Th&aacute;ng 09 &#273;ang cho th&#7845;y t&acirc;m tr&#7841;ng kh&ocirc;ng y&ecirc;n &#7893;n trong c&aacute;c kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; (DATs).
Nh&#7919;ng g&igrave; b&#7855;t &#273;&#7847;u nh&#432; m&#7897;t n&#259;m t&iacute;ch l&#361;y m&#7841;nh m&#7869; b&#7903;i c&aacute;c c&ocirc;ng ty l&#7899;n gi&#7901; &#273;&acirc;y &#273;&atilde; g&#7863;p ph&#7843;i th&#7921;c t&#7871; kh&#7855;c nghi&#7879;t c&#7911;a vi&#7879;c s&#7909;t gi&#7843;m gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng (mNAVs), s&#7921; th&#7853;n tr&#7885;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432; v&agrave; s&#7921; gi&#7843;m gi&aacute; c&#7893; phi&#7871;u &#273;&aacute;ng k&#7875;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-dats-holding-top-crypto-assets-are-losing-purchasing-power-as-september-mutes-the-rally">DATs n&#7855;m gi&#7919; t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; h&agrave;ng &#273;&#7847;u &#273;ang m&#7845;t s&#7913;c mua khi th&aacute;ng 09 l&agrave;m d&#7883;u &#273;&agrave; t&#259;ng</h2>

Theo b&aacute;o c&aacute;o m&#7899;i nh&#7845;t c&#7911;a Kaiko, c&aacute;c c&ocirc;ng ty kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;&atilde; &#273;&oacute;ng vai tr&ograve; trung t&acirc;m trong &#273;&#7907;t t&#259;ng gi&aacute; ti&#7873;n &#273;i&#7879;n t&#7917; n&#259;m 2025.
C&aacute;c c&ocirc;ng ty nh&#432; Strategy (MSTR), BitMine v&agrave; SharpLink &#273;&atilde; li&ecirc;n t&#7909;c t&iacute;ch l&#361;y Bitcoin, Ethereum v&agrave; Solana, gi&uacute;p h&#7895; tr&#7907; gi&aacute; giao ngay v&agrave; thu h&uacute;t d&ograve;ng ti&#7873;n m&#7899;i.
Strategy l&agrave; v&iacute; d&#7909; n&#7893;i b&#7853;t nh&#7845;t. Trong ch&#432;a &#273;&#7847;y ch&iacute;n th&aacute;ng, c&ocirc;ng ty &#273;&atilde; th&ecirc;m 190,000 BTC, n&acirc;ng t&#7893;ng s&#7889; l&#432;&#7907;ng n&#7855;m gi&#7919; l&ecirc;n h&#417;n 638,000, g&#7847;n b&#7857;ng v&#7899;i k&#7927; l&#7909;c mua v&agrave;o n&#259;m 2024.
<img style="height:400px;width:640px;" decoding="async" alt="Top Public BTC Treasury Companies" class="wp-image-742738 lazy" loading="lazy" src="https://assets.beincrypto.com/img/8p0ZvBZfMaes8zvpiMNg4yPj8bA=/smart/515ce2baa83e4a629adbf128e87987eb">C&aacute;c c&ocirc;ng ty kho b&#7841;c BTC c&ocirc;ng khai h&agrave;ng &#273;&#7847;u. Ngu&#7891;n: <a href="https://bitcointreasuries.net/" target="_blank" rel="noreferrer noopener nofollow">Bitcoin Treasuries.</a>

BitMine v&agrave; SharpLink &#273;&atilde; &aacute;p d&#7909;ng chi&#7871;n l&#432;&#7907;c t&#432;&#417;ng t&#7921; v&#7899;i Ethereum (ETH), trong khi c&aacute;c c&ocirc;ng ty m&#7899;i tham gia &#273;ang &#273;a d&#7841;ng h&oacute;a v&agrave;o XRP, SOL v&agrave; th&#7853;m ch&iacute; c&#7843; c&aacute;c coin nh&#7887; h&#417;n nh&#432; HYPE v&agrave; ENA.
