老虎证券：Coinbase今晚上市、比特币再创历史新高……想投资比特币有哪些好选择？

　　今晚，美国最大的比特币和其他数字货币交易平台Coinbase将以DPO(直接上市)的形式登陆纳斯达克，股票代码"COIN“。与此同时，比特币价格也一路飙升，一度突破64500美元，刷新历史新高。

Tonight, the biggest bitcoin and other digital currency trading platform in the United States, Coinbase, will land in the form of a DPO (direct listing), stock code & quot; COIN“ and, at the same time, Bitcoin prices have risen sharply, breaking $64,500, refreshing history.

　　Coinbase IPO分析

Coinbase IPO analysis

　　数字货币作为近年来回报率最高的资产之一，一定程度上也让交易所平台获得足够优秀的成绩单。在2020年，Coinbase的收入为12.77亿美元，并获得了3.22亿美元的利润。

Digital currencies, as one of the highest-return assets in recent years, have, to some extent, given the exchange platform a good enough score card. In 2020, Coinbase earned $1,277 million and earned $322 million in profits.

　　而在4月6日，Coinbase也兴致勃勃地公布了2021年一季报，当季营收飙升至18亿美元，相较去年同期的1.906亿美元暴涨超800%;净利润约在7.3亿-8亿美元之间，较去年同期的3200万美元暴增25倍，调整后EBITDA大约为11亿美元。

On 6 April, Coinbase also published a lively quarterly report for 2021, which surged to $1.8 billion, up by 800 per cent from $190.6 million in the same period last year; net profits ranged between $730 million and $8 billion, a 25-fold increase from $32 million in the same period last year, and the adjusted EBITDA was about $1.1 billion.

　　此外

In addition,

　　- Coinbase预计Q1已核实用户达5600万，去年同期3400万;

- Coinbase expects Q1 to have 56 million verified users, compared to 34 million during the same period last year;

　　- 月交易用户数(MTUs)为610万，环比上升330万;

- The number of monthly transactions (MTUs) was 6.1 million, with the ring rising by 3.3 million;

　　- 平台上资产为2230亿美元，在加密数字货币市场的份额为11.3%;

- $223 billion in assets on the platform and 11.3 per cent in the encrypted digital currency market;

　　- 整体交易额达到3350亿美元，远超去年一季度的300亿美元。

- Total transactions amounted to $33.5 billion, well over $30 billion in the first quarter of last year.

　　- 考虑到今年以来比特币的回报率都超100%，这样的业绩也是意料之中。

- This performance is also unexpected, given that the returns for Bitcoin have exceeded 100 per cent since this year.

　　Coinbase收入的96%都来自数字货币交易费用

96% of Coinbase's income comes from digital currency transaction costs.

　　但比起它的业绩，投资者似乎更关心它的估值。

But investors seem to be more concerned about its valuation than they are about its performance.

　　此前，根据彭博的报道，Coinbase在纳斯达克私人市场最后一周的市场估值大约为900亿美元;根据招股书，2021年第一季度(至2021年3月15日)的每股交易量加权平均价格为343.58美元。更有传言Coinbase以373美元/股在纳斯达克私人市场出售了127000股，以公司目前总股本，相当于估值达到1002亿美元。

Previously, according to Bloomberg, Coinbase had a market valuation of approximately $90 billion for the last week of the NASDAQ private market; the weighted average price per share of transactions was $343.58 for the first quarter of 2021 (until 15 March 2021), according to the offer book. Moreover, Coinbase sold 127,000 shares in the NASDAQ private market at $373/equity, with the company's current total equity, valued at $10.2 billion.

　　以这样的估值上市，它将超越优步(UBER) 、爱彼迎(ABNB) ，成为最大的独角兽公司。

With this value on the market, it will go beyond UBER and ABNB to become the largest unicorn company.

　　更重要的是，它也将超过纳斯达克OMX交易所(NDAQ)、 芝加哥商品交易所(CME) 、芝加哥期权交易所(CBOE) 、洲际交易所(ICE) 、伦敦证券交易所(LSE.UK)$、香港交易所(00388) 等一系列著名交易所，成为全球估值最高的交易所。

More importantly, it will go beyond a number of prominent exchanges such as the NASDAQ Exchange, the Chicago Commodity Exchange, the Chicago Stock Exchange, the Intercontinental Exchange, the London Stock Exchange (LSE.UK) and the Hong Kong Exchange (00388) to become the most valued global exchange.

　　而如果Coinbase能将今年Q1的业绩保持全年，那么它有望在年底将估值倍数与行业平均水平对齐。

If Coinbase were to maintain Q1 performance throughout the year, it was expected to align the valuation multipliers with the industry average by the end of the year.

　　不过如果要实现这样的假设，将要求公司2021年获得70亿美元以上的营收。不过按照目前的比特币市场规模和行情表现来看，并非天方夜谭。

However, if such an assumption were to be realized, companies would be required to earn more than $7 billion in 2021. But, based on the current size and behaviour of the Bitcoin market, it is not all the time.

