Kenaikan Harga Bitcoin oleh Whale Runtuh: Strategi Leverage Menghadapi Ujian

TokenSherpa · 2026-01-06T08:40:12+00:00

【Coin World】Familiar scene again. The star enterprise that once beat the market with Bitcoin now has its valuation moat crumbling — mNAV premium has slid from its peak all the way down to 1.03x, that protective layer is getting thinner and thinner.The numbers are a bit eye-catching. In the fourth quarter's books, unrealized losses directly punched a $17.44 billion hole. Holding 673,783 bitcoins in hand, in this round of market reshuffle, the pressure on this position is growing. The leverage model was already walking a tightrope, now this line is even thinner.The market has split into two camps. The optimists believe this is a great time to buy Bitcoin exposure, cheap goods have appeared. But the voices from the other side are more shrill — the premium has disappeared, and the company's original mechanism for financing and buying coins has also failed with it. The path of financing by issuing new shares is no longer viable. For a company that has bet all its chips on Bitcoin, this is not just an image problem, it is a true structural dilemma.

TokenSherpa

2026-01-06 08:40:12

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【币界】又是熟悉的一幕。曾经那只靠比特币跑赢大盘的明星企业，如今估值护城河正在瓦解——mNAV溢价从高位一路下滑到1.03倍，那层保护膜越来越薄了。

数字有点扎眼。第四季度的账面上，未实现亏损直接砸出174.4亿美元的窟窿。手里握着673,783枚比特币，在这轮市场洗牌中，这个头寸的压力越来越大。杠杆模式本来就走钢丝，现在这条线更细了。

市场分成了两派。乐观派认为这是买比特币敞口的好时机，便宜货出现了。但另一边的声音更刺耳——溢价消失了，公司原本用来融资买币的那套机制也跟着失效。靠增发股票圈钱的路走不通了。这对一家把所有筹码都压在比特币上的公司来说，不只是形象问题，是真正的结构性困境。

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