Odaily星球日报讯 Coinbase 在最新报告中表示，看好 2025 年下半年加密市场走势，但同时警示部分上市公司通过可转换债务加杠杆购入比特币的行为可能带来系统性风险。 报告指出，目前共有 228 家上市公司共持有约 82 万枚 BTC，其中约 20 家采用类似 MicroStrategy 的融资模式。若未来市场大幅波动或相关债务在 2029–2030 年集中到期，可能引发被动抛售压力。Coinbase 表示短期风险可控，关键在于这些公司未来的再融资能力。（TheBlock）

Odaily星球日报讯 Coinbase 在最新报告中表示，看好 2025 年下半年加密市场走势，但同时警示部分上市公司通过可转换债务加杠杆购入比特币的行为可能带来系统性风险。报告指出，目前共有 228 家上市公司共持有约 82 万枚 BTC，其中约 20 家采用类似 MicroStrategy 的融资模式。若未来市场大幅波动或相关债务在 2029–2030 年集中到期，可能引发被动抛售压力。Coinbase 表示短期风险可控，关键在于这些公司未来的再融资能力。（TheBlock）

Coinbase：看好加密市场下半年表现，警惕上市公司高杠杆购BTC埋下系统性风险

<Odaily> Planet Daily News: Coinbase stated in its latest report that it is optimistic about the cryptocurrency market trend in the second half of 2025, but also warns that some listed companies' leveraged Bitcoin purchases through convertible debt may bring systemic risks. The report points out that currently 228 listed companies collectively hold approximately 820,000 BTC, with about 20 companies adopting a financing model similar to MicroStrategy. If the market experiences significant fluctuations or related debts are concentrated in the expiration period of 2029-2030, it may trigger passive selling pressure. Coinbase believes that short-term risks are controllable, with the key being these companies' future refinancing capabilities. (<Block>)

<Odaily> Coinbase stated in its latest report that it is optimistic about the cryptocurrency market trend in the second half of 2025, but also warned that some listed companies' leveraged Bitcoin purchases through convertible debt may bring systemic risks. The report pointed out that currently 228 listed companies collectively hold approximately 820,000 BTC, with about 20 companies adopting a financing model similar to MicroStrategy. If the market experiences significant fluctuations or related debts are concentrated in the expiration period of 2029-2030, it may trigger passive selling pressure. Coinbase said that short-term risks are controllable, with the key being these companies' future refinancing capabilities. (<Block>)

Coinbase: Optimistic about the performance of the crypto market in the second half of the year, beware of the systemic risks of listed companies buying BTC with high leverage

Source: If I don't understand @butaidongjiaoyi
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