　　其实Coinbase未来的走势，很大程度上取决于数字货币的市场行情——再详细一些，即比特币的市场行情。尽管Coinbase没有直接下注于比特币，但是如果比特币崩溃，Coinbase交易量下滑，将有可能导致其股价遭受损失。目前比特币已站上64000美元，但它主要的问题是极端的波动性。2017年底，比特币曾一度涨到近20000美元，几个月后却跌到只剩下一半左右。

The future direction of Coinbase depends to a large extent on the market & mdash; & mdash; and, more details, on Bitcoin. Although Coinbase did not place a direct bet on Bitcoin, the decline in the volume of Coinbase transactions could result in a loss of equity if Bitcoin collapses.

　　另外，从股票二级市场交易的角度来看，由于DPO没有禁售期，原始股东抛售压力大，还是容易对公司股价造成一定的压力。最经典的就莫过于$Slack Technologies(WORK)$ 前期的表现了。

Moreover, from the point of view of stock market transactions at the secondary level, the pressure on the original shareholder to sell is high because the DPO does not have a sale period, and it is easy to put some pressure on the company’s stock prices. The most classic is the performance of US$Slack Technologies (WORK) in the lead-up to the previous period.

　　当然，数字货币有着众多交易者和信众，它们的力量是不是足以打破COIN的前期交易壁垒，我们拭目以待吧。

Of course, the digital currency has a large number of traders and believers, and their power is not enough to break the COIN pre-transaction barrier, as we will see.

　　那现在比特币上涨的逻辑是什么?如果买不起比特币的话，还有哪些渠道可以间接投资比特币?老虎社区大V@孟浩 老师也给大家详尽地分析了比特币的走势以及未来布局的方向。

So what's the logic of the bitcoin rise now? If you can't afford bitcoin, what channels can you indirectly invest in bitcoin? The big V@Mongho in the tiger community also gave you a detailed analysis of the direction of bitcoin and the future layout.

　　比特币上涨的逻辑

the logic of bitcoin up

　　其实支撑比特币上涨的逻辑主要有三点。

There are three main points in the logic that sustains the bitcoin up.

　　1是疫情影响下，全球央行大放水，致使投资者对抗通胀的资产需求增加。为稳定市场和经济，各国央行的财政刺激规模空前，在这种宽松货币政策下，全球通胀预期抬头，市场对于抗通胀资产的需求大幅增加。美联储主席杰罗姆·鲍威尔在2020年9月15日美联储会议上表示：“我们认为经济将需要长期低利率来支撑经济活动，至少以年来计算。” 几年来，债券发行量和货币供应量增长的最终结果是，相对于全球货币而言，资产的通货膨胀依然持续存在。比特币相对于传统资产来说，比特币有已知，确定和有限供应的替代方案，从而对于资产的通货膨胀有一定的防御。

In order to stabilize markets and economies, the central banks’ fiscal stimulus has been unprecedented, with global inflation expected to rise and market demand for anti-inflation assets rising significantly under a loose monetary policy. Fed Chairman Jerome· and Powell, at the Federal Reserve meeting on September 15, 2020, said: & ldquo; we believe that the economy will need long-term low interest rates to support economic activity, at least for years; and & & rdquo;

　　2 是比特币减半导致供应量减少，2020年5月比特币第三次减半正式完成。比特币依赖“挖矿”计算机，需要在一堆随机数中找到符合要求的数值。系统平均每10分钟将交易数据分组(即打包成一个块)。最先找到“答案”的挖矿者获得记账权，同时获得新比特币作为奖励。系统规定，每隔21万个区块或大约四年，矿工奖励减少一半。此举旨在抑制通胀，理论上应该会推高比特币价格。除却这次之外，在历史上，比特币总共有2次减半，而每一次无疑都带来了戏剧化行情，在2012年、2016年的减半事件中，比特币价格第一次上涨了80倍、第二次上涨了20倍。正是基于对比特币“减半行情”的预期，比特币价格先行开涨。

By halving the number of bitcoins, which led to a reduction in the supply, in May 2020, the third time Bitcoins was officially halved. Bitcoin relied on “ mine mining & rdquo; computers, which needed to find the required values in a random array of numbers. The system grouped transaction data on average by 10 minutes (i.e. packaged into a block). The first to find “ answers & & rdquo; diggers were given the right to account while receiving the new bitcoin as an incentive. The system provided for a reduction in the miner's reward by half every 210,000 blocks or about four years. This was intended to contain inflation, which should theoretically raise the price of bitcoins.

