{"id":68301,"date":"2026-04-06T09:03:01","date_gmt":"2026-04-06T02:03:01","guid":{"rendered":"https:\/\/hbbgroup.net\/digital-asset-treasuries-must-now-earn-their-keep\/"},"modified":"2026-04-06T11:00:28","modified_gmt":"2026-04-06T04:00:28","slug":"digital-asset-treasuries-must-now-earn-their-keep","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/digital-asset-treasuries-must-now-earn-their-keep\/","title":{"rendered":"C\u00e1c doanh nghi\u1ec7p n\u1eafm gi\u1eef t\u00e0i s\u1ea3n s\u1ed1 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n gi\u1edd \u0111\u00e2y ph\u1ea3i ch\u1ee9ng minh \u0111\u01b0\u1ee3c gi\u00e1 tr\u1ecb th\u1ef1c c\u1ee7a m\u00ecnh."},"content":{"rendered":"
\n

\u0110\u1ec3 c\u00e1c c\u00f4ng ty tri\u1ec3n khai chi\u1ebfn l\u01b0\u1ee3c treasury l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0630\u0644\u0643 v\u00e0 duy tr\u00ec n\u0103ng l\u1ef1c c\u1ea1nh tranh, Kiernan ph\u00e2n t\u00edch 3 chi\u1ebfn l\u01b0\u1ee3c l\u1edbn \u0111ang d\u1ea7n h\u00ecnh th\u00e0nh.<\/p>\n

Ng\u00e0y 4 th\u00e1ng 4 n\u0103m 2026, 4:30 chi\u1ec1u<\/strong><\/p>\n

Make preferred on <\/a><\/p>\n<\/div>\n

\n

K\u1ef7 nguy\u00ean ch\u1ec9 \u0111\u01a1n gi\u1ea3n mua bitcoin r\u1ed3i g\u1ecdi \u0111\u00f3 l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c treasury \u0111\u00e3 kh\u00e9p l\u1ea1i.<\/p>\n

T\u00ednh \u0111\u1ebfn \u0111\u1ea7u n\u0103m 2026, \u0111\u00e3 c\u00f3 h\u01a1n 200 c\u00f4ng ty ni\u00eam y\u1ebft c\u00f4ng khai n\u1eafm gi\u1eef t\u00e0i s\u1ea3n s\u1ed1 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb qu\u1ea3n l\u00fd v\u01b0\u1ee3t 115 t\u1ef7 USD (DLA Piper, th\u00e1ng 10\/2025). T\u1ed5ng v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng c\u1ee7a nh\u00f3m c\u00f4ng ty n\u00e0y \u0111\u00e3 \u0111\u1ea1t x\u1ea5p x\u1ec9 150 t\u1ef7 USD v\u00e0o th\u00e1ng 9\/2025 \u2014 t\u0103ng g\u1ea7n g\u1ea5p b\u1ed1n l\u1ea7n so v\u1edbi m\u1ed9t n\u0103m tr\u01b0\u1edbc \u0111\u00f3. Tuy nhi\u00ean, m\u1ed9t s\u1ed1 doanh nghi\u1ec7p hi\u1ec7n \u0111ang \u0111\u01b0\u1ee3c giao d\u1ecbch v\u1edbi m\u1ee9c chi\u1ebft kh\u1ea5u so v\u1edbi gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n m\u00e0 h\u1ecd n\u1eafm gi\u1eef. Th\u1ecb tr\u01b0\u1eddng \u0111ang ph\u00e1t \u0111i m\u1ed9t t\u00edn hi\u1ec7u r\u1ea5t r\u00f5 r\u00e0ng: ch\u1ec9 t\u00edch l\u0169y t\u00e0i s\u1ea3n th\u00f4i th\u00ec kh\u00f4ng c\u00f2n \u0111\u1ee7 n\u1eefa.<\/p>\n

