美国的加密公司正在从比特币转向风险更高的代币,筹集了15B美元,引起人们对稳定和投资者保护的担忧。 U.S. crypto firms are shifting from Bitcoin to riskier tokens, raising $15B and sparking concerns over stability and investor protection.

2025年后期,美国加密货币国库公司正日益从比特币转向鲜为人知的波动性数字代币,在市场情绪和政治支持减弱的驱动下,追求更高的回报。 In late 2025, U.S. cryptocurrency treasury firms are increasingly shifting from Bitcoin to lesser-known, volatile digital tokens to chase higher returns, driven by waning market sentiment and political support. 40多家这类公司通过私人安置筹集了150多亿美元,其中多数公司没有把重点放在比特币上。 Over 40 such firms raised more than $15 billion via private placements, with most not focusing on Bitcoin. 在加密价格下降和经济紧张加剧的情况下,这一支流引起了对风险、流动性和投资者保护的关切。 This pivot, amid declining crypto prices and rising economic tensions, has raised concerns over risk, liquidity, and investor protection. 许多DAT现在贸易额低于其净资产价值,最近股票下降突显了脆弱性。 Many DATs now trade below their net asset value, and recent stock declines highlight fragility. 分析家警告说,由于投机性投资、股东稀释和缺乏透明度,不稳定状况日益加剧。 Analysts warn of growing instability due to speculative investments, shareholder dilution, and lack of transparency.