很贼","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/497641958560184","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":346,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":488728703754312,"gmtCreate":1760345961212,"gmtModify":1760345964510,"author":{"id":"3493163577009875","authorId":"3493163577009875","name":"飞哥非哥","avatar":"https://static.tigerbbs.com/be30ffbb0d97fa29b176343faa31b553","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3493163577009875","authorIdStr":"3493163577009875"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/601137\">$博威合金(601137)$ </a> 调研活动,这个参与者还挺多的。","listText":"<a href=\"https://laohu8.com/S/601137\">$博威合金(601137)$ </a> 调研活动,这个参与者还挺多的。","text":"$博威合金(601137)$ 调研活动,这个参与者还挺多的。","images":[{"img":"https://static.tigerbbs.com/a4ea687f4d89d63614fa8bfbfd20cdc2","width":"972","height":"6507"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/488728703754312","isVote":1,"tweetType":1,"viewCount":315,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":487272238080552,"gmtCreate":1759992089010,"gmtModify":1759992091258,"author":{"id":"3493163577009875","authorId":"3493163577009875","name":"飞哥非哥","avatar":"https://static.tigerbbs.com/be30ffbb0d97fa29b176343faa31b553","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3493163577009875","authorIdStr":"3493163577009875"},"themes":[],"htmlText":"风电环保","listText":"风电环保","text":"风电环保","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487272238080552","repostId":"1102532246","repostType":2,"repost":{"id":"1102532246","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1759975127,"share":"https://www.laohu8.com/m/news/1102532246?lang=&edition=full","pubTime":"2025-10-09 09:58","market":"hk","language":"zh","title":"港股异动丨风电股上涨,金风科技涨超7%刷新阶段新高","url":"https://stock-news.laohu8.com/highlight/detail?id=1102532246","media":"老虎资讯综合","summary":"10月9日,港股风电股继续上涨行情,其中,$金风科技$涨超7%续刷阶段新高,$东方电气$涨超4%,$大唐新能源$、$新天绿色能源$跟涨。消息上,在全球能源结构向清洁低碳加速转型的背景下,中国风电产业正以全方位领先的姿态,书写着全球能源变革的 “中国答卷”。截至2025年6月底,全国风电累计并网容量达到5.73亿千瓦,同比增长22.7%。","content":"<html><head></head><body><p>10月9日,港股风电股继续上涨行情,其中,<a href=\"https://laohu8.com/S/002202\">金风科技</a>涨超7%续刷阶段新高,<a href=\"https://laohu8.com/S/600875\">东方电气</a>涨超4%,<a href=\"https://laohu8.com/S/01798\">大唐新能源</a>、<a href=\"https://laohu8.com/S/00956\">新天绿色能源</a>跟涨。