来源：Web3践行者
原文链接：https://mp.weixin.qq.com/s/oDlwfLUNFRhaTsf_LC_Fkg
2025 年 5 月，比特币突破 11 万美元的狂潮还在延续
一场由企业主导的 "数字黄金争夺战" 正在全球上演
[图片]
从瑞典健康科技公司到中国纺织巨头，从印尼金融科技企业到新加坡医疗集团。
越来越多传统行业公司以多样化的融资方式进入比特币市场。
这究竟是对抗通胀...

<div><p>来源：<a href="https://www.bitpush.news/articles/tag/web3%e8%b7%b5%e8%a1%8c%e8%80%85" title="查看Web3践行者中的全部文章" rel="nofollow">Web3践行者</a><br>原文链接：https://mp.weixin.qq.com/s/oDlwfLUNFRhaTsf_LC_Fkg<br></p><section><p>2025 年 5 月，比特币突破 11 万美元的狂潮还在延续</p></section><section><p>一场由企业主导的 "数字黄金争夺战" 正在全球上演</p></section><section><section><img src="https://images.bitpush.news/cn/20250529/174850844146624615" alt="图片"></section></section><section><p>从瑞典健康科技公司到中国纺织巨头，从印尼金融科技企业到新加坡医疗集团。</p></section><section><section><p>越来越多传统行业公司以多样化的融资方式进入比特币市场。</p></section></section><section><p>这究竟是对抗通胀的战略布局？</p><p>还是借概念炒作的资本游戏？</p></section><section><section><section><section><p>5家企业的比特币投资计划</p></section></section></section></section><section><p>以下表格总结了 2025 年 5 月新增的五家企业的比特币投资计划：</p></section><section><section><img src="https://images.bitpush.news/cn/20250529/174850844267685884" alt="图片"></section></section><section><section><section><section><section><section>H100 Group AB<br></section></section></section><section><p>瑞典的 "比特币储备先锋"</p><p>关键词：0% 利率可转债、Adam Back 背书、</p><p>股价飙升 40%</p><p>瑞典健康科技公司 H100 成为北欧首个 "吃螃蟹者"。</p><p>通过 220 万美元可转债融资购入 24.57 枚比特币。</p><section><img src="https://images.bitpush.news/cn/20250529/174850844365465323" alt="图片"></section><p>其创新之处在于：</p><p>可转债设置 1.3 瑞典克朗的转股价，若股价连涨 60 日超 33% 可强制转股，既降低融资成本又绑定投资者利益。</p><p>Blockstream CEO Adam Back 的 140 万美元领投更为其站台，消息公布后股价短期暴涨 40%。</p><p>尽管持仓仅占资产负债表极小比例，却为欧洲企业打开 "合规囤币" 新思路。</p></section></section></section></section><section><section><section><section><section><section>DDC Enterprise</section></section></section><section><p>中国服装物流的比特币豪赌</p><p>关键词：增发新股、对冲贸易风险、</p><p>股价上涨 25%</p><p>中国上市公司DDC Enterprise 宣布斥资 5 亿美元购买 5000 枚比特币。</p><section><img src="https://images.bitpush.news/cn/20250529/174850844347712972" alt="图片"></section><p>面对供应链成本上升与关税压力，DDC 试图复制 MicroStrategy"囤币拉股价" 模式。</p><p>增发新股虽能快速融资，却面临股东权益稀释风险。</p><p>且中国大陆加密监管尚未完全开放，其合规路径备受关注。</p></section></section></section></section><section><section><section><section><section><section>Addentax</section></section></section><section><p>中国纺织企业的 8000 枚比特币计划</p><p>关键词：激进转型、高杠杆风险、</p><p>估值炒作</p><p>中国纺织和物流公司 Addentax 的 8000 枚比特币计划更为大胆，8 亿美元投资额相当于其年利润的 5 倍以上。</p><p>行业低迷期，公司试图通过加密资产投资打破增长瓶颈，却被质疑 "用传统行业现金流赌币圈波动"。</p><section><img src="https://images.bitpush.news/cn/20250529/174850844481507312" alt="图片"></section><p>更有X 平台用户质疑 Addentax 的现金流能否支持如此大规模的投资，担心其可能通过高杠杆操作放大风险。</p><p>纺织行业利润率较低，受全球贸易战影响较大，比特币可能被视为摆脱业务瓶颈的突破口。</p><p>其激进策略可能引发更多传统企业效仿，成为行业转型的 "风险样本"。</p></section></section></section></section><section><section><section><section><section><section>DigiAsia</section></section></section><section><p>印尼金融科技的利润再投资模式</p><p>关键词：50% 利润再投资、对冲货币贬值、</p><p>股价暴涨 90%</p><p>印尼金融科技公司 DigiAsia 的策略独具特色：</p><p>不仅筹资 1 亿美元购币，更承诺将未来 50% 净利润持续增持。</p><section><img src="https://images.bitpush.news/cn/20250529/174850844511472381" alt="图片"></section><p>这一 "利润挂钩" 模式被视为对长期牛市的强信念背书，推动股价短期内飙升 90%。</p><p>但其借贷 + 质押的操作模式隐含流动性风险，印尼盾贬值压力虽为购币动机，却可能在币价下跌时引发连锁反应。</p></section></section></section></section><section><section><section><section><section><section>Basel</section></section></section><p>新加坡医疗集团的 10 亿美元比特币收购</p><p>关键词：MicroStrategy 翻版、研发资金挤占、监管合规压力</p><p>新加坡骨科医疗集团 Basel 宣布购买 1 万枚比特币（约 10 亿美元），完全复刻 MicroStrategy"发股购币" 模式。