企业大军涌入加密货币市场，这一切始于2020年，一家原名MicroStrategy、后更名为Strategy的先驱企业将资产负债表改写成“比特币宣言”的壮举。

　　当时这一举措被视为近乎自杀的大胆冒险，5年后却引领了企业界的集体行动。数据说明一切：企业囤积BTC和ETH的速度已超过比特币和以太坊区块链的每日产出量。

　　这种现象被定义为“数字资产储备公司”（DATCO）。

　　银河研究最新报告显示：当前数字资产储备公司的比特币持仓达930亿美元，占流通总量近4%；以太坊持仓41亿美元，占比1%；资产负债表新增SOL、XRP、BNB等10种新兴加密货币；其中Strategy以718亿美元比特币持仓（含280亿美元浮盈）稳居榜首。

　　估值飙升背后的风险

　　这场数字资产热潮推动相关企业市值一年内翻两番，从425亿美元飙升至1745亿美元（据The Block Data七月中旬数据）。衡量这类新型投资工具表现的净值倍数（mNAV）指标同样水涨船高，但需警惕比特币价格波动带来的致命风险。

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