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8fdf54c1f90c926cd298bf0f869ef92\" title=\"\" tg-width=\"907\" tg-height=\"643\"/></p><p>消息上,我国在联合国气候峰会上宣布:到2035年,中国非化石能源消费占能源消费总量的比重达到30%以上,风电和太阳能发电总装机容量达到2020年的6倍以上、力争达到36亿千瓦。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>近期上调中国风电行业评级,其预计“十五五”规划期间,年均新增装机容量将超过110吉瓦,2028年至2030年期间可达到约120吉瓦。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>港股异动丨风电股上涨,金风科技涨超7%刷新阶段新高</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n港股异动丨风电股上涨,金风科技涨超7%刷新阶段新高\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-10-09 09:58</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>10月9日,港股风电股继续上涨行情,其中,<a href=\"https://laohu8.com/S/002202\">金风科技</a>涨超7%续刷阶段新高,<a href=\"https://laohu8.com/S/600875\">东方电气</a>涨超4%,<a href=\"https://laohu8.com/S/01798\">大唐新能源</a>、<a href=\"https://laohu8.com/S/00956\">新天绿色能源</a>跟涨。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e8fdf54c1f90c926cd298bf0f869ef92\" title=\"\" tg-width=\"907\" tg-height=\"643\"/></p><p>消息上,我国在联合国气候峰会上宣布:到2035年,中国非化石能源消费占能源消费总量的比重达到30%以上,风电和太阳能发电总装机容量达到2020年的6倍以上、力争达到36亿千瓦。</p><p><a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>近期上调中国风电行业评级,其预计“十五五”规划期间,年均新增装机容量将超过110吉瓦,2028年至2030年期间可达到约120吉瓦。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/0d9a5089157dcd82dece8055370ca49e","relate_stocks":{"BK0187":"一线龙头","BK0034":"新能源","BK0028":"国家队","BK1205":"重型电气设备","BK1558":"风电股","BK1513":"稀土概念","BK1526":"科网股","BK4614":"Manus概念股","BK1546":"电力设备股","BK0086":"举牌","BK0183":"MSCI概念","BK0188":"融资融券","BK0259":"通用设备","BK0136":"风力发电","02208":"金风科技","BK0196":"行业龙头","BK1594":"碳中和概念股"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1102532246","content_text":"10月9日,港股风电股继续上涨行情,其中,金风科技涨超7%续刷阶段新高,东方电气涨超4%,大唐新能源、新天绿色能源跟涨。消息上,我国在联合国气候峰会上宣布:到2035年,中国非化石能源消费占能源消费总量的比重达到30%以上,风电和太阳能发电总装机容量达到2020年的6倍以上、力争达到36亿千瓦。摩根士丹利近期上调中国风电行业评级,其预计“十五五”规划期间,年均新增装机容量将超过110吉瓦,2028年至2030年期间可达到约120吉瓦。","news_type":1,"symbols_score_info":{"02208":1.1}},"isVote":1,"tweetType":1,"viewCount":491,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":483995510477624,"gmtCreate":1759191710986,"gmtModify":1759191713653,"author":{"id":"3493163577009875","authorId":"3493163577009875","name":"飞哥非哥","avatar":"https://static.tigerbbs.com/be30ffbb0d97fa29b176343faa31b553","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3493163577009875","authorIdStr":"3493163577009875"},"themes":[],"htmlText":"BTBT貌似是一家拥有大量矿机的挖矿公司,而不是一家炒币的财库公司。","listText":"BTBT貌似是一家拥有大量矿机的挖矿公司,而不是一家炒币的财库公司。","text":"BTBT貌似是一家拥有大量矿机的挖矿公司,而不是一家炒币的财库公司。