ETHZilla &#273;&atilde; b&aacute;n 40 tri&#7879;u USD Ethereum &#273;&#7875; t&agrave;i tr&#7907; cho vi&#7879;c mua l&#7841;i c&#7893; phi&#7871;u gi&#7919;a l&uacute;c gi&#7843;m gi&aacute; 30% so v&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV), nh&#7845;n m&#7841;nh s&#7921; c&#259;ng th&#7859;ng ng&agrave;y c&agrave;ng t&#259;ng trong l&#297;nh v&#7921;c kho b&#7841;c ti&#7873;n &#273;i&#7879;n t&#7917;. Trong khi &#273;&oacute;, Metaplanet c&#7911;a Nh&#7853;t B&#7843;n giao d&#7883;ch d&#432;&#7899;i m&#7913;c d&#7921; tr&#7919; Bitcoin c&#7911;a m&igrave;nh, l&agrave;m n&#7893;i b&#7853;t r&#7911;i ro ng&agrave;y c&agrave;ng t&#259;ng cho ng&agrave;nh.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o r&#7857;ng c&aacute;c c&ocirc;ng ty kho b&#7841;c ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i ba l&#7921;a ch&#7885;n nguy hi&#7875;m c&oacute; kh&#7843; n&#259;ng th&uacute;c &#273;&#7849;y s&#7921; m&#7903; r&#7897;ng &#273;&ograve;n b&#7849;y tr&ecirc;n to&agrave;n ng&agrave;nh n&#7871;u &aacute;p l&#7921;c th&#7883; tr&#432;&#7901;ng ti&#7871;p t&#7909;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-treasury-firms-confront-valuation-challenges">C&aacute;c c&ocirc;ng ty t&agrave;i ch&iacute;nh &#273;&#7889;i m&#7863;t v&#7899;i th&aacute;ch th&#7913;c &#273;&#7883;nh gi&aacute;</h2>

M&ocirc; h&igrave;nh kho b&#7841;c Bitcoin &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i &aacute;p l&#7921;c m&#7899;i khi m&#7897;t s&#7889; c&ocirc;ng ty r&#417;i xu&#7889;ng d&#432;&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV). Gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng &#273;&atilde; &#273;i&#7873;u ch&#7881;nh (mNAV) c&#7911;a Metaplanet <a href="https://vn.beincrypto.com/metaplanet-bitcoin-bet-at-risk/" target="_blank" rel="noreferrer noopener">g&#7847;n &#273;&acirc;y &#273;&atilde; gi&#7843;m xu&#7889;ng 0.99</a> m&#7863;c d&ugrave; doanh thu li&ecirc;n quan &#273;&#7871;n Bitcoin t&#259;ng 115.7% trong qu&yacute; 3.
M&#7863;c d&ugrave; sau &#273;&oacute; &#273;&atilde; ph&#7909;c h&#7891;i l&ecirc;n 1.03, s&#7921; suy gi&#7843;m n&agrave;y &#273;&aacute;nh d&#7845;u m&#7897;t k&#7883;ch b&#7843;n b&#7845;t th&#432;&#7901;ng khi gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng c&#7911;a c&ocirc;ng ty gi&#7843;m xu&#7889;ng th&#7845;p h&#417;n so v&#7899;i l&#432;&#7907;ng Bitcoin n&#7855;m gi&#7919; tr&#7921;c ti&#7871;p c&#7911;a n&oacute;.
