Bitcoin se stal sou\u010d\u00e1st\u00ed finan\u010dn\u00ed strategie des\u00edtek ve\u0159ejn\u011b obchodovan\u00fdch spole\u010dnost\u00ed. N\u011bkter\u00e9 z nich ale nez\u016fst\u00e1vaj\u00ed pouze u n\u00e1kupu kryptom\u011bny a pomoc\u00ed emis\u00ed akci\u00ed, dluhu \u010di dal\u0161\u00edho kapit\u00e1lu se sna\u017e\u00ed zvy\u0161ovat mno\u017estv\u00ed BTC p\u0159ipadaj\u00edc\u00ed na jednu akcii. Strategie m\u016f\u017ee v dob\u011b r\u016fstu v\u00fdrazn\u011b pos\u00edlit v\u00fdnosy investor\u016f, p\u0159i poklesu trhu ale stejn\u00fdm zp\u016fsobem n\u00e1sob\u00ed rizika.<\/p>\n\n\n\n
Nejzn\u00e1m\u011bj\u0161\u00edm p\u0159\u00edkladem je Strategy, kter\u00e1 sv\u016fj model postavila na kombinaci n\u00e1kup\u016f bitcoinu, emis\u00ed akci\u00ed a dluhov\u00e9ho financov\u00e1n\u00ed. Pokud sou\u010dasn\u011b roste cena BTC i hodnota akci\u00ed spole\u010dnosti, vy\u0161\u0161\u00ed valuace umo\u017e\u0148uje z\u00edsk\u00e1vat dal\u0161\u00ed kapit\u00e1l a nakupovat dal\u0161\u00ed kryptom\u011bnu. Tento pozitivn\u00ed cyklus se v\u0161ak m\u016f\u017ee rychle obr\u00e1tit ve chv\u00edli, kdy bitcoin za\u010dne klesat a investo\u0159i ztrat\u00ed ochotu firm\u011b poskytovat dal\u0161\u00ed finance.<\/p>\n\n\n\n
\u201eSamotn\u00fd po\u010det bitcoin\u016f v rozvaze je\u0161t\u011b nevypov\u00edd\u00e1 o tom, jak atraktivn\u00ed je akcie dan\u00e9 spole\u010dnosti. Investor mus\u00ed sledovat tak\u00e9 zadlu\u017een\u00ed, nov\u00e9 emise akci\u00ed, n\u00e1klady na financov\u00e1n\u00ed a p\u0159edev\u0161\u00edm mno\u017estv\u00ed BTC p\u0159ipadaj\u00edc\u00ed na jednu pln\u011b z\u0159ed\u011bnou akcii,\u201c uv\u00e1d\u011bj\u00ed analytici<\/a> Crypto-Globe.com.<\/p>\n\n\n\n Investor nekupuje jen bitcoin, ale cel\u00fd finan\u010dn\u00ed model<\/p>\n\n\n\n Rizika tohoto modelu se naplno ukazuj\u00ed p\u0159i hor\u0161\u00edch podm\u00ednk\u00e1ch na trhu. Pades\u00e1t nejv\u011bt\u0161\u00edch bitcoinov\u00fdch treasury spole\u010dnost\u00ed ztratilo od \u010dervence 2025 dohromady p\u0159ibli\u017en\u011b 83 miliard dolar\u016f tr\u017en\u00ed hodnoty. Firm\u00e1m p\u0159itom d\u00e1l z\u016fst\u00e1vaj\u00ed n\u00e1klady na \u00faroky a dal\u0161\u00ed z\u00e1vazky, zat\u00edmco hodnota jejich hlavn\u00edho aktiva m\u016f\u017ee rychle klesat.<\/p>\n\n\n\n Akcie bitcoinov\u00fdch treasury spole\u010dnost\u00ed proto nejsou jednoduchou n\u00e1hradou p\u0159\u00edm\u00e9ho n\u00e1kupu BTC. Do jejich v\u00fdsledku vstupuje tak\u00e9 zadlu\u017een\u00ed, p\u0159\u00edpadn\u00e9 preferen\u010dn\u00ed akcie, nov\u00e9 emise, valuace firmy i schopnost managementu z\u00edsk\u00e1vat kapit\u00e1l za v\u00fdhodn\u00fdch podm\u00ednek. D\u016fle\u017eit\u011bj\u0161\u00ed ne\u017e samotn\u00e1 velikost bitcoinov\u00e9 rezervy tak m\u016f\u017ee b\u00fdt v\u00fdvoj mno\u017estv\u00ed BTC p\u0159ipadaj\u00edc\u00edho na jednu akcii.<\/p>\n\n\n\n \u201eAkcie bitcoinov\u00e9 treasury spole\u010dnosti proto nelze pova\u017eovat za jednoduchou n\u00e1hradu p\u0159\u00edm\u00e9ho n\u00e1kupu bitcoinu. Vedle v\u00fdvoje ceny kryptom\u011bny jejich hodnotu ovliv\u0148uje tak\u00e9 finan\u010dn\u00ed p\u00e1ka, \u0159ed\u011bn\u00ed akci\u00ed, valuace spole\u010dnosti a rozhodov\u00e1n\u00ed managementu,\u201c uv\u00e1d\u00ed se v anal\u00fdze na Crypto-Globe.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin se stal sou\u010d\u00e1st\u00ed finan\u010dn\u00ed strategie des\u00edtek ve\u0159ejn\u011b obchodovan\u00fdch spole\u010dnost\u00ed. N\u011bkter\u00e9 z nich ale nez\u016fst\u00e1vaj\u00ed pouze u n\u00e1kupu kryptom\u011bny a<\/p>\n","protected":false},"author":1,"featured_media":2867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout"},"categories":[58],"tags":[],"_links":{"self":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2866"}],"collection":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/comments?post=2866"}],"version-history":[{"count":1,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2866\/revisions"}],"predecessor-version":[{"id":2868,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/posts\/2866\/revisions\/2868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media\/2867"}],"wp:attachment":[{"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/media?parent=2866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/categories?post=2866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iforbes.cz\/index.php\/wp-json\/wp\/v2\/tags?post=2866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}