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/483995510477624","repostId":"1131042676","repostType":2,"repost":{"id":"1131042676","kind":"news","pubTimestamp":1759024941,"share":"https://www.laohu8.com/m/news/1131042676?lang=&edition=full","pubTime":"2025-09-28 10:02","market":"us","language":"zh","title":"美SEC开始对加密财库公司下手,DAT 叙事还继续吗?","url":"https://stock-news.laohu8.com/highlight/detail?id=1131042676","media":"深潮TechFlow","summary":"9 月 24 日,美国证券交易委员会与金融业监管局联合宣布,将对 200 余家曾宣布加密财库计划的上市公司展开调查,理由是这些公司在发布相关消息前夕普遍出现了「异常股价波动」。在财库策略公司语境下,NAV 则指的是其所持有的数字资产价值。公司并未提交重大更新,也未公开新闻稿,其发言人则拒绝对此置评。Arthur Hayes 判断,本轮周期会出现类似 FTX 暴雷的大型 DAT 事故。届时,这些公司会翻车,其股票或债券可能出现巨幅折价,造成市场大幅动荡。","content":"<html><head></head><body><p>9 月 24 日,美国证券交易委员会(SEC)与金融业监管局(Finra)联合宣布,将对 200 余家曾宣布加密财库计划的上市公司展开调查,理由是这些公司在发布相关消息前夕普遍出现了「异常股价波动」。</p><p style=\"text-align: justify;\">自MicroStrategy率先将比特币纳入资产负债表以来,「加密财库」(Crypto Treasury)成为美股市场一项轰动性的「金融炼金术」——Bitmine、SharpLink 等新贵股价曾因类似操作暴涨数十倍。根据 Architect Partners 发布的数据,2025 年以来已有 212 家新公司 宣布将筹集约 1020 亿美元 用于购买 BTC、ETH 等主流加密资产。</p><p style=\"text-align: justify;\">然而,这场资本狂欢在推高价格的同时,也引发了广泛质疑。MSTR 的 mNAV(市值与账面资产净值之比)一个月内从 1.6 跌至 1.2,而前二十家加密财库公司的 mNAV 更有三分之二低于 1。有关资产泡沫、内幕交易等质疑声层出不穷,当下这一新型资产配置潮流正面临前所未有的监管挑战。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4b3685518d9416363f5a1c70de024bf0\" tg-width=\"1906\" tg-height=\"1197\"/></p><h2 id=\"id_2604375761\" style=\"text-align: justify;\">加密财库公司的飞轮是如何运转的</h2><p style=\"text-align: justify;\">财库公司的融资飞轮建立在 mNAV 机制上,其本质是一种反身性的飞轮逻辑,让财库公司在牛市里拥有看似「无限子弹」的能力。mNAV 指的是市场净资产价值比,计算方式是企业市值(P)相对于其每股净资产(NAV)的倍数。在财库策略公司语境下,NAV 则指的是其所持有的数字资产价值。</p><p style=\"text-align: justify;\">当股价 P 高于每股净资产 NAV(即 mNAV > 1)时,公司就能持续募资,把募集资金再投入数字资产。每次增发买入都会推高每股持仓和账面价值,从而进一步强化市场对公司叙事的信心,推动股价走高。于是,一个闭环的正反馈飞轮开始转动:mNAV 上行 → 增发融资 → 买入数字资产 → 每股持仓增厚 → 市场信心增强 → 股价再升。正是凭借这种机制,MicroStrategy 能够在过去几年中能够持续融资买入比特币而不严重稀释股份。</p><p style=\"text-align: justify;\">一旦股价和流动性被推到足够高,公司就能解锁一整套机构资金的入场机制:可以发行债务、可转债、优先股等融资工具,把市场上的叙事变现为账面上的资产,再反过来推高股价,形成飞轮。这场游戏的本质,是股价、故事与资本结构之间的复杂共振。</p><p style=\"text-align: justify;\">然而,mNAV 是一把双刃剑。溢价可以代表市场的高度信任,也可能仅仅是投机炒作。一旦 mNAV 收敛到 1 或跌破 1,市场从「增厚逻辑」切换为「稀释逻辑」。