Ho&#7841;t &#273;&#7897;ng n&agrave;y &#273;&atilde; th&uacute;c &#273;&#7849;y s&#7921; h&#7913;ng th&uacute; xung quanh c&aacute;c c&ocirc;ng ty kho b&#7841;c ti&#7873;n &#273;i&#7879;n t&#7917; ni&ecirc;m y&#7871;t, &#273;&#7863;c bi&#7879;t l&agrave; &#7903; khu v&#7921;c Ch&acirc;u &Aacute; &ndash; Th&aacute;i B&igrave;nh D&#432;&#417;ng, n&#417;i m&ocirc; h&igrave;nh n&agrave;y &#273;&atilde; ph&aacute;t tri&#7875;n m&#7841;nh m&#7869;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-mnav-collapse-signals-investor-caution">S&#7921; s&#7909;p &#273;&#7893; c&#7911;a mNAV b&aacute;o hi&#7879;u s&#7921; th&#7853;n tr&#7885;ng cho nh&agrave; &#273;&#7847;u t&#432;</h2>

Tuy nhi&ecirc;n, r&#7911;i ro &#273;ang t&iacute;ch t&#7909; d&#432;&#7899;i b&#7873; m&#7863;t. D&#7919; li&#7879;u t&#7915; Artemis Analytics cho th&#7845;y mNAV c&#7911;a c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; BTC, ETH v&agrave; SOL &#273;&atilde; gi&#7843;m m&#7841;nh trong ba th&aacute;ng li&ecirc;n ti&#7871;p, &#273;&#7841;t m&#7913;c th&#7845;p m&#7899;i v&agrave;o th&aacute;ng 09.
<img style="height:400px;width:640px;" decoding="async" alt="mNAV by Digital Asset Treasury" class="wp-image-742741 lazy" loading="lazy" src="https://assets.beincrypto.com/img/T4ldbCoPicTvJpBOyhYwa1xqsY8=/smart/4de0efe5163248dcb51c06919c684983">mNAV b&#7903;i kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889;. Ngu&#7891;n: <a href="https://app.artemisanalytics.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">Artemis</a>

C&aacute;c con s&#7889; cho th&#7845;y r&#7857;ng, m&#7863;c d&ugrave; c&oacute; s&#7921; t&iacute;ch l&#361;y, DATs &#273;ang m&#7845;t d&#7847;n s&#7913;c mua khi c&aacute;c t&agrave;i s&#7843;n c&#417; b&#7843;n kh&ocirc;ng th&#7875; b&ugrave; &#273;&#7855;p s&#7921; s&#7909;t gi&#7843;m c&#7911;a c&#7893; phi&#7871;u.
&Aacute;p l&#7921;c &#273;&atilde; th&#7875; hi&#7879;n r&otilde; trong hi&#7879;u su&#7845;t c&#7893; phi&#7871;u. BeInCrypto tr&#432;&#7899;c &#273;&oacute; &#273;&atilde; b&aacute;o c&aacute;o r&#7857;ng c&#7893; phi&#7871;u c&#7911;a Next Technology Holding (NXTT) &#273;&atilde; gi&#7843;m g&#7847;n 5% sau khi c&ocirc;ng ty n&#7897;p &#273;&#417;n &#273;&#7875; huy &#273;&#7897;ng 500 tri&#7879;u USD cho vi&#7879;c mua th&ecirc;m Bitcoin.
C&ocirc;ng ty &#273;&atilde; n&#7855;m gi&#7919; 5,833 BTC, tr&#7883; gi&aacute; 673 tri&#7879;u USD, nh&#432;ng th&ocirc;ng b&aacute;o n&agrave;y &#273;&atilde; g&acirc;y ra s&#7921; ho&agrave;i nghi h&#417;n l&agrave; s&#7921; tin t&#432;&#7903;ng.