<img style="height:400px;width:640px;" decoding="async" alt="Metaplanet mNAV" class="wp-image-766089 lazy" loading="lazy" src="https://assets.beincrypto.com/img/ZRuULHfUuy9ZmHaEmDJtWv8duCI=/smart/d59d471227f54c61ab88053cc61aa174">Metaplanet mNAV. Ngu&#7891;n:&nbsp;<a href="https://metaplanet.jp/en/analytics" target="_blank" rel="noreferrer noopener nofollow">Metaplanet Analytics</a>

K&#7875; t&#7915; th&aacute;ng 06, c&#7893; phi&#7871;u Metaplanet &#273;&atilde; gi&#7843;m kho&#7843;ng 70%, x&oacute;a b&#7887; m&#7913;c ch&ecirc;nh l&#7879;ch tr&#432;&#7899;c &#273;&oacute; cho chi&#7871;n l&#432;&#7907;c kho b&#7841;c Bitcoin c&#7911;a c&ocirc;ng ty. S&#7921; &#273;&#7843;o ng&#432;&#7907;c mNAV n&agrave;y cho th&#7845;y ni&#7873;m tin th&#7883; tr&#432;&#7901;ng gi&#7843;m s&uacute;t v&agrave;o c&aacute;c m&ocirc; h&igrave;nh kinh doanh t&#7853;p trung v&agrave;o Bitcoin v&agrave; &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i quan tr&#7885;ng v&#7873; kh&#7843; n&#259;ng ch&#7889;ng ch&#7883;u c&#7911;a ch&uacute;ng d&#432;&#7899;i &aacute;p l&#7921;c.
Nghi&ecirc;n c&#7913;u c&#7911;a Fidelity Digital Assets ch&#7881; ra r&#7857;ng c&aacute;c c&ocirc;ng ty c&ocirc;ng khai kh&ocirc;ng khai th&aacute;c hi&#7879;n &#273;ang n&#7855;m gi&#7919; h&#417;n 700,000 BTC v&agrave; 3 tri&#7879;u ETH, m&#7897;t s&#7921; t&#7853;p trung &#273;&aacute;ng k&#7875; c&#7911;a c&aacute;c t&agrave;i s&#7843;n n&agrave;y. &#272;i&#7873;u ki&#7879;n hi&#7879;n t&#7841;i ph&#417;i b&agrave;y nh&#7919;ng &#273;i&#7875;m y&#7871;u trong c&aacute;ch ti&#7871;p c&#7853;n qu&#7843;n l&yacute; t&agrave;i s&#7843;n n&agrave;y.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-corporate-buying-pauses-markets-at-risk">Ho&#7841;t &#273;&#7897;ng mua c&#7911;a doanh nghi&#7879;p t&#7841;m d&#7915;ng, th&#7883; tr&#432;&#7901;ng g&#7863;p r&#7911;i ro</h2>

Ph&acirc;n t&iacute;ch th&#7883; tr&#432;&#7901;ng g&#7847;n &#273;&acirc;y ph&aacute;t hi&#7879;n ra s&#7921; thi&#7871;u h&#7909;t &#273;&aacute;ng k&#7875; trong vi&#7879;c mua Bitcoin c&#7911;a c&aacute;c c&ocirc;ng ty sau khi gi&aacute; gi&#7843;m. David Duong, Tr&#432;&#7903;ng b&#7897; ph&#7853;n Nghi&ecirc;n c&#7913;u T&#7893; ch&#7913;c c&#7911;a Coinbase, ch&#7881; ra r&#7857;ng vi&#7879;c mua Bitcoin b&#7903;i c&aacute;c c&ocirc;ng ty kho b&#7841;c &#273;ang &#7903; m&#7913;c th&#7845;p nh&#7845;t trong n&#259;m, kh&ocirc;ng c&oacute; s&#7921; ph&#7909;c h&#7891;i r&otilde; r&#7879;t trong c&aacute;c &#273;&#7907;t t&#259;ng gi&aacute;.
S&#7921; v&#7855;ng m&#7863;t n&agrave;y l&agrave;m suy y&#7871;u c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng, v&igrave; c&aacute;c c&ocirc;ng ty n&agrave;y th&#432;&#7901;ng c&#7911;ng c&#7889; nhu c&#7847;u trong c&aacute;c giai &#273;o&#7841;n bi&#7871;n &#273;&#7897;ng. Kh&ocirc;ng c&oacute; s&#7921; tri&#7875;n khai c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n t&ugrave;y &yacute;, r&otilde; r&agrave;ng r&#7857;ng h&#7847;u h&#7871;t c&aacute;c kho b&#7841;c c&oacute; &iacute;t ni&#7873;m tin v&agrave;o &#273;i&#7873;u ki&#7879;n hi&#7879;n t&#7841;i.