如果此时代币本身价格下跌,飞轮就会从正向转动转为负反馈循环,造成市值和信心的双杀。此外,财库策略公司的融资也建立在 mNAV 的溢价飞轮上,当 mNAV 长期处于折价状态,增发空间将被封锁,本就处于业务停滞或濒临退市的中小盘壳公司的业务将被全部推翻,建立的飞轮效应也将瞬间崩塌。理论上,当 mNAV < 1 时,公司更合理的选择是卖出持仓回购股票,以恢复平衡,但也不应以偏概全,折价公司也可能代表价值被低估。</p><p style=\"text-align: justify;\">在 2022 年熊市里,即便 MicroStrategy 的 mNAV 一度跌破 1,公司也没有选择卖币回购,而是通过债务重组坚持保留所有比特币。这种「死守」的逻辑来自于 Saylor 对 BTC 的信仰式愿景,将其视为「永远不会卖出」的核心抵押资产。但这种路径并非所有财库公司都能复制。大多数山寨币财库股本身缺乏稳定的主营业务,转型为「买币公司」只是生存手段,并没有信仰加持。一旦市场环境恶化,它们更可能为了止损或兑现利润而抛售,从而引发踩踏。</p><h2 id=\"id_1139253563\" style=\"text-align: justify;\">内幕交易是否存在</h2><p style=\"text-align: justify;\">SharpLink Gaming是这轮「加密财库热潮」中最早引发市场震动的案例之一。5 月 27 日,公司宣布将增持高达 4.25 亿美元的以太坊作为储备资产,消息公布当日,股价一度飙升至 52 美元。然而诡异的是,早在 5 月 22 日,该股的交易量就已显著放大,股价从 2.7 美元跃升至 7 美元,而彼时公司尚未发布公告,也未向 SEC 披露任何信息。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/d31ae6dd85aee582e55ecb1da8e46aa0\" tg-width=\"2252\" tg-height=\"1092\"/></p><p style=\"text-align: justify;\">这种「消息未发、股价先行」的现象并非孤例。MEI Pharma 在 7 月 18 日宣布启动 1 亿美元莱特币财库策略,但在消息发布前连续四天上涨,股价从 2.7 美元涨至 4.4 美元,接近翻倍。公司并未提交重大更新,也未公开新闻稿,其发言人则拒绝对此置评。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/1dc13e0878238f8d98fb66f85c19eb13\" tg-width=\"2240\" tg-height=\"1034\"/></p><p style=\"text-align: justify;\">类似情况还出现在 Mill City Ventures、Kindly MD、Empery Digital、Fundamental Global 和 180 Life Sciences Corp 等公司中,均在发布加密财库计划前出现不同程度的异常交易波动。是否存在信息泄露与提前交易,已引起监管层警觉。</p><h2 id=\"id_1152141624\" style=\"text-align: justify;\">DAT 叙事会就此崩溃吗</h2><p style=\"text-align: justify;\">「Solana 微策略」Upexi 的顾问 Arthur Hayes 指出,加密财库已成为传统公司金融圈的新叙事。他认为,这一趋势将在多个主流资产赛道中持续演进。不过,我们必须清楚地看到:每条链上,最终能跑出来的赢家最多只有一两家。</p><p style=\"text-align: justify;\">与此同时,头部效应正在加速形成。尽管 2025 年已有超过 200 家公司宣布加密财库策略,覆盖 BTC、ETH、SOL、BNB、TRX 等多条链,但资金与估值正在迅速向极少数公司与资产集中——BTC 财库与 ETH 财库占据了 DAT 公司的大半壁江山。在每种资产类别中,也只有一到两家公司可以真正跑出来,BTC 赛道是 MicroStrategy,ETH 赛道是 Bitmine,SOL 赛道或许是 Upexi,其余项目难以构成规模竞争。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/48858b93d308f75c169a73da46bd12a6\" tg-width=\"2309\" tg-height=\"769\"/></p><p style=\"text-align: justify;\">正如 Michael Saylor 所验证的那样,市场上存在大量想要获得比特币风险敞口的机构资金管理人,他们不能直接买 BTC,也无法持有 ETF——但他们可以买 MSTR 的股票。如果你能把一家持有加密资产的公司包装进他们的「合规篮子」,这些资金就愿意以 $2、$3、甚至 $10 的价格去买账面上仅值 $1 的资产。这不是非理性,这是制度套利。</p><p style=\"text-align: justify;\">在周期后半段,市场仍会涌现更新的发行人,并诉诸更激进的公司金融工具来追求更高股价弹性。价格下行时,这些做法就会反噬。Arthur Hayes 判断,本轮周期会出现类似 FTX 暴雷的大型 DAT 事故。