Coinbase 最新报告预计 2025 年下半年加密市场前景向好，但警示上市公司以可转换债务高杠杆买入比特币的模式可能带来 “系统性风险 ”。目前 228 家上市公司共持约 820,000 枚 BTC，其中约 20 家沿用 MicroStrategy 式融资结构，若市场剧震或债务在 2029-2030 年集中到期，或触发被动抛售； Coinbase 认为短期风险可控，关键在于后续再融资能力。(TheBlock)

<div>Coinbase 最新报告预计 2025 年下半年加密市场前景向好，但警示上市公司以可转换债务高杠杆买入比特币的模式可能带来 “系统性风险 ”。目前 228 家上市公司共持约 820,000 枚 BTC，其中约 20 家沿用 MicroStrategy 式融资结构，若市场剧震或债务在 2029-2030 年集中到期，或触发被动抛售； Coinbase 认为短期风险可控，关键在于后续再融资能力。(TheBlock) <br><br></div>

​Coinbase：看好 2025 年下半年加密市场，但要警惕上市公司转换债务购买 BTC 的系统性风险

Coinbase's latest report predicts that the crypto market outlook will be positive in the second half of 2025, but warns that the model of listed companies buying Bitcoin with high leverage using convertible debt may bring "systemic risks". Currently, 228 listed companies hold a total of about 820,000 BTC, of which about 20 continue to use MicroStrategy-style financing structures. If the market is shaken or debts mature in 2029-2030, passive selling may be triggered; Coinbase believes that short-term risks are controllable, and the key lies in the subsequent refinancing ability. (TheBlock)

<div>Coinbase's latest report predicts a favorable outlook for the crypto market in the second half of 2025, but warns that the model of listed companies buying BTC with high-leverage convertible debt could bring "systemic risks". Currently, 228 listed companies hold approximately 820,000 BTC, with about 20 companies using a financing structure similar to MicroStrategy. If the market experiences significant volatility or debt is concentrated in the expiration period of 2029-2030, it may trigger passive selling; Coinbase believes short-term risks are controllable, with the key being the ability to refinance subsequently. (TheBlock) <br><br></div>

Coinbase: Optimistic about the crypto market in the second half of 2025, but beware of the systemic risks of listed companies converting debt to buy BTC

Key Points Summary:
· The trend of enterprises acquiring crypto assets through leveraged financing may potentially trigger systemic risks in the medium to long term, such as forced or motivation-driven sell-offs, but we believe the short-term risks are still controllable.
· The U.S. regulatory environment is undergoing positive changes, with stablecoin legislation being advanced and the crypto market structure bill currently under discussion.
· Our constructive outlook for the crypto market in the second half of 2025 is based on several core factors: more optimistic U.S. economic growth prospects, potential Federal Reserve interest rate cuts, growth in corporate financial adoption of cryptocurrencies, and clearer U.S. regulatory trends. Although some potential risks still exist...

Coinbase Research Report: Three Major Themes of the Crypto Market in the Second Half of 2025

Slow Fog CISO @im23pds tweeted a warning that a user lost nearly 50 million yuan in cryptocurrency assets after purchasing a potentially tampered "cold wallet" on TikTok. The private key was suspected to have been stolen during wallet initialization, and the funds were quickly transferred to an overseas money laundering platform called "Huiwang". @im23pds emphasized the importance of purchasing cold wallets only through official and legitimate channels, and warned against seeking cheap alternatives to avoid significant asset losses.

SlowMist: A user bought a "cold wallet" on Douyin and had his currency stolen, nearly 50 million yuan of encrypted assets were stolen

Author | Azuma, Odaily Planet Daily
BitMEX founder Arthur Hayes seems to have recently "fallen in love" with Hyperliquild (HYPE).
["Nursing while smashing" a regular operation for Arthur Hayes?]
- On May 23, Arthur Hayes posted on X, saying his goal in this bull market might be "HYPE market cap surpassing SOL".
- On June 9, taking advantage of Binance.US's educational post on X about Hyp...