Nh&#7919;ng t&#7893;n th&#7845;t l&#7899;n nh&#7845;t &#273;&#7871;n t&#7915; c&#7893; phi&#7871;u NAKA c&#7911;a KindlyMD, gi&#7843;m 55% sau khi c&#7893; phi&#7871;u PIPE v&agrave;o th&#7883; tr&#432;&#7901;ng, c&#7897;ng th&ecirc;m m&#7913;c gi&#7843;m 90% h&agrave;ng th&aacute;ng.
CEO David Bailey &#273;&atilde; n&oacute;i v&#7899;i c&aacute;c c&#7893; &#273;&ocirc;ng r&#7857;ng s&#7921; bi&#7871;n &#273;&#7897;ng l&agrave; &#273;i&#7873;u &#273;&#432;&#7907;c d&#7921; &#273;o&aacute;n v&agrave; xem s&#7921; h&#7895;n lo&#7841;n n&agrave;y nh&#432; m&#7897;t c&#417; h&#7897;i &#273;&#7875; &#273;&#7891;ng h&agrave;nh c&ugrave;ng nh&#7919;ng ng&#432;&#7901;i &#7911;ng h&#7897; l&acirc;u d&agrave;i. Tuy nhi&ecirc;n, m&#7913;c &#273;&#7897; nghi&ecirc;m tr&#7885;ng c&#7911;a s&#7921; s&#7909;p &#273;&#7893; ph&#7843;n &aacute;nh nh&#7919;ng r&#7911;i ro c&#7845;u tr&uacute;c m&agrave; c&aacute;c nh&agrave; ph&ecirc; b&igrave;nh &#273;&atilde; c&#7843;nh b&aacute;o t&#7915; l&acirc;u.
<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;T&#7915; &#273;&#7847;u, t&ocirc;i &#273;&atilde; c&#7843;nh b&aacute;o r&#7857;ng c&aacute;c c&ocirc;ng ty kho b&#7841;c Bitcoin l&agrave; nh&#7919;ng m&ocirc; h&igrave;nh Ponzi &#273;&#432;&#7907;c x&acirc;y d&#7921;ng tr&ecirc;n m&#7897;t kim t&#7921; th&aacute;p. H&ocirc;m nay, NAKA gi&#7843;m 55%, hi&#7879;n &#273;&atilde; gi&#7843;m 96% k&#7875; t&#7915; th&aacute;ng 05,&rdquo; ng&#432;&#7901;i &#7911;ng h&#7897; v&agrave;ng Peter Schiff nh&#7853;n x&eacute;t.
</blockquote>

T&#432;&#417;ng t&#7921;, s&#7921; n&eacute;n NAV c&#7911;a MicroStrategy &#273;&atilde; h&#7841;n ch&#7871; vi&#7879;c mua BTC m&#7899;i. H&#7879; s&#7889; gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV) c&#7911;a c&ocirc;ng ty &#273;&atilde; gi&#7843;m t&#7915; 1.75x v&agrave;o th&aacute;ng 06 xu&#7889;ng c&ograve;n 1.24x v&agrave;o th&aacute;ng 09, h&#7841;n ch&#7871; c&aacute;c giao d&#7883;ch mua m&#7899;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-innovation-or-recklessness">&#272;&#7893;i m&#7899;i hay li&#7873;u l&#297;nh?</h2>

Gi&#7919;a s&#7921; h&#7895;n lo&#7841;n, m&#7897;t s&#7889; ng&#432;&#7901;i trong gi&#7899;i ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang &#273;&#7873; xu&#7845;t c&aacute;c gi&#7843;i ph&aacute;p kh&ocirc;ng ch&iacute;nh th&#7889;ng. Nh&agrave; ph&acirc;n t&iacute;ch DeFi Ignas cho r&#7857;ng vi&#7879;c m&atilde; h&oacute;a c&#7893; phi&#7871;u DAT c&oacute; th&#7875; t&#7841;o ra c&#417; h&#7897;i kinh doanh ch&ecirc;nh l&#7879;ch gi&aacute;, mang l&#7841;i thanh kho&#7843;n tr&ecirc;n chu&#7895;i v&agrave; t&aacute;i k&#7871;t n&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; g&#7889;c 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;DATs &#273;ang c&#7841;n ki&#7879;t s&#7913;c mua khi mNAVs s&#7909;p &#273;&#7893;. H&#7885; n&ecirc;n m&atilde; h&oacute;a c&#7893; phi&#7871;u c&#7911;a m&igrave;nh &#273;&#7875; ngay c&#7843; nh&#7919;ng ng&#432;&#7901;i &#273;am m&ecirc; ti&#7873;n &#273;i&#7879;n t&#7917; c&#361;ng c&oacute; th&#7875; mua,&rdquo; anh &#7845;y n&oacute;i.