　　3 是华尔街巨头入场，2020年以来，巨鲸用户纷纷入场比特币市场，比如知名数字资产信托机构灰度信托数字资产管理总规模最高接近200亿美元，全球头部基金公司富达投资在2020年10月份发布报告建议投资者持有占投资组合金额5%的比特币;在线支付巨头、拥有超过3亿用户PayPal大量购入比特币，并在2020年11月宣布为符合条件的美国客户提供比特币交易服务;新加坡星展银行DBS对机构投资者推出比特币等数字资产交易服务;美国上市公司、商业智能软件提供商MicroStrategy正式将比特币投资作为公司的业务之一，目前大致持有逾11亿美元的比特币，就连知名对冲基金桥水也在4季度大幅减持黄金的持仓，此前，达利欧曾表示比特币是一项了不起的发明，正改变他对其的看法，考虑配置比特币的仓位。

3 It was the Wall Street giant, and since 2020 giant whale users have entered the Bitcoin market, for example, with a total of nearly US$ 20 billion in digital asset management from a well-known digital asset trust, with a global head fund company, Fuda, issuing a report in October 2020 recommending that investors hold bitcoins, which account for 5 per cent of the portfolio; online payments to giants, with over 300 million users, PayPal, buying bitcoins and declaring Bitcoin trading services for eligible United States customers in November 2020; the Singapore Star show bank, DBS, which introduced bitcoins and other digital asset trading services for institutional investors; and the United States listed company, Business Smart Software provider, which officially invests bitcoins in bitcoins as one of the company's operations, currently holds more than US$ 1.1 billion in bitcoins, and even the well-known hedge fund bridge water has significantly reduced its gold holdings in the fourth quarter, after saying that Bitcoins was a remarkable invention and was changing his view, considering the configuration of bitcoins.

　　至于比特币还有多少上涨空间?摩根大通分析师罕见地给予比特币目标价，据彭博社报道，摩根大通量化策略师Nikolaos Panigirtzoglou在最近的一份报告中表示：

How much more can there be for Bitcoin? Morgan Chase analysts rarely give Bitcoin target prices. According to Bloomberg, Morgan Chase Quantification Strategyr Nikolaos Panigirtzoglou said in a recent report:

　　“比特币的价格可能会达到14.6万美元，是目前价格的4倍多。他认为比特币在长期内有很大的上涨空间，但比特币和黄金之间的波动率趋同不太可能迅速发生，这将是一个漫长的过程。这意味着，14.6万美元的比特币理论价格目标应被视为长期目标，短期的价格目标是不可持续的。报告中称，比特币的市值约为5750亿美元，必须增长4.6倍，理论价格为14.6万美元才能与私人投资黄金的水平相匹配，也就是说通过各种交易所交易基金或金条和金币交易的黄金。但加密货币的波动性会在这个过程中发挥重要作用。”

The price of “ bitcoin is likely to reach US$ 146,000, more than four times the current price. He believes that bitcoin has a large potential to increase in the long term, but that the convergence of fluctuations between bitcoin and gold is unlikely to occur quickly, which will be a long-term process. This means that the theoretical price target of US$ 146,000 should be considered a long-term target and that the short-term price target is unsustainable. According to the report, Bitcoin has a market value of approximately US$ 575 billion, which must increase 4.6 times, and the theoretical price of US$ 146,000 to match the level of private investment gold, that is, gold traded through various exchange funds or gold bars and gold coins.

　　比特币的相关基金

Bitcoin Related Fund

　　对于比特币的投资首推肯定是直接购买比特币，不过我相信很多朋友受限于资金的问题。除了直接购买比特币之外，我首推的是购买比特币基金。

The first push for bitcoin investment is definitely direct purchase of bitcoin, but I believe many friends are limited to money. In addition to direct purchase of bitcoin, I first push for bitcoin funds.

　　首先，投资比特币信托基金可以让人们在无需担心如何存储比特币、是否会触及法律及如何纳税等问题，就可以接触到比特币。如果你要购买比特币，你有很多需要时刻保持注意的事项: 你如何存储它?你需要付钱给某人来保管你的比特币吗?如果你丢失了钥匙或者你的比特币钱包被黑了怎么办?作为一个向美国证券交易委员会(SEC)报告的公开上市的信托公司，灰度比特币信托公司则可以让你不用考虑这些问题。

First, investing in a bitcoin trust allows people to access bitcoin without worrying about how to store bitcoin, whether to touch the law, and how to pay taxes. If you want to buy bitcoin, you have a lot of things to keep in mind at all times: how do you store it? Do you need to pay someone to keep your bitcoin? What if you lose the key or your bitcoin wallet is blacked out? As a publicly listed trust company that reports to the United States Securities and Exchange Commission (SEC), the Gretco Trust can spare you from thinking about it.

　　其次，公开交易的比特币信托具有各种税收优惠。某些 IRA、Roth IRA 等券商和投资者账户，不会对比特币的投资给予税收优惠，但会对公开交易的信托投资给予税收优惠。Grayscale 的信托公司以一种税收友好的方式为那些投资者提供了比特币风险敞口。

Some IRAs, Roth IRAs, etc. do not grant tax concessions for investments in TNT, but for publicly traded trust investments. Grayscale’s trust provides those investors with a tax-friendly exposure to Bitcoin risks.