届时,这些公司会翻车,其股票或债券可能出现巨幅折价,造成市场大幅动荡。</p><p style=\"text-align: justify;\">监管层也注意到了这一结构性风险。9 月初,纳斯达克就提出增强 DAT 公司的审查;今天,SEC 与 FINRA 又联合启动对于其内幕交易的调查。监管层的这些做法意在压缩内幕空间、提高发行门槛与融资难度,从而降低新晋 DAT 公司的操纵空间。对于市场而言,这意味着「伪龙头」将被加速出清,而真正的龙头公司仍将借着叙事生存甚至壮大。</p><h2 id=\"id_2331561754\" style=\"text-align: justify;\">总结</h2><p style=\"text-align: justify;\">加密财库的叙事仍在,但门槛提高、监管加严、泡沫出清将同步进行。对投资者而言,既要看清金融结构背后的逻辑与套利路径,也需时刻警惕叙事背后的风险堆积——这场「链上炼金术」终究无法无限制上演,胜者为王,败者退场。</p></body></html>","source":"lsy1592805329705","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" 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hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美SEC开始对加密财库公司下手,DAT 叙事还继续吗?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-28 10:02 北京时间 <a href=https://www.techflowpost.com/article/detail_28367.html><strong>深潮TechFlow</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>9 月 24 日,美国证券交易委员会(SEC)与金融业监管局(Finra)联合宣布,将对 200 余家曾宣布加密财库计划的上市公司展开调查,理由是这些公司在发布相关消息前夕普遍出现了「异常股价波动」。自MicroStrategy率先将比特币纳入资产负债表以来,「加密财库」(Crypto Treasury)成为美股市场一项轰动性的「金融炼金术」——Bitmine、SharpLink 等新贵股价曾因...</p>\n\n<a href=\"https://www.techflowpost.com/article/detail_28367.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/414360f2ef7b5c785cb936b4a9b53a44","relate_stocks":{"BITB":"Bitwise Bitcoin ETF","CLSK":"CleanSpark, Inc.","RIOT":"Riot Platforms","COIN":"Coinbase Global, Inc.","ARKB":"ARK 21Shares Bitcoin ETF","HODL":"VanEck Bitcoin ETF","ETHE":"以太坊ETF-Grayscale","SOS":"SOS Limited","BTBT":"Bit Digital, Inc.","BRRR":"CoinShares Valkyrie Bitcoin Fund","MSTR":"Strategy","FETH":"以太币ETF-Fidelity","EBON":"亿邦国际","FBTC":"Fidelity Wise Origin Bitcoin Fund","BTM":"Bitcoin Depot Inc.","GBTC":"Grayscale Bitcoin Trust ETF","NCTY":"第九城市","BITO":"ProShares Bitcoin ETF","EZBC":"Franklin Bitcoin ETF","CAN":"嘉楠科技","SBET":"SharpLink Gaming","EZET":"以太坊ETF-Franklin","BTCO":"Invesco Galaxy Bitcoin ETF","LITS":"Lite Strategy Inc.","CETH":"以太坊ETF-21Shares","IBIT":"iShares Bitcoin Trust ETF","QETH":"以太坊ETF-Invesco Galaxy","ETHV":"以太坊ETF-VanEck","BTCW":"WisdomTree Bitcoin Fund","ETHW":"以太坊ETF-Bitwise","DEFI":"Hashdex Bitcoin ETF","MARA":"MARA Holdings","ETH":"迷你以太坊ETF-Grayscale","ETHA":"以太坊ETF-iShares"},"source_url":"https://www.techflowpost.com/article/detail_28367.