</blockquote>

M&#7863;c d&ugrave; m&atilde; h&oacute;a c&oacute; th&#7875; m&#7903; r&#7897;ng quy&#7873;n truy c&#7853;p, nh&#432;ng n&oacute; c&#361;ng s&#7869; th&ecirc;m m&#7897;t l&#7899;p &#273;&#7847;u c&#417; kh&aacute;c v&agrave;o c&aacute;c c&ocirc;ng c&#7909; v&#7889;n &#273;&atilde; bi&#7871;n &#273;&#7897;ng.
Kho b&#7841;c d&#7921;a tr&ecirc;n ETH, Ignas b&#7893; sung, v&#7851;n ch&#432;a kh&aacute;m ph&aacute; t&agrave;i tr&#7907; n&#7907;, &#273;&#7875; l&#7841;i nhi&#7873;u c&#259;ng th&#7859;ng ti&#7873;m &#7849;n ph&iacute;a tr&#432;&#7899;c.
Tuy nhi&ecirc;n, s&#7921; suy gi&#7843;m trong th&aacute;ng 09 l&agrave;m n&#7893;i b&#7853;t m&#7897;t ngh&#7883;ch l&yacute;. C&aacute;c DAT h&#7895; tr&#7907; th&#7883; tr&#432;&#7901;ng giao ngay ti&#7873;n &#273;i&#7879;n t&#7917; th&ocirc;ng qua vi&#7879;c t&iacute;ch l&#361;y m&#7841;nh m&#7869;.
Tuy nhi&ecirc;n, c&#7893; phi&#7871;u c&#7911;a h&#7885; &#273;ang s&#7909;p &#273;&#7893; khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;&#7863;t c&acirc;u h&#7887;i v&#7873; t&iacute;nh b&#7873;n v&#7919;ng. M&ocirc; h&igrave;nh n&agrave;y d&#432;&#7901;ng nh&#432; b&#7883; m&#7855;c k&#7865;t gi&#7919;a l&#7901;i h&#7913;a nh&#432; m&#7897;t chi&#7871;n l&#432;&#7907;c ng&acirc;n qu&#7929; doanh nghi&#7879;p m&#7899;i v&agrave; th&#7921;c t&#7871; kh&#7855;c nghi&#7879;t c&#7911;a s&#7921; gi&aacute;m s&aacute;t t&#7915; th&#7883; tr&#432;&#7901;ng c&ocirc;ng khai.

Từ tích lũy đến lo lắng: Các công ty quản lý quỹ tiền điện tử đối mặt với thực tế khắc nghiệt của thị trường

Th&aacute;ng 09 &#273;ang cho th&#7845;y t&acirc;m tr&#7841;ng kh&ocirc;ng y&ecirc;n &#7893;n trong c&aacute;c kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; (DATs).