V&#7873; Ethereum, vi&#7879;c mua v&#7851;n t&#7853;p trung v&agrave;o m&#7897;t th&#7921;c th&#7875;. N&#7871;u s&#7921; h&#7895; tr&#7907; n&agrave;y bi&#7871;n m&#7845;t, s&#7921; d&#7877; b&#7883; t&#7893;n th&#432;&#417;ng c&#7911;a th&#7883; tr&#432;&#7901;ng s&#7869; t&#259;ng m&#7841;nh, l&agrave;m l&#7897; r&otilde; s&#7921; ph&#7909; thu&#7897;c c&#7911;a n&oacute; v&agrave;o m&#7897;t nh&oacute;m nh&#7887; c&aacute;c ng&#432;&#7901;i mua l&#7899;n.
Vi&#7879;c ETHZilla b&aacute;n 40 tri&#7879;u USD Ethereum &#273;&#7875; mua l&#7841;i c&#7893; phi&#7871;u nh&#7845;n m&#7841;nh nh&#7919;ng h&agrave;nh &#273;&#7897;ng c&acirc;n b&#7857;ng kh&oacute; kh&#259;n hi&#7879;n nay.
M&#7863;c d&ugrave; &#273;&#7897;ng th&aacute;i n&agrave;y nh&#7857;m h&#7895; tr&#7907; gi&aacute; tr&#7883; c&#7893; phi&#7871;u khi m&#7913;c gi&#7843;m gi&aacute; t&#259;ng l&ecirc;n, nh&#432;ng n&oacute; &#273;&aacute;nh d&#7845;u s&#7921; chuy&#7875;n h&#432;&#7899;ng kh&#7887;i <a href="https://vn.beincrypto.com/the-ico-is-back-why-2025s-token-boom-looks-both-familiar-and-dangerous/" target="_blank" rel="noopener">c&aacute;c chi&#7871;n l&#432;&#7907;c t&iacute;ch l&#361;y t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917;</a>.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-treacherous-paths-facing-treasury-firms">Nh&#7919;ng con &#273;&#432;&#7901;ng nguy hi&#7875;m m&agrave; c&aacute;c c&ocirc;ng ty t&agrave;i ch&iacute;nh kho b&#7841;c ph&#7843;i &#273;&#7889;i m&#7863;t</h2>

Tr&#432;&#7899;c b&#7889;i c&#7843;nh n&agrave;y, Charles Edwards c&#7911;a Capriole Investments &#273;&#432;a ra ba l&#7921;a ch&#7885;n cho c&aacute;c c&ocirc;ng ty kho b&#7841;c giao d&#7883;ch d&#432;&#7899;i mNAV. M&#7895;i l&#7921;a ch&#7885;n &#273;&#7873;u mang r&#7911;i ro &#273;&aacute;ng k&#7875; nh&#432;ng c&oacute; ti&#7873;m n&#259;ng &#273;&#7883;nh h&igrave;nh l&#7841;i c&aacute;ch ng&agrave;nh qu&#7843;n l&yacute; t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&aacute;c c&ocirc;ng ty kho b&#7841;c giao d&#7883;ch d&#432;&#7899;i mNAV ch&#7881; c&oacute; 3 l&#7921;a ch&#7885;n: 1. B&aacute;n t&agrave;i s&#7843;n c&#417; b&#7843;n = x&#7845;u cho coin + x&#7845;u cho kinh doanh 2. B&#7883; mua l&#7841;i 3. T&#259;ng &#273;&ograve;n b&#7849;y &#273;&#7875; t&#259;ng &lsquo;l&#7907;i su&#7845;t&rsquo; v&agrave; n&#7893;i b&#7853;t,&rdquo; Edwards <a href="https://x.com/caprioleio/status/1982942412638171266" target="_blank" rel="noreferrer noopener nofollow">&#273;&atilde; n&ecirc;u r&otilde;</a>.