　　第三，加密交易是非常孤立的。你不能用比特币与特斯拉和苹果的股票进行交易(不使用加密股票衍生品平台)。这就切断了加密经济与传统经济的联系。然而，只要你将比特币在证券交易所上市，尽管价格非常昂贵且数量有限，传统投资者就可以投资加密经济。

Third, encryption transactions are very isolated. You cannot trade with Tesla and Apple shares in bitcoin (without an encrypted stock derivative platform). This severs the connection between encryption and the traditional economy. However, as long as you put bitcoins on a stock exchange, despite very expensive and limited prices, traditional investors can invest in encryption.

　　说到这里，可能大家会问，都有哪些比特币基金呢?怎么购买呢?

Speaking of which, you might ask, which bitcoin funds do you have? How do you buy them?

　　目前比较知名的比特币基金是由灰度 Grayscale Digital(灰度)创立的，比特币基金跟ETF差不多，只不过底层是信托。灰度比特币信托的工作原理是这样的：灰度比特币信托首先作为一个私募，邀请私人富豪投资者向基金认捐资金，用于购买大量的比特币。这意味着，只有高净值的合格投资者可以认购GBTC 的原始份额。然后，2015年灰度将该基金在公开在OTC交易所挂牌上市，从此人人都可以购买，并无需持有比特币本身，无需承担直接交易、存储比特币所需承担的风险(如私钥被盗、交易所跑路等)，还能享有比特币价格高波动带来的投资机会。今年最火的女神ARK当年也是因为买入比特币基金而成名的。

The current well-known Bitcoin fund was created by Grayscale Grayscale Digital (Greyscale), and the Bitcoin fund is like the ETF, except that the bottom level is a trust. The working principle of the Greytime Bitcoin Trust is the following: it is first a private collection that invites private wealthy investors to pledge funds to the Fund to purchase large amounts of bitcoins.

　　想知道怎么买到比特币基金?老虎证券综合账户的朋友们，就直接可以通过老虎证券进行比特币基金的交易，买它的收益大体趋同于直接购买比特币。以下是灰度发行的比特币基金，感兴趣的朋友不妨关注一下。

You want to know how to get a bitcoin fund? The friends of the tiger portfolio are able to deal directly with the bitcoin fund through tiger securities, the proceeds of which are largely the same as buying bitcoin directly.

　　$比特币基金(GBTC)$

$ Bitcoin Fund (GBTC)

　　$GRAYSCALE BITCOIN CASH TR(BCHG)$

　　$Grayscale Ethereum Trust(ETHE)$

　　$Ethereum Classic Investment Trust(ETCG)$

　　$GRAYSCALE DIGITAL LG CAP(GDLC)$

　　个人认为买卖比特币概念股的风险还是很大的，如果准备买入的话，最好不要加杠杆，可以用账户的10%以下玩一玩。对于这几个交易品种的介绍，个人认为投资比特币基金最重要的是需要看看该标的比特币持有量，以及该标的本身的交易量，建议不要选择交投不活跃的标的，这种标的的买卖价差比较大。即使赚钱了，也很难平仓。比较好的标的$比特币基金(GBTC)$ ，它的交投是这几个标的中最活跃的，ARK女神投资的也是这支。

Individuals believe that the risk of buying and selling the bitcoin concept shares is still great, and if they are prepared to buy it, it would be better not to leverage it and play with less than 10% of the account. For the description of these types of transactions, individuals argue that investing in the bitcoin fund is most important to see the amount of bitcoins held by the mark and the amount of transactions by the mark itself, and suggest not to turn in inactive targets, which are much more expensive.

　　比特币产业链相关股票

Bitcoin chain-related stocks

　　在推荐比特币概念股之前，我们不妨先简单了解一下比特币全产业链，为了方便大家了解，我简单的画了一个思维导图，比特币主要分为上游挖矿，中游交易和下游服务。

Before recommending the Bitcoin concept unit, we might wish to look briefly at the Bitcoin whole-industry chain. To make it easier for everyone to understand, I drew a simple thought map, with bitcoin divided mainly into upstream mining, middle-stream trading and downstream services.

　　1. 挖矿公司(MARA, RIOT,BTBT,NCTY)

1. Mining Company (MARA, RIOT, BTBT, NCTY)

　　受比特币价格上涨和芯片产能受限影响，对前期已购入充足算力的挖矿公司而言，2021年或将成为比特币挖矿的好年。

Depending on the price increase in bitcoin and the limited capacity of chip production, the year 2021 would be a good year for a mine-mining company that had acquired sufficient arithmetic in the previous period.