Nh&#7919;ng g&igrave; b&#7855;t &#273;&#7847;u nh&#432; m&#7897;t n&#259;m t&iacute;ch l&#361;y m&#7841;nh m&#7869; b&#7903;i c&aacute;c c&ocirc;ng ty l&#7899;n gi&#7901; &#273;&acirc;y &#273;&atilde; g&#7863;p ph&#7843;i th&#7921;c t&#7871; kh&#7855;c nghi&#7879;t c&#7911;a vi&#7879;c s&#7909;t gi&#7843;m gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng tr&ecirc;n th&#7883; tr&#432;&#7901;ng (mNAVs), s&#7921; th&#7853;n tr&#7885;ng c&#7911;a nh&agrave; &#273;&#7847;u t&#432; v&agrave; s&#7921; gi&#7843;m gi&aacute; c&#7893; phi&#7871;u &#273;&aacute;ng k&#7875;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-dats-holding-top-crypto-assets-are-losing-purchasing-power-as-september-mutes-the-rally">DATs n&#7855;m gi&#7919; t&agrave;i s&#7843;n ti&#7873;n &#273;i&#7879;n t&#7917; h&agrave;ng &#273;&#7847;u &#273;ang m&#7845;t s&#7913;c mua khi th&aacute;ng 09 l&agrave;m d&#7883;u &#273;&agrave; t&#259;ng</h2>

Theo b&aacute;o c&aacute;o m&#7899;i nh&#7845;t c&#7911;a Kaiko, c&aacute;c c&ocirc;ng ty kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; &#273;&atilde; &#273;&oacute;ng vai tr&ograve; trung t&acirc;m trong &#273;&#7907;t t&#259;ng gi&aacute; ti&#7873;n &#273;i&#7879;n t&#7917; n&#259;m 2025.
C&aacute;c c&ocirc;ng ty nh&#432; Strategy (MSTR), BitMine v&agrave; SharpLink &#273;&atilde; li&ecirc;n t&#7909;c t&iacute;ch l&#361;y Bitcoin, Ethereum v&agrave; Solana, gi&uacute;p h&#7895; tr&#7907; gi&aacute; giao ngay v&agrave; thu h&uacute;t d&ograve;ng ti&#7873;n m&#7899;i.
Strategy l&agrave; v&iacute; d&#7909; n&#7893;i b&#7853;t nh&#7845;t. Trong ch&#432;a &#273;&#7847;y ch&iacute;n th&aacute;ng, c&ocirc;ng ty &#273;&atilde; th&ecirc;m 190,000 BTC, n&acirc;ng t&#7893;ng s&#7889; l&#432;&#7907;ng n&#7855;m gi&#7919; l&ecirc;n h&#417;n 638,000, g&#7847;n b&#7857;ng v&#7899;i k&#7927; l&#7909;c mua v&agrave;o n&#259;m 2024.
<img style="height:400px;width:640px;"decoding="async" alt="Top Public BTC Treasury Companies" class="wp-image-742738 lazy" loading="lazy" src="https://assets.beincrypto.com/img/8p0ZvBZfMaes8zvpiMNg4yPj8bA=/smart/515ce2baa83e4a629adbf128e87987eb">C&aacute;c c&ocirc;ng ty kho b&#7841;c BTC c&ocirc;ng khai h&agrave;ng &#273;&#7847;u. Ngu&#7891;n: <a href="https://bitcointreasuries.net/" target="_blank" rel="noreferrer noopener nofollow">Bitcoin Treasuries.</a>

BitMine v&agrave; SharpLink &#273;&atilde; &aacute;p d&#7909;ng chi&#7871;n l&#432;&#7907;c t&#432;&#417;ng t&#7921; v&#7899;i Ethereum (ETH), trong khi c&aacute;c c&ocirc;ng ty m&#7899;i tham gia &#273;ang &#273;a d&#7841;ng h&oacute;a v&agrave;o XRP, SOL v&agrave; th&#7853;m ch&iacute; c&#7843; c&aacute;c coin nh&#7887; h&#417;n nh&#432; HYPE v&agrave; ENA.