Nh\u00e0 \u0111\u1ea7u t\u01b0 mu\u1ed1n th\u1ea5y k\u1ef7 lu\u1eadt ph\u00e2n b\u1ed5 v\u1ed1n v\u00e0 hi\u1ec7u qu\u1ea3 sinh l\u1eddi kinh t\u1ebf. C\u00e1c \u0111\u1ed9i ng\u0169 \u0111i\u1ec1u h\u00e0nh \u0111\u00e3 ph\u1ea3n \u1ee9ng b\u1eb1ng c\u00e1ch tri\u1ec3n khai ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i c\u1ed5 phi\u1ebfu v\u00e0 c\u00f4ng b\u1ed1 c\u00e1c ch\u1ec9 s\u1ed1 minh b\u1ea1ch nh\u01b0 \u201cBTC tr\u00ean m\u1ed7i c\u1ed5 phi\u1ebfu\u201d (BTC per share), nh\u1eb1m cho th\u1ea5y gi\u00e1 tr\u1ecb m\u00e0 chi\u1ebfn l\u01b0\u1ee3c treasury t\u1ea1o ra v\u01b0\u1ee3t l\u00ean tr\u00ean \u0111\u01a1n thu\u1ea7n bi\u1ebfn \u0111\u1ed9ng gi\u00e1 token (AMINA Bank Research, 2026). S\u1ef1 chuy\u1ec3n d\u1ecbch t\u1eeb t\u00edch l\u0169y th\u1ee5 \u0111\u1ed9ng sang t\u1ea1o l\u1ee3i su\u1ea5t ch\u1ee7 \u0111\u1ed9ng \u2014 t\u1eeb \u201cDAT 1.0\u201d sang \u201cDAT 2.0\u201d \u2014 hi\u1ec7n \u0111\u00e3 tr\u1edf th\u00e0nh ch\u1ee7 \u0111\u1ec1 c\u1ed1t l\u00f5i c\u1ee7a to\u00e0n ng\u00e0nh.<\/p>\n

Ba m\u00f4 h\u00ecnh l\u1edbn \u0111ang d\u1ea7n h\u00ecnh th\u00e0nh. M\u1ed7i m\u00f4 h\u00ecnh mang m\u1ed9t c\u1ea5u tr\u00fac r\u1ee7i ro \u2013 l\u1ee3i nhu\u1eadn kh\u00e1c nhau, \u0111\u1ed3ng th\u1eddi \u0111\u1eb7t ra nh\u1eefng y\u00eau c\u1ea7u ri\u00eang bi\u1ec7t v\u1ec1 qu\u1ea3n tr\u1ecb, n\u0103ng l\u1ef1c k\u1ef9 thu\u1eadt v\u00e0 h\u1ea1 t\u1ea7ng v\u1eadn h\u00e0nh.<\/p>\n

\"Evolution
H\u00ecnh \u1ea3nh do Greenage cung c\u1ea5p, 2026.<\/strong><\/p>\n

Tham gia h\u1ea1 t\u1ea7ng v\u00e0 staking<\/strong><\/p>\n

C\u00e1ch ti\u1ebfp c\u1eadn mang t\u00ednh \u201cprotocol-native\u201d nh\u1ea5t l\u00e0 stake token \u0111\u1ec3 h\u1ed7 tr\u1ee3 c\u01a1 ch\u1ebf \u0111\u1ed3ng thu\u1eadn c\u1ee7a m\u1ea1ng l\u01b0\u1edbi v\u00e0 nh\u1eadn ph\u1ea7n th\u01b0\u1edfng staking \u0111\u1ed5i l\u1ea1i. V\u1edbi c\u00e1c treasury t\u1eadp trung v\u00e0o bitcoin, h\u01b0\u1edbng \u0111i n\u00e0y ng\u00e0y c\u00e0ng m\u1edf r\u1ed9ng sang Lightning Network v\u00e0 c\u00e1c h\u1ea1 t\u1ea7ng g\u1ed1c kh\u00e1c c\u00f3 kh\u1ea3 n\u0103ng t\u1ea1o ra ph\u00ed \u0111\u1ecbnh tuy\u1ebfn (routing fees) v\u00e0 ph\u00ed d\u1ef1a tr\u00ean thanh kho\u1ea3n. Staking \u0111\u00f2i h\u1ecfi ph\u1ea3i \u0111\u00e1nh gi\u00e1 c\u1ea9n tr\u1ecdng c\u00e1c r\u1ee7i ro li\u00ean quan \u0111\u1ebfn an ninh k\u1ef9 thu\u1eadt v\u00e0 smart contract.<\/p>\n

