中文翻译
如果观察灰度投资（Grayscale Investments）等历史模式——在ETF出现前，这是通过控股公司获取加密货币敞口的方式——它们曾长期大幅折价于净资产值(NAV)交易。 对于许多像 $BMNR 这样的公司，直接持有底层 $ETH 资产是更好的选择。对于 $MARA，则是持有 $BTC 以及挖矿业务，并可能向高性能计算(HPC)转型的混合体。 我认为 $MSTR 是控股公司的例外，这归因于其积累的巨额 $BTC，以及美国政府将其国有化以获取比特币敞口的潜在可能性。
· 个股论点
对比加密控股公司，建议直接持有资产，视MSTR为例外。
英文原文
If you look at historical patterns such as grayscale investments, which was the way to get crypto exposure from holding companies pre-ETF, they traded way under-NAV for the longest time. With many companies like $BMNR, you’re better off holding the underlying $ETH asset. With $MARA it’s a mix of holding $BTC as well as the mining business + optionally to transition to HPC. I would only argue $MSTR is an exception to holding companies due to how much $BTC they’ve accumulated and the potential for nationalization for the US government to get exposure to Bitcoin.