</blockquote>

Con &#273;&#432;&#7901;ng &#273;&#7847;u ti&ecirc;n, b&aacute;n d&#7921; tr&#7919; ti&#7873;n &#273;i&#7879;n t&#7917;, c&oacute; th&#7875; g&acirc;y t&#7893;n h&#7841;i c&#7843; gi&aacute; t&agrave;i s&#7843;n v&agrave; m&ocirc; h&igrave;nh kinh doanh. Vi&#7879;c thanh l&yacute; c&oacute; th&#7875; b&aacute;o hi&#7879;u s&#7921; &#273;&#7847;u h&agrave;ng v&agrave; &#273;&#7849;y gi&aacute; tr&#7883; xu&#7889;ng th&#7845;p h&#417;n n&#7919;a.
L&#7921;a ch&#7885;n th&#7913; hai, theo &#273;u&#7893;i vi&#7879;c b&#7883; mua l&#7841;i, c&oacute; th&#7875; cung c&#7845;p cho c&aacute;c c&ocirc;ng ty g&#7863;p kh&oacute; kh&#259;n m&#7897;t l&#7889;i tho&aacute;t. Tuy nhi&ecirc;n, s&#7921; h&#7907;p nh&#7845;t trong ng&agrave;nh s&#7869; gi&#7843;m s&#7889; l&#432;&#7907;ng c&aacute;c c&ocirc;ng ty &#273;&#7897;c l&#7853;p v&agrave; t&#7853;p trung h&oacute;a t&agrave;i s&#7843;n h&#417;n n&#7919;a.
L&#7921;a ch&#7885;n th&#7913; ba, v&agrave; r&#7911;i ro nh&#7845;t, l&agrave; t&#259;ng &#273;&ograve;n b&#7849;y &#273;&#7875; c&#7843;i thi&#7879;n l&#7907;i su&#7845;t. Edwards c&#7843;nh b&aacute;o r&#7857;ng &#273;i&#7873;u n&agrave;y t&#7841;o ra &ldquo;&#273;&#7897;ng l&#7921;c ph&ugrave; h&#7907;p cho s&#7921; t&#259;ng tr&#432;&#7903;ng &#273;&ograve;n b&#7849;y l&#7899;n c&#7911;a ng&agrave;nh,&rdquo; m&#7897;t k&#7883;ch b&#7843;n c&oacute; th&#7875; g&acirc;y ra kh&#7911;ng ho&#7843;ng r&#7897;ng h&#417;n n&#7871;u <a href="https://vn.beincrypto.com/thi-truong-tien-dien-tu-17-6/" target="_blank" rel="noopener">th&#7883; tr&#432;&#7901;ng suy y&#7871;u</a>.
Trong nh&#7919;ng tu&#7847;n t&#7899;i, c&aacute;c c&ocirc;ng ty kho b&#7841;c s&#7869; &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&#7917; th&aacute;ch quan tr&#7885;ng. H&#7885; ph&#7843;i &#273;i&#7873;u h&#432;&#7899;ng nh&#7919;ng th&aacute;ch th&#7913;c c&#7845;p b&aacute;ch n&agrave;y m&agrave; kh&ocirc;ng l&agrave;m m&#7845;t c&acirc;n b&#7857;ng th&#7883; tr&#432;&#7901;ng th&ocirc;ng qua &#273;&ograve;n b&#7849;y r&#7911;i ro.
<a href="https://beincrypto.com/metaplanet-bitcoin-bet-at-risk/" target="_blank" rel="noopener">Cu&#7897;c h&#7885;p &#273;&#7841;i h&#7897;i &#273;&#7891;ng b&#7845;t th&#432;&#7901;ng c&#7911;a Metaplanet v&agrave;o ng&agrave;y 22/12</a> c&oacute; th&#7875; ti&#7871;t l&#7897; c&aacute;ch c&aacute;c c&ocirc;ng ty n&agrave;y d&#7921; &#273;&#7883;nh th&iacute;ch &#7913;ng v&agrave; t&#7891;n t&#7841;i gi&#7919;a &aacute;p l&#7921;c mNAV k&eacute;o d&agrave;i.