C\u00e1c s\u1ed1 li\u1ec7u \u0111\u00e3 t\u0103ng r\u1ea5t nhanh. Bitmine Immersion Technologies b\u00e1o c\u00e1o \u0111\u00e3 stake h\u01a1n 3 tri\u1ec7u ETH t\u00ednh \u0111\u1ebfn \u0111\u1ea7u n\u0103m 2026, v\u1edbi t\u1ed5ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef tr\u1ecb gi\u00e1 9,9 t\u1ef7 USD v\u00e0 doanh thu staking th\u01b0\u1eddng ni\u00ean h\u00f3a v\u00e0o kho\u1ea3ng 172 tri\u1ec7u USD (h\u1ed3 s\u01a1 SEC, th\u00e1ng 3\/2026). M\u1ea1ng l\u01b0\u1edbi validator \u0111\u1ed9c quy\u1ec1n c\u1ee7a c\u00f4ng ty \u0111\u1ea1t hi\u1ec7u su\u1ea5t nh\u1ec9nh h\u01a1n Composite Ethereum Staking Rate, qua \u0111\u00f3 cho th\u1ea5y l\u1ee3i th\u1ebf m\u00e0 h\u1ea1 t\u1ea7ng \u0111\u1ea1t chu\u1ea9n t\u1ed5 ch\u1ee9c c\u00f3 th\u1ec3 mang l\u1ea1i ngay c\u1ea3 trong m\u1ed9t m\u00f4i tr\u01b0\u1eddng l\u1ee3i su\u1ea5t \u1edf c\u1ea5p \u0111\u1ed9 giao th\u1ee9c.<\/p>\n

SharpLink Gaming \u0111\u00e3 tri\u1ec3n khai 200 tri\u1ec7u USD ETH v\u00e0o h\u1ea1 t\u1ea7ng restaking th\u00f4ng qua EigenCloud, nh\u1eafm \u0111\u1ebfn m\u1ee9c l\u1ee3i su\u1ea5t cao h\u01a1n b\u1eb1ng c\u00e1ch tham gia b\u1ea3o m\u1eadt cho nhi\u1ec1u \u1ee9ng d\u1ee5ng, t\u1eeb kh\u1ed1i l\u01b0\u1ee3ng c\u00f4ng vi\u1ec7c AI \u0111\u1ebfn x\u00e1c minh danh t\u00ednh (h\u1ed3 s\u01a1 SEC, 2025). Restaking \u2014 t\u1ee9c s\u1eed d\u1ee5ng l\u01b0\u1ee3ng ETH \u0111\u00e3 \u0111\u01b0\u1ee3c stake t\u1eeb tr\u01b0\u1edbc \u0111\u1ec3 b\u1ea3o m\u1eadt cho c\u00e1c d\u1ecbch v\u1ee5 b\u1ed5 sung \u2014 \u0111\u00f2i h\u1ecfi c\u01a1 ch\u1ebf qu\u1ea3n tr\u1ecb ch\u1eb7t ch\u1ebd.<\/p>\n<\/figcaption><\/figure>\n

\"Key
H\u00ecnh \u1ea3nh do Greenage cung c\u1ea5p, 2026.<\/strong><\/p>\n

Giao d\u1ecbch ch\u1ee7 \u0111\u1ed9ng v\u00e0 ngu\u1ed3n thu theo c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng<\/strong><\/p>\n

Nh\u00f3m chi\u1ebfn l\u01b0\u1ee3c th\u1ee9 hai t\u1eadn d\u1ee5ng c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng \u2014 arbitrage funding rate, basis trading v\u00e0 ph\u00ed premium t\u1eeb quy\u1ec1n ch\u1ecdn. C\u00e1c chi\u1ebfn l\u01b0\u1ee3c n\u00e0y c\u00f3 th\u1ec3 mang l\u1ea1i hi\u1ec7u qu\u1ea3 v\u00e0 trong nhi\u1ec1u tr\u01b0\u1eddng h\u1ee3p g\u1ea7n nh\u01b0 trung l\u1eadp v\u1edbi th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng ch\u00fang \u0111\u00f2i h\u1ecfi n\u0103ng l\u1ef1c trading chuy\u00ean s\u00e2u, h\u1ec7 th\u1ed1ng ki\u1ec3m so\u00e1t r\u1ee7i ro v\u1eefng ch\u1eafc v\u00e0 kh\u1ea3 n\u0103ng gi\u00e1m s\u00e1t li\u00ean t\u1ee5c 24\/7. H\u00e0m \u00fd v\u1ec1 qu\u1ea3n tr\u1ecb l\u00e0 r\u1ea5t l\u1edbn: c\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y v\u1ec1 b\u1ea3n ch\u1ea5t bi\u1ebfn ch\u1ee9c n\u0103ng treasury th\u00e0nh m\u1ed9t b\u1ed9 ph\u1eadn giao d\u1ecbch. C\u0169ng nh\u01b0 b\u1ea5t k\u1ef3 desk giao d\u1ecbch n\u00e0o, vi\u1ec7c t\u00ecm \u0111\u01b0\u1ee3c nh\u00e2n s\u1ef1 \u0111\u1ee7 n\u0103ng l\u1ef1c \u0111\u1ec3 theo d\u00f5i c\u00e1c v\u1ecb th\u1ebf ph\u1ee9c t\u1ea1p v\u00e0 r\u1ee7i ro t\u01b0\u01a1ng quan l\u00e0 kh\u00f4ng h\u1ec1 d\u1ec5.<\/p>\n