Ho&#7841;t &#273;&#7897;ng n&agrave;y &#273;&atilde; th&uacute;c &#273;&#7849;y s&#7921; h&#7913;ng th&uacute; xung quanh c&aacute;c c&ocirc;ng ty kho b&#7841;c ti&#7873;n &#273;i&#7879;n t&#7917; ni&ecirc;m y&#7871;t, &#273;&#7863;c bi&#7879;t l&agrave; &#7903; khu v&#7921;c Ch&acirc;u &Aacute; &ndash; Th&aacute;i B&igrave;nh D&#432;&#417;ng, n&#417;i m&ocirc; h&igrave;nh n&agrave;y &#273;&atilde; ph&aacute;t tri&#7875;n m&#7841;nh m&#7869;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-mnav-collapse-signals-investor-caution">S&#7921; s&#7909;p &#273;&#7893; c&#7911;a mNAV b&aacute;o hi&#7879;u s&#7921; th&#7853;n tr&#7885;ng cho nh&agrave; &#273;&#7847;u t&#432;</h2>

Tuy nhi&ecirc;n, r&#7911;i ro &#273;ang t&iacute;ch t&#7909; d&#432;&#7899;i b&#7873; m&#7863;t. D&#7919; li&#7879;u t&#7915; Artemis Analytics cho th&#7845;y mNAV c&#7911;a c&aacute;c c&ocirc;ng ty n&#7855;m gi&#7919; BTC, ETH v&agrave; SOL &#273;&atilde; gi&#7843;m m&#7841;nh trong ba th&aacute;ng li&ecirc;n ti&#7871;p, &#273;&#7841;t m&#7913;c th&#7845;p m&#7899;i v&agrave;o th&aacute;ng 09.
<img style="height:400px;width:640px;"decoding="async" alt="mNAV by Digital Asset Treasury" class="wp-image-742741 lazy" loading="lazy" src="https://assets.beincrypto.com/img/T4ldbCoPicTvJpBOyhYwa1xqsY8=/smart/4de0efe5163248dcb51c06919c684983">mNAV b&#7903;i kho b&#7841;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889;. Ngu&#7891;n: <a href="https://app.artemisanalytics.com/digital-asset-treasuries" target="_blank" rel="noreferrer noopener nofollow">Artemis</a>

C&aacute;c con s&#7889; cho th&#7845;y r&#7857;ng, m&#7863;c d&ugrave; c&oacute; s&#7921; t&iacute;ch l&#361;y, DATs &#273;ang m&#7845;t d&#7847;n s&#7913;c mua khi c&aacute;c t&agrave;i s&#7843;n c&#417; b&#7843;n kh&ocirc;ng th&#7875; b&ugrave; &#273;&#7855;p s&#7921; s&#7909;t gi&#7843;m c&#7911;a c&#7893; phi&#7871;u.
&Aacute;p l&#7921;c &#273;&atilde; th&#7875; hi&#7879;n r&otilde; trong hi&#7879;u su&#7845;t c&#7893; phi&#7871;u. BeInCrypto tr&#432;&#7899;c &#273;&oacute; &#273;&atilde; b&aacute;o c&aacute;o r&#7857;ng c&#7893; phi&#7871;u c&#7911;a Next Technology Holding (NXTT) &#273;&atilde; gi&#7843;m g&#7847;n 5% sau khi c&ocirc;ng ty n&#7897;p &#273;&#417;n &#273;&#7875; huy &#273;&#7897;ng 500 tri&#7879;u USD cho vi&#7879;c mua th&ecirc;m Bitcoin.