Các công ty quản lý quỹ tiền điện tử đối mặt với khủng hoảng đòn bẩy khi chiết khấu NAV buộc phải thực hiện các động thái rủi ro

ETHZilla &#273;&atilde; b&aacute;n 40 tri&#7879;u USD Ethereum &#273;&#7875; t&agrave;i tr&#7907; cho vi&#7879;c mua l&#7841;i c&#7893; phi&#7871;u gi&#7919;a l&uacute;c gi&#7843;m gi&aacute; 30% so v&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV), nh&#7845;n m&#7841;nh s&#7921; c&#259;ng th&#7859;ng ng&agrave;y c&agrave;ng t&#259;ng trong l&#297;nh v&#7921;c kho b&#7841;c ti&#7873;n &#273;i&#7879;n t&#7917;. Trong khi &#273;&oacute;, Metaplanet c&#7911;a Nh&#7853;t B&#7843;n giao d&#7883;ch d&#432;&#7899;i m&#7913;c d&#7921; tr&#7919; Bitcoin c&#7911;a m&igrave;nh, l&agrave;m n&#7893;i b&#7853;t r&#7911;i ro ng&agrave;y c&agrave;ng t&#259;ng cho ng&agrave;nh.
C&aacute;c nh&agrave; ph&acirc;n t&iacute;ch c&#7843;nh b&aacute;o r&#7857;ng c&aacute;c c&ocirc;ng ty kho b&#7841;c ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i ba l&#7921;a ch&#7885;n nguy hi&#7875;m c&oacute; kh&#7843; n&#259;ng th&uacute;c &#273;&#7849;y s&#7921; m&#7903; r&#7897;ng &#273;&ograve;n b&#7849;y tr&ecirc;n to&agrave;n ng&agrave;nh n&#7871;u &aacute;p l&#7921;c th&#7883; tr&#432;&#7901;ng ti&#7871;p t&#7909;c.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-treasury-firms-confront-valuation-challenges">C&aacute;c c&ocirc;ng ty t&agrave;i ch&iacute;nh &#273;&#7889;i m&#7863;t v&#7899;i th&aacute;ch th&#7913;c &#273;&#7883;nh gi&aacute;</h2>

M&ocirc; h&igrave;nh kho b&#7841;c Bitcoin &#273;ang &#273;&#7889;i m&#7863;t v&#7899;i &aacute;p l&#7921;c m&#7899;i khi m&#7897;t s&#7889; c&ocirc;ng ty r&#417;i xu&#7889;ng d&#432;&#7899;i gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV). Gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng &#273;&atilde; &#273;i&#7873;u ch&#7881;nh (mNAV) c&#7911;a Metaplanet <a href="https://vn.beincrypto.com/metaplanet-bitcoin-bet-at-risk/" target="_blank" rel="noreferrer noopener">g&#7847;n &#273;&acirc;y &#273;&atilde; gi&#7843;m xu&#7889;ng 0.99</a> m&#7863;c d&ugrave; doanh thu li&ecirc;n quan &#273;&#7871;n Bitcoin t&#259;ng 115.7% trong qu&yacute; 3.
M&#7863;c d&ugrave; sau &#273;&oacute; &#273;&atilde; ph&#7909;c h&#7891;i l&ecirc;n 1.03, s&#7921; suy gi&#7843;m n&agrave;y &#273;&aacute;nh d&#7845;u m&#7897;t k&#7883;ch b&#7843;n b&#7845;t th&#432;&#7901;ng khi gi&aacute; tr&#7883; th&#7883; tr&#432;&#7901;ng c&#7911;a c&ocirc;ng ty gi&#7843;m xu&#7889;ng th&#7845;p h&#417;n so v&#7899;i l&#432;&#7907;ng Bitcoin n&#7855;m gi&#7919; tr&#7921;c ti&#7871;p c&#7911;a n&oacute;.
