#Web3
風投警告：若比特幣下跌，近兩百家持幣公司可能引發「死亡螺旋」！包括 MicroStrategy、Tether、Tesla 等公司已將 BTC 納入資產負債表，但高槓桿與資本策略也讓這些企業暴露於風險之中。Blockstream 執行長 Adam Back 提出「Months-to-mNAV Cover」算法，衡量公司以 BTC 收益覆蓋資產淨值所需時間：如 Metaplanet 只需 5 個月但風險高；MicroStrategy 則需 19 個月，相對穩健。
VCs warn that if Bitcoin’s price drops, most BTC reserve companies could spiral toward insolvency. Firms like MicroStrategy, Tether, and Tesla face significant exposure. Blockstream CEO Adam Back introduced the “Months-to-mNAV Cover” metric — estimating how many months it would take BTC earnings to match net asset value. Metaplanet takes 5 months (high risk, high growth); MicroStrategy takes 19 months (more conservative).
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Full article https://www.blocktempo.com/most-btc-reserve-companies-are-in-a-death-spiral/