C&ocirc;ng ty &#273;&atilde; n&#7855;m gi&#7919; 5,833 BTC, tr&#7883; gi&aacute; 673 tri&#7879;u USD, nh&#432;ng th&ocirc;ng b&aacute;o n&agrave;y &#273;&atilde; g&acirc;y ra s&#7921; ho&agrave;i nghi h&#417;n l&agrave; s&#7921; tin t&#432;&#7903;ng.
Nh&#7919;ng t&#7893;n th&#7845;t l&#7899;n nh&#7845;t &#273;&#7871;n t&#7915; c&#7893; phi&#7871;u NAKA c&#7911;a KindlyMD, gi&#7843;m 55% sau khi c&#7893; phi&#7871;u PIPE v&agrave;o th&#7883; tr&#432;&#7901;ng, c&#7897;ng th&ecirc;m m&#7913;c gi&#7843;m 90% h&agrave;ng th&aacute;ng.
CEO David Bailey &#273;&atilde; n&oacute;i v&#7899;i c&aacute;c c&#7893; &#273;&ocirc;ng r&#7857;ng s&#7921; bi&#7871;n &#273;&#7897;ng l&agrave; &#273;i&#7873;u &#273;&#432;&#7907;c d&#7921; &#273;o&aacute;n v&agrave; xem s&#7921; h&#7895;n lo&#7841;n n&agrave;y nh&#432; m&#7897;t c&#417; h&#7897;i &#273;&#7875; &#273;&#7891;ng h&agrave;nh c&ugrave;ng nh&#7919;ng ng&#432;&#7901;i &#7911;ng h&#7897; l&acirc;u d&agrave;i. Tuy nhi&ecirc;n, m&#7913;c &#273;&#7897; nghi&ecirc;m tr&#7885;ng c&#7911;a s&#7921; s&#7909;p &#273;&#7893; ph&#7843;n &aacute;nh nh&#7919;ng r&#7911;i ro c&#7845;u tr&uacute;c m&agrave; c&aacute;c nh&agrave; ph&ecirc; b&igrave;nh &#273;&atilde; c&#7843;nh b&aacute;o t&#7915; l&acirc;u.
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&ldquo;T&#7915; &#273;&#7847;u, t&ocirc;i &#273;&atilde; c&#7843;nh b&aacute;o r&#7857;ng c&aacute;c c&ocirc;ng ty kho b&#7841;c Bitcoin l&agrave; nh&#7919;ng m&ocirc; h&igrave;nh Ponzi &#273;&#432;&#7907;c x&acirc;y d&#7921;ng tr&ecirc;n m&#7897;t kim t&#7921; th&aacute;p. H&ocirc;m nay, NAKA gi&#7843;m 55%, hi&#7879;n &#273;&atilde; gi&#7843;m 96% k&#7875; t&#7915; th&aacute;ng 05,&rdquo; ng&#432;&#7901;i &#7911;ng h&#7897; v&agrave;ng Peter Schiff nh&#7853;n x&eacute;t.
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T&#432;&#417;ng t&#7921;, s&#7921; n&eacute;n NAV c&#7911;a MicroStrategy &#273;&atilde; h&#7841;n ch&#7871; vi&#7879;c mua BTC m&#7899;i. H&#7879; s&#7889; gi&aacute; tr&#7883; t&agrave;i s&#7843;n r&ograve;ng (NAV) c&#7911;a c&ocirc;ng ty &#273;&atilde; gi&#7843;m t&#7915; 1.75x v&agrave;o th&aacute;ng 06 xu&#7889;ng c&ograve;n 1.24x v&agrave;o th&aacute;ng 09, h&#7841;n ch&#7871; c&aacute;c giao d&#7883;ch mua m&#7899;i.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-innovation-or-recklessness">&#272;&#7893;i m&#7899;i hay li&#7873;u l&#297;nh?</h2>

Gi&#7919;a s&#7921; h&#7895;n lo&#7841;n, m&#7897;t s&#7889; ng&#432;&#7901;i trong gi&#7899;i ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang &#273;&#7873; xu&#7845;t c&aacute;c gi&#7843;i ph&aacute;p kh&ocirc;ng ch&iacute;nh th&#7889;ng. Nh&agrave; ph&acirc;n t&iacute;ch DeFi Ignas cho r&#7857;ng vi&#7879;c m&atilde; h&oacute;a c&#7893; phi&#7871;u DAT c&oacute; th&#7875; t&#7841;o ra c&#417; h&#7897;i kinh doanh ch&ecirc;nh l&#7879;ch gi&aacute;, mang l&#7841;i thanh kho&#7843;n tr&ecirc;n chu&#7895;i v&agrave; t&aacute;i k&#7871;t n&#7889;i v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; g&#7889;c ti&#7873;n &#273;i&#7879;n t&#7917;.