　　$Marathon Patent Group Inc.(MARA)$ 马拉松专利集团(Marathon Patent Group)过去常常管理知识产权资产，目的是达成许可协议或在法庭上强制执行其专利权要求。这种商业模式最终证明是无利可图的，因此该公司在2017年收购了一家规模较小的加密货币矿业公司Global Bit Ventures，GBT公司拥有矿机可开采以太币。如今，该公司在蒙大拿州和北达科他州经营着两个比特币采矿中心。

Marathon Patent Group Inc. (MARA) Marathon Patent Group has often managed intellectual property assets in the past, with the aim of entering into licensing agreements or enforcing patent claims in court. This business model ultimately proved unprofitable, so in 2017 the company acquired a smaller crypto-currency mining company, Global Bit Ventures, which owns mining machines that can be mined in taut currency.

　　$MGT Capital Investments, Inc.(MGTI)$ 2016年9月，在华盛顿开始比特币挖矿业务，期间多次买卖矿机。截至2020年9月30日和2021年1月25日，拥有约869台和669台S17 pro蚂蚁矿机，均来自比特大陆;分别出售了587和787台矿机。

$MGT Capital Investments, Inc. (MGTI) $ September 2016, started a bitcoin mining operation in Washington, D.C., during which several machines were bought and sold. As of 30 September 2020 and 25 January 2021, there were about 869 and 669 S17 pro ants, both from Bit continent; 587 and 787 mines were sold, respectively.

　　$CleanSpark, Inc.(CLSK)$原本是一家能源技术公司，但它在去年12月收购了比特币矿商 ATL 数据中心。在收购后不到一个月的时间里，CleanSpark 从比特币业务中获得了87.3万美元的收入。CleanSpark 表示当比特币价格超过6000美元时，该公司可以达到盈亏平衡考虑到比特币今天已经超过37000美元，对于CleanSpark绝对是个好消息。

In less than a month after the acquisition, CleanSpark earned $873 million from Bitcoin operations. CleanSpark said that when Bitcoin prices exceeded $6,000, the company could achieve a profit balance, considering that Bitcoin was already over $37,000 today, which is absolutely good news for CleanSpark.

　　$Bit Digital,Inc(BTBT)$ 原名点牛金融，原本从事P2P业务，曾宣称“纳斯达克中国车贷第一股”。2020年初，Bit Digital 启动了一个全球比特币挖掘网络，全年增加了数千台专门的挖掘计算机。2020年7月29日，公司获得董事会批准将公司名称变更为“比特数字公司”(Bit Digital, Inc.) 。董事会认为，新名字能更准确地反映了公司目前的业务和运营情况。自改名后，该股一路飙涨，2020年涨幅超5382%。

At the beginning of 2020, Bit Digital launched a global Bitcoin excavation network, adding thousands of specialized excavators throughout the year. On 29 July 2020, the company obtained approval from the board to change the name of the company to “ Bit Digital & & rdquo; and Bit Digital, Inc.

　　$SOS Limited(SOS)$ SOS此前是一家消费贷款公司，名为信而富(China Rapid Finance)。自1月13日宣布计划投资加密货币业务，公司宣布采购14238台比特币矿机，公司计划在能源成本较低的地区建立采矿点，与四川泸州合江雷博东水电站签订框架协议，获得廉价的可再生电力，专注于主流加密货币的挖掘，SOS股价在2021年接近翻番。

Following the announcement on 13 January of plans to invest in crypto-currency operations, the company announced the purchase of 14238 bitcoins and plans to establish mining sites in areas with lower energy costs, to sign a framework agreement with the Rebodong hydroelectric power station in Sichuanzhou, to acquire cheap renewable electricity, to focus on the excavation of the mainstream encrypted currency, and to double the SOS share price in 2021.

　　$DPW Holdings, Inc.(DPW)$ 从事收购业务，2018年1月，成立全资子公司Super Crypto Mining，后更名为Digital Farms，经营加密货币业务，挖掘比特币、莱特币和以太坊。2020年因疫情关闭Digital Farms，今年2月重新开采。

DPW Holdings, Inc. (DPW) $ is engaged in the acquisition business. In January 2018, a fully-owned subsidiary, Super Crypto Mining, was established, renamed Digital Farms, to operate an encrypted money business, digging for Bitcoin, Latcoin, and Etheria.

　　$第九城市(NCTY)$于2018年1月16日宣布进军区块链，原本从事游戏业务，第九城市于2021年1月4日宣布，已经和前任嘉楠耘智联席董事长孔剑平等四人签订合作和投资条款约定书，并宣布成立全资子公司NBTC Limited，专注于从事区块链数字货币相关业务。受此消息影响，股票在本周飙涨320%

On January 16, 2018, the ninth city (NCTY) announced its entry into the military block chain, which was originally a game business, and on January 4th, 2021, the ninth city announced that it had signed an agreement on cooperation and investment terms with the former co-director of the Ka Na Qing Ji Jian Jian and announced the establishment of a fully-owned subsidiary, NBTC Limited, dedicated to digital currency-related operations in the block chain.