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131042676","content_text":"9 月 24 日,美国证券交易委员会(SEC)与金融业监管局(Finra)联合宣布,将对 200 余家曾宣布加密财库计划的上市公司展开调查,理由是这些公司在发布相关消息前夕普遍出现了「异常股价波动」。自MicroStrategy率先将比特币纳入资产负债表以来,「加密财库」(Crypto Treasury)成为美股市场一项轰动性的「金融炼金术」——Bitmine、SharpLink 等新贵股价曾因类似操作暴涨数十倍。根据 Architect Partners 发布的数据,2025 年以来已有 212 家新公司 宣布将筹集约 1020 亿美元 用于购买 BTC、ETH 等主流加密资产。然而,这场资本狂欢在推高价格的同时,也引发了广泛质疑。MSTR 的 mNAV(市值与账面资产净值之比)一个月内从 1.6 跌至 1.2,而前二十家加密财库公司的 mNAV 更有三分之二低于 1。有关资产泡沫、内幕交易等质疑声层出不穷,当下这一新型资产配置潮流正面临前所未有的监管挑战。加密财库公司的飞轮是如何运转的财库公司的融资飞轮建立在 mNAV 机制上,其本质是一种反身性的飞轮逻辑,让财库公司在牛市里拥有看似「无限子弹」的能力。mNAV 指的是市场净资产价值比,计算方式是企业市值(P)相对于其每股净资产(NAV)的倍数。在财库策略公司语境下,NAV 则指的是其所持有的数字资产价值。当股价 P 高于每股净资产 NAV(即 mNAV > 1)时,公司就能持续募资,把募集资金再投入数字资产。每次增发买入都会推高每股持仓和账面价值,从而进一步强化市场对公司叙事的信心,推动股价走高。于是,一个闭环的正反馈飞轮开始转动:mNAV 上行 → 增发融资 → 买入数字资产 → 每股持仓增厚 → 市场信心增强 → 股价再升。正是凭借这种机制,MicroStrategy 能够在过去几年中能够持续融资买入比特币而不严重稀释股份。一旦股价和流动性被推到足够高,公司就能解锁一整套机构资金的入场机制:可以发行债务、可转债、优先股等融资工具,把市场上的叙事变现为账面上的资产,再反过来推高股价,形成飞轮。这场游戏的本质,是股价、故事与资本结构之间的复杂共振。然而,mNAV 是一把双刃剑。溢价可以代表市场的高度信任,也可能仅仅是投机炒作。一旦 mNAV 收敛到 1 或跌破 1,市场从「增厚逻辑」切换为「稀释逻辑」。如果此时代币本身价格下跌,飞轮就会从正向转动转为负反馈循环,造成市值和信心的双杀。此外,财库策略公司的融资也建立在 mNAV 的溢价飞轮上,当 mNAV 长期处于折价状态,增发空间将被封锁,本就处于业务停滞或濒临退市的中小盘壳公司的业务将被全部推翻,建立的飞轮效应也将瞬间崩塌。理论上,当 mNAV < 1 时,公司更合理的选择是卖出持仓回购股票,以恢复平衡,但也不应以偏概全,折价公司也可能代表价值被低估。在 2022 年熊市里,即便 MicroStrategy 的 mNAV 一度跌破 1,公司也没有选择卖币回购,而是通过债务重组坚持保留所有比特币。这种「死守」的逻辑来自于 Saylor 对 BTC 的信仰式愿景,将其视为「永远不会卖出」的核心抵押资产。但这种路径并非所有财库公司都能复制。大多数山寨币财库股本身缺乏稳定的主营业务,转型为「买币公司」只是生存手段,并没有信仰加持。一旦市场环境恶化,它们更可能为了止损或兑现利润而抛售,从而引发踩踏。内幕交易是否存在SharpLink Gaming是这轮「加密财库热潮」中最早引发市场震动的案例之一。5 月 27 日,公司宣布将增持高达 4.25 亿美元的以太坊作为储备资产,消息公布当日,股价一度飙升至 52 美元。然而诡异的是,早在 5 月 22 日,该股的交易量就已显著放大,股价从 2.7 美元跃升至 7 美元,而彼时公司尚未发布公告,也未向 SEC 披露任何信息。这种「消息未发、股价先行」的现象并非孤例。MEI Pharma 在 7 月 18 日宣布启动 1 亿美元莱特币财库策略,但在消息发布前连续四天上涨,股价从 2.7 美元涨至 4.4 美元,接近翻倍。公司并未提交重大更新,也未公开新闻稿,其发言人则拒绝对此置评。类似情况还出现在 Mill City Ventures、Kindly MD、Empery Digital、Fundamental Global 和 180 Life Sciences Corp 等公司中,均在发布加密财库计划前出现不同程度的异常交易波动。是否存在信息泄露与提前交易,已引起监管层警觉。DAT 叙事会就此崩溃吗「Solana 微策略」Upexi 的顾问 Arthur Hayes 指出,加密财库已成为传统公司金融圈的新叙事。他认为,这一趋势将在多个主流资产赛道中持续演进。不过,我们必须清楚地看到:每条链上,最终能跑出来的赢家最多只有一两家。与此同时,头部效应正在加速形成。尽管 2025 年已有超过 200 家公司宣布加密财库策略,覆盖 BTC、ETH、SOL、BNB、TRX 等多条链,但资金与估值正在迅速向极少数公司与资产集中——BTC 财库与 ETH 财库占据了 DAT 公司的大半壁江山。在每种资产类别中,也只有一到两家公司可以真正跑出来,BTC 赛道是 MicroStrategy,ETH 赛道是 Bitmine,SOL 赛道或许是 Upexi,其余项目难以构成规模竞争。正如 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