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&ldquo;DATs &#273;ang c&#7841;n ki&#7879;t s&#7913;c mua khi mNAVs s&#7909;p &#273;&#7893;. H&#7885; n&ecirc;n m&atilde; h&oacute;a c&#7893; phi&#7871;u c&#7911;a m&igrave;nh &#273;&#7875; ngay c&#7843; nh&#7919;ng ng&#432;&#7901;i &#273;am m&ecirc; ti&#7873;n &#273;i&#7879;n t&#7917; c&#361;ng c&oacute; th&#7875; mua,&rdquo; anh &#7845;y n&oacute;i.
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M&#7863;c d&ugrave; m&atilde; h&oacute;a c&oacute; th&#7875; m&#7903; r&#7897;ng quy&#7873;n truy c&#7853;p, nh&#432;ng n&oacute; c&#361;ng s&#7869; th&ecirc;m m&#7897;t l&#7899;p &#273;&#7847;u c&#417; kh&aacute;c v&agrave;o c&aacute;c c&ocirc;ng c&#7909; v&#7889;n &#273;&atilde; bi&#7871;n &#273;&#7897;ng.
Kho b&#7841;c d&#7921;a tr&ecirc;n ETH, Ignas b&#7893; sung, v&#7851;n ch&#432;a kh&aacute;m ph&aacute; t&agrave;i tr&#7907; n&#7907;, &#273;&#7875; l&#7841;i nhi&#7873;u c&#259;ng th&#7859;ng ti&#7873;m &#7849;n ph&iacute;a tr&#432;&#7899;c.
Tuy nhi&ecirc;n, s&#7921; suy gi&#7843;m trong th&aacute;ng 09 l&agrave;m n&#7893;i b&#7853;t m&#7897;t ngh&#7883;ch l&yacute;. C&aacute;c DAT h&#7895; tr&#7907; th&#7883; tr&#432;&#7901;ng giao ngay ti&#7873;n &#273;i&#7879;n t&#7917; th&ocirc;ng qua vi&#7879;c t&iacute;ch l&#361;y m&#7841;nh m&#7869;.
Tuy nhi&ecirc;n, c&#7893; phi&#7871;u c&#7911;a h&#7885; &#273;ang s&#7909;p &#273;&#7893; khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; &#273;&#7863;t c&acirc;u h&#7887;i v&#7873; t&iacute;nh b&#7873;n v&#7919;ng. M&ocirc; h&igrave;nh n&agrave;y d&#432;&#7901;ng nh&#432; b&#7883; m&#7855;c k&#7865;t gi&#7919;a l&#7901;i h&#7913;a nh&#432; m&#7897;t chi&#7871;n l&#432;&#7907;c ng&acirc;n qu&#7929; doanh nghi&#7879;p m&#7899;i v&agrave; th&#7921;c t&#7871; kh&#7855;c nghi&#7879;t c&#7911;a s&#7921; gi&aacute;m s&aacute;t t&#7915; th&#7883; tr&#432;&#7901;ng c&ocirc;ng khai.