　　$Riot Blockchain, Inc.(RIOT)$ ：原为美国一家小型制药公司，2017年，Riot Blockchain 开始收购 bitcoin 和 Ethereum 矿厂，更名为Riot Blockchain,Inc.。现专注于区块链技术，主要是比特币和以太坊区块链，该公司也将继续维持Bioptix业务。

Riot Blockchain, Inc. (RIOT)$: formerly a small pharmaceutical company in the United States, Riot Blockchain began acquiring bitcoin and Etheeum mines, renamed Riot Blockchain, Inc. Focusing on block chain technology, mainly Bitcoin and Ether, the company will continue to operate Biotix.

　　2. 矿机制造商(嘉楠科技、亿邦国际)

2. Miner Manufacturers (Canadian Technology, Billion States International)

　　对于比特币矿机厂商股而言，其业绩较比特币价格有一定滞后性，由于比特币挖矿芯片产能有限，矿机交货期多为6、7月份或更晚，因此，矿机厂商的业绩释放更为滞后。

For the Bitcoin Miner's Unit, performance lags somewhat behind the bitcoin price, with miner's performance falling further behind owing to the limited capacity of Bitcoin to dig chip production and delivery times of June, July or later.

　　$嘉楠科技(CAN)$比特币矿机生产商，做矿机生意的一个最大特征，就是比特币价格的波动对业务有极大的影响，在2017年，比特币价格站上史无前例的2万美金，强大的造富效应，吸引众多淘金客加入到挖矿大潮中。需求的暴增自然让矿机厂商赚了个盆满锅满，而一旦比特币价格下跌，同样会影响到矿机销量。

One of the most important features of the business of the Cannesian company, the producer of the $1bitco machine, is that the price volatility of the bitcoin has had a significant impact on business. In 2017, the unprecedented 20,000 dollars at the Bitcoin price station had a powerful enrichment effect, attracting a large number of gold-diggers into the mining boom. The surge in demand has allowed the miners to make a full pot, and if the price of the bitcoin falls, it will also have an impact on the sale of the miner.

　　$亿邦国际(EBON)$ 同样是比特币矿机生产商，在2020年6月上市后，公司除了原有的矿机生产业务之外，后期还从事了加密货币交易所业务，10月14日和10月23日，亿邦国际分别发布公告称，将收购一家位于新西兰的持牌金融公司准备建立数字资产金融服务平台。

After being listed in June 2020, the company engaged in an encrypted currency exchange, in addition to its original mine production business, and on 14 and 23 October, Billion International issued separate announcements stating that it would acquire a New Zealand-based licensed financial company to set up a digital asset financial services platform.

　　3. 矿场(DMG Blockchain Solutions等)

3. Mines (DMG Blockchain Solutions, etc.)

　　$DMG BLOCKCHAIN(DMGGF)$ 矿场一般拥有低廉的电力资源，业务模式为为矿工提供场地与电力，由于与矿工签订的价格合同约定的服务期限较长，矿场受比特币价格影响较小。2016年，DMG公司成立，定位为一家多元化的区块链和加密货币公司，为矿机托管服务，以第三方身份大规模地进行比特币挖矿，为Hive Blockchain Technology和Marathon Patent Group Inc等公司提供托管服务。公司手头有足够的资金来完成第一批30兆瓦的基础设施改造，以实现浸没式冷却。DMG 预计，在2021年下半年，该设施的改造工作完成后，下一个30兆瓦的发电量将达到60兆瓦。

In 2016, DMG BLOCKCHAIN (DMGGF) was established as a diversified block chain and encrypted currency company to host the mine, to conduct large-scale mining in Bitcoin as a third party, and to provide hosting services for Hive Blockchain Technoroy and Marathon Patent Group Inc. The company has sufficient funds to complete the first 30 megawatt infrastructure upgrade to achieve impregnated cooling. DMG anticipates that the next 30 megawatts of power generation will reach 60 megawatts after the rehabilitation of the facility is completed in the second half of 2021.

　　4. 矿池股(500.com)

4. Mineral pool units (500.com)

　　$500彩票网(WBAI)$ 原本从事在线彩票服务行业的运营，2015年4月，停止了在线体育彩票销售服务。2021年2月该公司宣布进军比特币，公司以850万美元的价格购买了5900台比特币挖矿机，预计在2021年再购买10000个比特币挖矿机。与此同时，2月16日，公司发布公告称，将以约10%的股份，收购BTC.COM矿池。矿池是当前比特币挖矿产业链较少被上市公司涉足的领域，这一商业模式存在的意义是聚集矿工分散的算力，为矿工平滑收益。

At the same time, on 16 February, the company announced that the BTC.COM pool would be purchased with about 10% of the shares. The pond is an area in which the company currently has less access to the company’s mining chain. The business model is based on the fragmentation of the miners’ calculations and the smoothing of the profits of the miners.