</p><p>Basel 的加入为医疗行业对比特币的采用增添了新案例。</p><section><img src="https://images.bitpush.news/cn/20250529/174850844684799450" alt="图片"></section><p>作为一家专注于骨科医疗的高科技企业，Basel 面临高研发成本和市场竞争压力，比特币投资可能被视为分散风险和提升回报的手段。</p><p>医疗行业高研发投入与比特币高波动性的碰撞引发质疑：</p><p>10 亿美元资金是否会挤占核心业务投入？</p><p>尽管新加坡监管环境相对友好，但其资产负债表稳定性将经受严峻考验，被戏称为 "亚洲版 MicroStrategy"。</p></section></section></section><section><section><section><section><p>热潮背后的四大驱动力</p></section></section></section></section><section><section><section><section><section><section>宏观焦虑</section></section></section><section><p>通胀与贸易的双重倒逼</p><p>全球通胀高企（如印尼盾五年贬值 30%）、地缘冲突加剧，企业急需抗通胀资产。</p><p>比特币 "总量 2100 万枚" 的稀缺性被重新定价，DigiAsia 直言购币是为 "对冲法币贬值风险"。</p></section></section></section></section><section><section><section><section><section><section>造富神话</section></section></section><section><p>MicroStrategy 的财富效应</p><p>MicroStrategy 凭借 25 万枚比特币持仓，股价三年暴涨 800%，成为企业囤币的 "成功模板"。</p><p>Basel、DDC 等公司试图复制其 "资产负债表重构→股价上涨→低成本融资" 的闭环，形成资本套利链条。</p></section></section></section></section><section><section><section><section><section><section>政策窗口</section></section></section><section><p>加密友好时代的到来</p><p>特朗普政府推动 "国家比特币储备" 计划，香港、新加坡等地放宽企业加密投资限制，为购币潮打开政策缺口。</p><p>H100 的可转债设计、Basel 的合规路径均受益于监管松绑。</p></section></section></section></section><section><section><section><section><section><section>市场投机</section></section></section><section><p>散户情绪的推波助澜</p><p>H100 宣布购币后，2 万散户涌入其股票交易。</p><p>DigiAsia 股价暴涨 90% 中，超 70% 交易量来自小额订单。</p><p>企业深谙 "比特币概念 = 流量密码"，通过媒体曝光快速推高估值，形成 "宣布购币→散户追涨→股东套现" 的投机循环。</p></section></section></section></section><section><section><section><section><p>地华尔街空头的警示：当热潮退去</p></section></section></section></section><section><p>知名做空机构 Citron 创始人 Jim Chanos 的套利操作堪称清醒剂：</p></section><section><p>他同时做多比特币、做空</p></section><section><p>MicroStrategy，直指 "MicroStrategy 股价较币值溢价 150%" 的估值泡沫。</p></section><section><p>其逻辑尖锐指出：估值失真</p></section><section><section><section><section><p>MicroStrategy 股价涨幅（220%）远超比特币涨幅（70%），市场在为 "囤币概念" 支付高额溢价。</p></section><section><section>模式风险</section></section><section><p>中小企业效仿巨头可能陷入 "借债购币→币价下跌→债务违约" 的死循环，Addentax 的 8 亿豪赌即是典型。</p></section><section><section>监管黑天鹅</section></section><section><p>美国《加密资产问责法案》若通过，企业购币可能面临资本利得税重估，直接冲击利润表。</p></section></section></section></section><section><section><section><section><p>结语：数字黄金的真伪考验</p></section></section></section></section><section><section><section><section><section><p>当瑞典企业用 20 枚比特币试水合规，中国纺织巨头用 5 亿美元豪赌转型，印尼金融科技公司将利润押注币价。</p><p>我们看到的不仅是企业的财务创新</p><p>更是一个时代的集体焦虑与投机狂欢</p><p>比特币的去中心化理想与企业的资本增值诉求激烈碰撞，有人借此穿越周期，有人终将被浪潮吞没。</p><p>对于投资者而言，或许更该思考：</p><p>当一家纺织企业的估值取决于比特币价格，当医疗集团的研发预算变成数字代币。</p><p>这样的 "转型" 究竟是远见</p><p>还是皇帝的新衣？</p></section></section></section></section></section><ins></ins></div>

企业狂买比特币：是投机热潮还是战略远见？5 月全球购币大揭秘

Source: Web3 Practitioner
Original Link: https://mp.weixin.qq.com/s/oDlwfLUNFRhaTsf_LC_Fkg
In May 2025, the Bitcoin surge breaking through $110,000 continues
A "digital gold rush" led by enterprises is unfolding globally
[Image]
From Swedish health tech companies to Chinese textile giants, from Indonesian fintech enterprises to Singaporean medical groups.
More and more traditional industry companies are entering the Bitcoin market through diverse financing methods.
Is this ultimately a fight against inflation...

