{"id":1722,"date":"2026-05-13T08:04:06","date_gmt":"2026-05-13T08:04:06","guid":{"rendered":"https:\/\/cryptonews.com\/sl\/novice\/bitcoin-podvig-nba-zvezdnika-zacasno-ustavil-nacrt-akumulacije-ali-model-podjetniskih-blagajn-razpada\/"},"modified":"2026-05-13T08:03:33","modified_gmt":"2026-05-13T08:03:33","slug":"bitcoin-society-ustavlja-akumulacijo-btc-zaradi-trga","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/sl\/novice\/bitcoin-society-ustavlja-akumulacijo-btc-zaradi-trga\/","title":{"rendered":"Bitcoin podvig NBA zvezdnika za\u010dasno ustavil na\u010drt akumulacije: Ali model podjetni\u0161kih blagajn razpada?"},"content":{"rendered":"

Bitcoin Society, investicijski mehanizem, ki ga podpirata nekdanji zvezdnik lige NBA Tony Parker in podjetnik \u00c9ric Larchev\u00eaque, je ustavil svoj program kopi\u010denja bitcoinov v blagajni, potem ko je BTC v prvem \u010detrtletju 2026 padel za ve\u010d kot 20 %. Larchev\u00eaque je ob tem navedel tr\u017ene razmere, ki so postale strukturno neugodne za zbiranje kapitala za nakup rezerv BTC.<\/p>

Odlo\u010ditev pomeni neposreden odmik od modela akumulacije MicroStrategy \u2013 agresivnega polnjenja bilance stanja z bitcoini ne glede na ceno \u2013 ki mu je Bitcoin Society sledil od vstopa na trg konec leta 2024.<\/p>

Premor je opisan kot strate\u0161ko \u010dakanje in ne likvidacija obstoje\u010dih imetij, vendar je razlika manj pomembna od tistega, kar odlo\u010ditev signalizira: odmeven korporativni posvojitelj se je odlo\u010dil, da trenutno cenovno okolje BTC ne opravi\u010duje mehanizmov zbiranja kapitala, od katerih je odvisen model blagajne.<\/p>

\n
\n
\n\n\n
\"\"<\/figure>\n\n\n

Ali gre za ponovno oceno enega podjetja ali za zgodnji indikator \u0161ir\u0161ega ohlajanja korporativnih blagajn, je vpra\u0161anje, na katerega bo moral odgovoriti trg.<\/p>\n

Odkrijte: Najbolj\u0161e prodaje \u017eetonov pred lansiranjem<\/strong><\/a><\/p>\n

Arbitra\u017ea blagajne, ki je poganjala model, je izginila in premor Bitcoin Society to odra\u017ea<\/h2><\/span>\n

Model MicroStrategy je deloval zaradi specifi\u010dne strukturne arbitra\u017ee: podjetja so lahko zbirala kapital pri povi\u0161anih vrednotenjih lastni\u0161kega kapitala, nato pa ta sredstva uporabila za nakup bitcoina po ceni, ki je bila pod tisto, za katero so zagovorniki blagajne trdili, da je njegova intrinzi\u010dna vrednost sredstva.<\/p>\n

Ta razkorak med premijo in neto vrednostjo sredstev (NAV) je ustvaril vztrajnik; vi\u0161ji ve\u010dkratniki delnic so pomenili ni\u017eje stro\u0161ke kapitala, kar je pomenilo ve\u010d BTC na zbrani dolar, to pa je \u0161e dodatno podpiralo premijo lastni\u0161kega kapitala. Mehanizem se je samodejno krepil, dokler se ni ustavil.<\/p>\n

Do konca leta 2025 je delnica dru\u017ebe MicroStrategy na letni ravni padla za 51 %, podjetje pa je bilo prisiljeno zbrati 1.44 milijarde USD dodatne likvidnosti za re\u0161evanje pomislekov glede servisiranja dolga v okolju, ki so ga analitiki ozna\u010dili za okolje z nizko premijo.<\/p>\n

\"\"\n
Vir: Tradingview<\/a><\/figcaption>\n<\/figure>\n

Arbitra\u017ena prednost, zaradi katere je bil model blagajne prepri\u010dljiv, je izpuhtela.<\/p>\n

Analiza dru\u017ebe Standard Chartered je ocenila, da bi se ob trgovanju bitcoina pod 90.000 USD pribli\u017eno 50 % podjetij z bitcoin blagajnami soo\u010dilo z izzivi glede sposobnosti pre\u017eivetja, kar je prag, ob katerem se zdi, da je bila odlo\u010ditev Bitcoin Society v prvem \u010detrtletju 2026 podvr\u017eena stresnemu testu.<\/p>\n

Larchev\u00eaquova razlaga je bila natan\u010dna: \u00bbTr\u017ene razmere so se obrnile proti cilju zbiranja kapitala za kopi\u010denje rezerv v bitcoinih.\u00ab<\/p>\n

Tak\u0161en okvir ni zavrnitev bitcoina kot sredstva. Je zavrnitev mehanizma financiranja in ta razlika je analiti\u010dno pomembna.<\/p>\n

Teza o bitcoin blagajni in model financiranja podjetij z blagajno nista ista stvar, premor Bitcoin Society pa odra\u017ea neuspeh slednjega in ne nujno spremembe prepri\u010danja o prvem.<\/p>\n

Premora ne spremljajo javno objavljeni pogoji za nadaljevanje, zaradi \u010desar je prihodnost programa odvisna od tega, ali si bodo razmere na delni\u0161kih trgih dovolj opomogle, da bo ekonomika zbiranja kapitala ponovno postala vzdr\u017ena.<\/p>\n

Odkrijte: Najbolj\u0161e kriptovalute za razpr\u0161itev va\u0161ega portfelja<\/strong><\/a><\/p><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Infinity Nine Tonya Parkerja ustavlja program nakupa bitcoina<\/p>\n","protected":false},"author":759,"featured_media":1721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,12],"tags":[20,24,22],"editors":[13],"sponsored_companies":[],"class_list":["post-1722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin","category-novice","tag-bitcoin","tag-crypto","tag-krypto","editors-matevz-koren"],"acf":[],"yoast_head":"\nBitcoin Society ustavlja akumulacijo BTC zaradi trga<\/title>\n<meta name=\"description\" content=\"Bitcoin Society ustavlja akumulacijo BTC zaradi padca trga in slab\u0161ih pogojev financiranja, kar ka\u017ee na spremembo korporativne strategije.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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