<img style="height:400px;width:640px;"decoding="async" alt="Metaplanet mNAV" class="wp-image-766089 lazy" loading="lazy" src="https://assets.beincrypto.com/img/ZRuULHfUuy9ZmHaEmDJtWv8duCI=/smart/d59d471227f54c61ab88053cc61aa174">Metaplanet mNAV. Ngu&#7891;n:&nbsp;<a href="https://metaplanet.jp/en/analytics" target="_blank" rel="noreferrer noopener nofollow">Metaplanet Analytics</a>

K&#7875; t&#7915; th&aacute;ng 06, c&#7893; phi&#7871;u Metaplanet &#273;&atilde; gi&#7843;m kho&#7843;ng 70%, x&oacute;a b&#7887; m&#7913;c ch&ecirc;nh l&#7879;ch tr&#432;&#7899;c &#273;&oacute; cho chi&#7871;n l&#432;&#7907;c kho b&#7841;c Bitcoin c&#7911;a c&ocirc;ng ty. S&#7921; &#273;&#7843;o ng&#432;&#7907;c mNAV n&agrave;y cho th&#7845;y ni&#7873;m tin th&#7883; tr&#432;&#7901;ng gi&#7843;m s&uacute;t v&agrave;o c&aacute;c m&ocirc; h&igrave;nh kinh doanh t&#7853;p trung v&agrave;o Bitcoin v&agrave; &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i quan tr&#7885;ng v&#7873; kh&#7843; n&#259;ng ch&#7889;ng ch&#7883;u c&#7911;a ch&uacute;ng d&#432;&#7899;i &aacute;p l&#7921;c.
Nghi&ecirc;n c&#7913;u c&#7911;a Fidelity Digital Assets ch&#7881; ra r&#7857;ng c&aacute;c c&ocirc;ng ty c&ocirc;ng khai kh&ocirc;ng khai th&aacute;c hi&#7879;n &#273;ang n&#7855;m gi&#7919; h&#417;n 700,000 BTC v&agrave; 3 tri&#7879;u ETH, m&#7897;t s&#7921; t&#7853;p trung &#273;&aacute;ng k&#7875; c&#7911;a c&aacute;c t&agrave;i s&#7843;n n&agrave;y. &#272;i&#7873;u ki&#7879;n hi&#7879;n t&#7841;i ph&#417;i b&agrave;y nh&#7919;ng &#273;i&#7875;m y&#7871;u trong c&aacute;ch ti&#7871;p c&#7853;n qu&#7843;n l&yacute; t&agrave;i s&#7843;n n&agrave;y.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-corporate-buying-pauses-markets-at-risk">Ho&#7841;t &#273;&#7897;ng mua c&#7911;a doanh nghi&#7879;p t&#7841;m d&#7915;ng, th&#7883; tr&#432;&#7901;ng g&#7863;p r&#7911;i ro</h2>

Ph&acirc;n t&iacute;ch th&#7883; tr&#432;&#7901;ng g&#7847;n &#273;&acirc;y ph&aacute;t hi&#7879;n ra s&#7921; thi&#7871;u h&#7909;t &#273;&aacute;ng k&#7875; trong vi&#7879;c mua Bitcoin c&#7911;a c&aacute;c c&ocirc;ng ty sau khi gi&aacute; gi&#7843;m. David Duong, Tr&#432;&#7903;ng b&#7897; ph&#7853;n Nghi&ecirc;n c&#7913;u T&#7893; ch&#7913;c c&#7911;a Coinbase, ch&#7881; ra r&#7857;ng vi&#7879;c mua Bitcoin b&#7903;i c&aacute;c c&ocirc;ng ty kho b&#7841;c &#273;ang &#7903; m&#7913;c th&#7845;p nh&#7845;t trong n&#259;m, kh&ocirc;ng c&oacute; s&#7921; ph&#7909;c h&#7891;i r&otilde; r&#7879;t trong c&aacute;c &#273;&#7907;t t&#259;ng gi&aacute;.
S&#7921; v&#7855;ng m&#7863;t n&agrave;y l&agrave;m suy y&#7871;u c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng, v&igrave; c&aacute;c c&ocirc;ng ty n&agrave;y th&#432;&#7901;ng c&#7911;ng c&#7889; nhu c&#7847;u trong c&aacute;c giai &#273;o&#7841;n bi&#7871;n &#273;&#7897;ng. Kh&ocirc;ng c&oacute; s&#7921; tri&#7875;n khai c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n t&ugrave;y &yacute;, r&otilde; r&agrave;ng r&#7857;ng h&#7847;u h&#7871;t c&aacute;c kho b&#7841;c c&oacute; &iacute;t ni&#7873;m tin v&agrave;o &#273;i&#7873;u ki&#7879;n hi&#7879;n t&#7841;i.