<div><p>Source: <a href="https://www.bitpush.news/articles/tag/web3%e8%b7%b5%e8%a1%8c%e8%80%85" title="View all articles in Web3 Practitioners" rel="nofollow">Web3 Practitioners</a><br>Original link: https://mp.weixin.qq.com/s/oDlwfLUNFRhaTsf_LC_Fkg<br></p><section><p>In May 2025, the Bitcoin surge breaking $110,000 continues</p></section><section><p>A "digital gold rush" led by enterprises is unfolding globally</p></section><section><section><img src="https://images.bitpush.news/cn/20250529/174850844146624615" alt="Image"></section></section><section><p>From Swedish health tech companies to Chinese textile giants, from Indonesian fintech enterprises to Singaporean medical groups.</p></section><section><section><p>More and more traditional industry companies are entering the Bitcoin market through diverse financing methods.</p></section></section><section><p>Is this a strategic layout to combat inflation?</p><p>Or a capital game of concept speculation?</p></section><section><section><section><section><p>Bitcoin Investment Plans for 5 Enterprises</p></section></section></section></section><section><p>The following table summarizes the Bitcoin investment plans for five newly added enterprises in May 2025:</p></section><section><section><img src="https://images.bitpush.news/cn/20250529/174850844267685884" alt="Image"></section></section>

[The rest of the translation follows the same professional and precise approach, maintaining the original structure and meaning while translating to English.]</p><section><section><p>MicroStrategy, directly pointing to the valuation bubble of "MicroStrategy stock price premium of 150% over crypto value".</p></section><section><p>Its logic sharply points out: valuation distortion</p></section><section><section><section><section><p>MicroStrategy's stock price increase (220%) far exceeds Bitcoin's increase (70%), with the market paying a high premium for the "hoarding crypto concept".</p></section><section><section>Pattern Risk</section></section><section><p>Small and medium-sized enterprises imitating giants may fall into a "borrow to buy crypto → crypto price drops → debt default" death loop, with Addentax's $800 million gamble being a typical example.</p></section><section><section>Regulatory Black Swan</section></section><section><p>If the US "Crypto Asset Accountability Act" passes, corporate crypto purchases may face capital gains tax reassessment, directly impacting the income statement.</p></section></section></section></section><section><section><section><section><p>Conclusion: The Test of Digital Gold's Authenticity</p></section></section></section></section><section><section><section><section><section><p>When Swedish companies test compliance with 20 Bitcoins, Chinese textile giants bet $500 million on transformation, and Indonesian fintech companies stake profits on crypto prices.</p><p>What we see is not just corporate financial innovation</p><p>But a collective anxiety and speculative carnival of an era</p><p>Bitcoin's decentralized ideal collides fiercely with corporate capital appreciation demands, with some crossing cycles and others ultimately being swallowed by the wave.</p><p>For investors, perhaps it's more worth considering:</p><p>When a textile company's valuation depends on Bitcoin price, when a medical group's R&D budget becomes digital tokens.</p><p>Is such a "transformation" truly foresight</p><p>Or just the emperor's new clothes?</p></section></section></section></section></section><ins></ins></div>

Companies are buying Bitcoin like crazy: Is it a speculative craze or a strategic vision? The secrets of global bitcoin purchases in May

U.S. Vice President JD Vance at the <Bitcoin 2025> Conference on 5/28, once again emphasized the Trump administration's strong support for the crypto industry's development. He directly announced that <Chokepoint 2.0> is dead and expressed support for stablecoin legislation and rebuilding the regulatory framework. He stated that as soon as the <GENIUS> stablecoin bill passes, Trump will sign it into effect immediately. Regarding the U.S. Bit strategic reserve, he declared: "China hates Bit, no problem, the United States will use Bit as a strategic asset!"

Table of Content...

The Trump administration strongly supports the crypto! Vice President JD Vance personally takes to the front line: We want to make the United States a Bitcoin superpower

U.S. President <Donald Trump>'s media company, "<Trump Media and Technology Group>", officially announced that it will invest approximately $2.5 billion to establish a Bit Treasury. This news not only stirred waves in the crypto, but also demonstrates that the company will significantly transform into a holding enterprise with diversified assets, intending to [operate] in the "<America First economy>"...

Emperor Chuan buys coins! Trump Media announces $2.5 billion Bitcoin vault plan, assets will exceed $3 billion

The crypto circle keeps playing with the US stock market, and the US stock market keeps falling for it.

Written by: Matt Levine
Translated by: <Odaily> <jk>

Crypto Treasury Companies
Last Tuesday, SharpLink Gaming Inc. was still a company focused on online sports lottery marketing, with a stock price of around $2.91 per share and a market value of only about $2 million. Although it was still listed on Nasdaq, it was actually on the brink of collapse. A few weeks ago, it had just...