　　5. 比特币交易平台(火币科技、欧科云链、迅雷等)

5. Bitcoin trading platform (Market technology, Ocowin chain, Thunder, etc.)

　　$迅雷(XNET)$说到比特币概念股，就不得不提到迅雷，成立于2003年的迅雷，曾被视作技术导向型公司的发展典范。陈磊在2017年7月6日开始出任迅雷CEO和董事，在随后的10月，在玩客云的发布会上，迅雷CEO陈磊高调喊出了“All in”区块链的口号。就像当年的比特币一样，迅雷的股价自2017年8月的3美元上下一路上涨，并最终在当年11月末达到了历史最高点——27美元。本次受到比特币行情的影响，迅雷同样出现了大涨。

XNET refers to the Bitcoin Concept Unit, which was created in 2003 and was considered a model for the development of technology-oriented companies. Chen began serving as the Xray CEO and director on 6 July 2017, and in the following October, during the launch of the Playboy Clouds, XEO Chen shouted & ldquo; All in & rdquo; the slogan of the block chain. Like Bitcoin in that year, the stock price of the thunder rose all the way up and down from $3 in August 2017, and eventually reached its highest point in history & mdash; & mdash; $27. This time, under the influence of the Special Currency, there was also a dramatic rise.

　　$欧科云链(01499)$ 是我国早期的区块链企业之一，公司在比特币产业链上中游都有所布局，上游搭建挖矿云算力平台。中游则主要涵盖数字资产交易模块，旗下OKCoin国际持有美国、欧盟、日本、新加坡等国家和地区监管牌照，可以进行美元、欧元、日元、新元等持牌数字资产交易

Eurocoundrene (01499) is one of the country's early block-chain businesses, with companies that travel in the middle of the Bitcoin industrial chain to build mining cloud computing platforms upstream. It covers mainly digital asset-trading modules, which are owned by OKCoin International with regulatory plates from the United States, the European Union, Japan, Singapore, etc., and can be traded in United States dollars, euros, Japanese yen, New Dollars, etc.

　　$火币科技(01611)$ 公司原本是一家以电子零部件代工及电子制造服务为主营业务的电子公司，2018年，港交所披露易公布，火币集团董事长兼创始人李林收购桐成控股，改名为火币科技，其区块链业务得到较大发展。火币网是一个比特币交易平台，偏重于下游服务，而火币全球美元站将继续提供当地法币对数字货币的数字资产交易服务，偏重于中游交易，目前正在打造OKEX比特币新交易平台，使股价进一步得到刺激。

Coal Technology (01611), originally an electronic company based mainly on electronic parts and components and electronic manufacturing services, was easily disclosed in 2018 by the Hong Kong Exchange, where Li Lin, Chairman and Founder of the Coal Group, acquired a connivance and changed its name to the coin technology, which led to a greater development of the sector chain business. The Coche Network is a bitcoin trading platform, with a preference for downstream services, while the Global Dollar Station will continue to provide digital asset trading services in local French currency over digital currency, with a preference for medium- and middle-size transactions, and is currently building a new trading platform for OKEXbit, which will further stimulate stock prices.

　　6. 比特币钱包(PayPal、Square)

6. Bitcoin wallets (PayPal, Square)

　　$PayPal(PYPL)$与支付宝相似，主要从事支付解决方案，在2020年10月宣布推出一项服务，允许用户持有比特币、以太坊(Ethereum)、比特币现金和莱特币加密货币。瑞穗证券(Mizuho Securities)11月对380名用户进行的调查显示，仅一个月内，就有17%的用户已经使用PayPal买卖加密货币。

PayPal (PYPL), similar to the payment treasure, is primarily engaged in a payment solution, with a service announced in October 2020 that allows users to hold currency encrypted by Bitcoin, Etherum, Bitcoin cash, and Leitney. A November survey of 380 users at Mizuho Securities showed that 17% of users had sold and sold encrypted currency in PayPal in just one month.

　　$Square, Inc(SQ)$与PayPal相似，它也是从事支付解决方案，Square在2020年第三季度发布了关于比特币的公告，Square在10月初以5000万美元的价格购买了4709枚比特币，旗下的square cash业务更是支持比特币流通，近期得益于比特币相关业务实现盈利。

US$Square, Inc. (SQ)$, similar to PayPal, is also engaged in a payment solution, with Square issuing a bill on Bitcoin in the third quarter of 2020, Square buying 4709 bitcoins at $50 million in early October, while the square cash operation under the flag is more supportive of Bitcoin flows and has recently been profited from Bitcoin-related operations.