V&#7873; Ethereum, vi&#7879;c mua v&#7851;n t&#7853;p trung v&agrave;o m&#7897;t th&#7921;c th&#7875;. N&#7871;u s&#7921; h&#7895; tr&#7907; n&agrave;y bi&#7871;n m&#7845;t, s&#7921; d&#7877; b&#7883; t&#7893;n th&#432;&#417;ng c&#7911;a th&#7883; tr&#432;&#7901;ng s&#7869; t&#259;ng m&#7841;nh, l&agrave;m l&#7897; r&otilde; s&#7921; ph&#7909; thu&#7897;c c&#7911;a n&oacute; v&agrave;o m&#7897;t nh&oacute;m nh&#7887; c&aacute;c ng&#432;&#7901;i mua l&#7899;n.
Vi&#7879;c ETHZilla b&aacute;n 40 tri&#7879;u USD Ethereum &#273;&#7875; mua l&#7841;i c&#7893; phi&#7871;u nh&#7845;n m&#7841;nh nh&#7919;ng h&agrave;nh &#273;&#7897;ng c&acirc;n b&#7857;ng kh&oacute; kh&#259;n hi&#7879;n nay.
M&#7863;c d&ugrave; &#273;&#7897;ng th&aacute;i n&agrave;y nh&#7857;m h&#7895; tr&#7907; gi&aacute; tr&#7883; c&#7893; phi&#7871;u khi m&#7913;c gi&#7843;m gi&aacute; t&#259;ng l&ecirc;n, nh&#432;ng n&oacute; &#273;&aacute;nh d&#7845;u s&#7921; chuy&#7875;n h&#432;&#7899;ng kh&#7887;i <a href="https://vn.beincrypto.com/the-ico-is-back-why-2025s-token-boom-looks-both-familiar-and-dangerous/" target="_blank" rel="noopener">c&aacute;c chi&#7871;n l&#432;&#7907;c t&iacute;ch l&#361;y t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917;</a>.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-treacherous-paths-facing-treasury-firms">Nh&#7919;ng con &#273;&#432;&#7901;ng nguy hi&#7875;m m&agrave; c&aacute;c c&ocirc;ng ty t&agrave;i ch&iacute;nh kho b&#7841;c ph&#7843;i &#273;&#7889;i m&#7863;t</h2>

Tr&#432;&#7899;c b&#7889;i c&#7843;nh n&agrave;y, Charles Edwards c&#7911;a Capriole Investments &#273;&#432;a ra ba l&#7921;a ch&#7885;n cho c&aacute;c c&ocirc;ng ty kho b&#7841;c giao d&#7883;ch d&#432;&#7899;i mNAV. M&#7895;i l&#7921;a ch&#7885;n &#273;&#7873;u mang r&#7911;i ro &#273;&aacute;ng k&#7875; nh&#432;ng c&oacute; ti&#7873;m n&#259;ng &#273;&#7883;nh h&igrave;nh l&#7841;i c&aacute;ch ng&agrave;nh qu&#7843;n l&yacute; t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917;.
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&ldquo;C&aacute;c c&ocirc;ng ty kho b&#7841;c giao d&#7883;ch d&#432;&#7899;i mNAV ch&#7881; c&oacute; 3 l&#7921;a ch&#7885;n: 1. B&aacute;n t&agrave;i s&#7843;n c&#417; b&#7843;n = x&#7845;u cho coin + x&#7845;u cho kinh doanh 2. B&#7883; mua l&#7841;i 3. T&#259;ng &#273;&ograve;n b&#7849;y &#273;&#7875; t&#259;ng &lsquo;l&#7907;i su&#7845;t&rsquo; v&agrave; n&#7893;i b&#7853;t,&rdquo; Edwards <a href="https://x.com/caprioleio/status/1982942412638171266" target="_blank" rel="noreferrer noopener nofollow">&#273;&atilde; n&ecirc;u r&otilde;</a>.