　　$Coin Citadel(CCTL)$ 这是一家区块链基础设施公司，致力于将区块链和加密货币桥接到传统资本市场，为资本市场提供纯粹的数字资产和区块链投资。2015年9月，公司宣布在加利福尼亚州伍德兰希尔斯安装了世界上第一台比特币ATM机。

In September 2015, the company announced the installation of the world’s first Bitcoin ATM machine in Woodland Hills, California.

　　7. 买币股(Microstrategy、特斯拉等)

7. Currency unit (Microstrategy, Tesla, etc.)

　　除了这些概念股之外，还有一些公司因为持有比特币，近期也迎来了暴涨。受比特币价格影响较大，需关注各机构的购入比特币的成本和售出时币价。

In addition to these conceptual shares, a number of companies have recently risen sharply because they hold bitcoin. Bitcoin prices have a greater impact, and attention needs to be paid to the cost of purchasing bitcoin and the price of selling it.

　　$MicroStrategy Incorporated(MSTR)$这家公司原本从事商业智能的企业级软件平台，这家公司是少数几家决定将部分或全部现金储备再投资于比特币币的公司。根据比特币国债的数据，这个群体中最大、最有影响力的成员是商业智能公司 MicroStrategy (纳斯达克: MSTR)。MicroStrategy的所有现金储备都转换成了比特币。截至12月21日，该公司持有70,470比特币。

US$MicroStrategy Incorporated (MSTR) $ is a business-intelligence enterprise-level software platform for a few companies that have decided to reinvest some or all of their cash reserves in bitcoin. According to Bitcoin state debt data, the largest and most influential member of this group is MicroStrategy (Nasdarc: MSTR). All of MicroStrategy’s cash reserves were converted into bitcoins. As of December 21, the company held 70,470 bitcoins.

　　$特斯拉(TSLA)$ 2月初，特斯拉宣布购买价值15亿美元的比特币，消息一出，比特币价格直接升至历史新高，此后一度突破5.7万美元，近期随着美债收益率的攀升，资本市场剧烈下跌，比特币价格下跌也带动了特斯拉股价的下跌。

At the beginning of February, Tesla announced the purchase of $1.5 billion in bitcoins. In the news, Bitcoins prices rose directly to historical highs, after a breakthrough of $570 million, and the recent sharp fall in capital markets and the fall in bitcoins contributed to the decline in Tesla stock prices as US debt rates rose.

　　8. 比特币专利技术公司

8. Bitcoin Patent Technology

　　$万事达(MA)$近年来，信用卡巨头万事达(MasterCard)申请了数十项区块链和加密货币专利。万事达卡总裁迈克尔•米巴赫(Michael Miebach)在该公司第三季度盈利电话会议上表示: “在加密专利方面，我们是领先的支付公司。我们在这个领域拥有一些专利，这些专利将这些交易直接链接回我们的网络，在那里它可以被使用。这就是我们能够带来价值的方式，它为我们带来了价值。”

In recent years, MasterCard has applied for dozens of block chains and encrypted currency patents. Michael & Bull; Michael Miebach, Managing Director of MasterCard, said at the third quarter of the company's profit-making conference: & ldquo; we are the leading payers in encryption patents. We have patents in this area that directly link these transactions back to our network where they can be used. That is the way we can bring value, which brings value to us. & & rdquo;

　　$微软(MSFT)$ 区块链技术是整个比特币和虚拟货币价值的所在，微软正在针对企业用户开发区块链相关技术，

The Microsoft (MSFT) block chain technology is the site of the entire bitcoin and virtual monetary value, and Microsoft is developing block chain-related technology for business users.

　　$IBM(IBM)$ 与微软一样，微软正在针对企业用户开发区块链相关技术，不过，IBM更重视区块链的大众化应用，如允许用户创建网络系统，确立监管标准，邀请网络成员，并进行交易验证

IBM (IBM) $, like Microsoft, is developing block chain-related technologies for enterprise users, although IBM places greater emphasis on the popularization of block chain applications, such as allowing users to create network systems, establish regulatory standards, invite network members and conduct transaction validation

　　$中网载线(CNET)$ ：2018年1月，宣布与区块链生态构建者—无锡井通科技合作，开拓区块链产业及相关技术。

In January 2018, it was announced that it would work with the eco-builder of the block chain & mdash; and with technology without tin wells to open up the block chain industry and related technologies.

　　以上所有股票，大家都可以在老虎证券找到并且交易，对比特币产业链及相关股票感兴趣的朋友千万不要错过~

All these shares, you can find and trade in tiger securities, and don't miss any of your friends who are interested in the Bitcoin industrial chain and related stocks.

　　免责声明：

Disclaimer:

　　本文不构成且不应被视为任何购买证券或其他金融产品的协议、要约、要约邀请、意见或建议。本文中的任何内容均不构成老虎证券在投资、法律、会计或税务方面的意见，也不构成某种投资或策略是否适合于您个人情况的陈述，或其他任何针对您个人的推荐。

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