</blockquote>

Con &#273;&#432;&#7901;ng &#273;&#7847;u ti&ecirc;n, b&aacute;n d&#7921; tr&#7919; ti&#7873;n &#273;i&#7879;n t&#7917;, c&oacute; th&#7875; g&acirc;y t&#7893;n h&#7841;i c&#7843; gi&aacute; t&agrave;i s&#7843;n v&agrave; m&ocirc; h&igrave;nh kinh doanh. Vi&#7879;c thanh l&yacute; c&oacute; th&#7875; b&aacute;o hi&#7879;u s&#7921; &#273;&#7847;u h&agrave;ng v&agrave; &#273;&#7849;y gi&aacute; tr&#7883; xu&#7889;ng th&#7845;p h&#417;n n&#7919;a.
L&#7921;a ch&#7885;n th&#7913; hai, theo &#273;u&#7893;i vi&#7879;c b&#7883; mua l&#7841;i, c&oacute; th&#7875; cung c&#7845;p cho c&aacute;c c&ocirc;ng ty g&#7863;p kh&oacute; kh&#259;n m&#7897;t l&#7889;i tho&aacute;t. Tuy nhi&ecirc;n, s&#7921; h&#7907;p nh&#7845;t trong ng&agrave;nh s&#7869; gi&#7843;m s&#7889; l&#432;&#7907;ng c&aacute;c c&ocirc;ng ty &#273;&#7897;c l&#7853;p v&agrave; t&#7853;p trung h&oacute;a t&agrave;i s&#7843;n h&#417;n n&#7919;a.
L&#7921;a ch&#7885;n th&#7913; ba, v&agrave; r&#7911;i ro nh&#7845;t, l&agrave; t&#259;ng &#273;&ograve;n b&#7849;y &#273;&#7875; c&#7843;i thi&#7879;n l&#7907;i su&#7845;t. Edwards c&#7843;nh b&aacute;o r&#7857;ng &#273;i&#7873;u n&agrave;y t&#7841;o ra &ldquo;&#273;&#7897;ng l&#7921;c ph&ugrave; h&#7907;p cho s&#7921; t&#259;ng tr&#432;&#7903;ng &#273;&ograve;n b&#7849;y l&#7899;n c&#7911;a ng&agrave;nh,&rdquo; m&#7897;t k&#7883;ch b&#7843;n c&oacute; th&#7875; g&acirc;y ra kh&#7911;ng ho&#7843;ng r&#7897;ng h&#417;n n&#7871;u <a href="https://vn.beincrypto.com/thi-truong-tien-dien-tu-17-6/" target="_blank" rel="noopener">th&#7883; tr&#432;&#7901;ng suy y&#7871;u</a>.
Trong nh&#7919;ng tu&#7847;n t&#7899;i, c&aacute;c c&ocirc;ng ty kho b&#7841;c s&#7869; &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&#7917; th&aacute;ch quan tr&#7885;ng. H&#7885; ph&#7843;i &#273;i&#7873;u h&#432;&#7899;ng nh&#7919;ng th&aacute;ch th&#7913;c c&#7845;p b&aacute;ch n&agrave;y m&agrave; kh&ocirc;ng l&agrave;m m&#7845;t c&acirc;n b&#7857;ng th&#7883; tr&#432;&#7901;ng th&ocirc;ng qua &#273;&ograve;n b&#7849;y r&#7911;i ro.
<a href="https://beincrypto.com/metaplanet-bitcoin-bet-at-risk/" target="_blank" rel="noopener">Cu&#7897;c h&#7885;p &#273;&#7841;i h&#7897;i &#273;&#7891;ng b&#7845;t th&#432;&#7901;ng c&#7911;a Metaplanet v&agrave;o ng&agrave;y 22/12</a> c&oacute; th&#7875; ti&#7871;t l&#7897; c&aacute;ch c&aacute;c c&ocirc;ng ty n&agrave;y d&#7921; &#273;&#7883;nh th&iacute;ch &#7913;ng v&agrave; t&#7891;n t&#7841;i gi&#7919;a &aacute;p l&#7921;c mNAV k&eacute;o d&agrave;i.