M\u1ed9t c\u00f4ng ty ni\u00eam y\u1ebft n\u1ed5i b\u1eadt t\u1ea1i Nh\u1eadt B\u1ea3n cho th\u1ea5y r\u00f5 c\u1ea3 ti\u1ec1m n\u0103ng l\u1eabn \u0111\u1ed9 ph\u1ee9c t\u1ea1p c\u1ee7a m\u00f4 h\u00ecnh n\u00e0y. N\u1eafm gi\u1eef h\u01a1n 35.000 BTC v\u00e0o cu\u1ed1i n\u0103m 2025, c\u00f4ng ty \u0111\u00e3 t\u1ea1o ra kho\u1ea3n doanh thu t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 55 tri\u1ec7u USD t\u00ednh theo bitcoin th\u00f4ng qua c\u00e1c chi\u1ebfn l\u01b0\u1ee3c d\u1ef1a tr\u00ean quy\u1ec1n ch\u1ecdn, v\u1edbi t\u0103ng tr\u01b0\u1edfng l\u1ee3i nhu\u1eadn ho\u1ea1t \u0111\u1ed9ng v\u01b0\u1ee3t 1.600% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc. Tuy nhi\u00ean, ch\u00ednh c\u00f4ng ty n\u00e0y c\u0169ng ghi nh\u1eadn kho\u1ea3n l\u1ed7 r\u00f2ng \u0111\u00e1ng k\u1ec3 do c\u00e1c \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ecbnh gi\u00e1 l\u1ea1i theo gi\u00e1 th\u1ecb tr\u01b0\u1eddng (mark-to-market) mang t\u00ednh phi ti\u1ec1n m\u1eb7t theo chu\u1ea9n m\u1ef1c k\u1ebf to\u00e1n \u0111\u1ecba ph\u01b0\u01a1ng (TradingView; Kavout, 2026). V\u1edbi nh\u00e0 \u0111\u1ea7u t\u01b0, s\u1ef1 l\u1ec7ch pha gi\u1eefa d\u00f2ng ti\u1ec1n ho\u1ea1t \u0111\u1ed9ng v\u00e0 l\u1ee3i nhu\u1eadn b\u00e1o c\u00e1o khi\u1ebfn vi\u1ec7c \u0111\u00e1nh gi\u00e1 doanh nghi\u1ec7p tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n \u0111\u00e1ng k\u1ec3 \u2014 \u0111\u1ed3ng th\u1eddi nh\u1ea5n m\u1ea1nh v\u00ec sao qu\u1ea3n tr\u1ecb v\u00e0 minh b\u1ea1ch quan tr\u1ecdng kh\u00f4ng k\u00e9m g\u00ec m\u1ee9c sinh l\u1eddi tr\u00ean b\u1ec1 m\u1eb7t.<\/p>\n

Galaxy Digital \u0111\u01b0a ra m\u1ed9t m\u00f4 h\u00ecnh lai theo h\u01b0\u1edbng \u0111\u1ed1i l\u1eadp, k\u1ebft h\u1ee3p gi\u1eefa digital asset treasury c\u1ee7a ri\u00eang m\u00ecnh v\u1edbi c\u00e1c d\u1ecbch v\u1ee5 t\u1ed5 ch\u1ee9c, bao g\u1ed3m cho vay c\u00f3 t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p, t\u01b0 v\u1ea5n chi\u1ebfn l\u01b0\u1ee3c v\u00e0 h\u1ea1 t\u1ea7ng. Trong qu\u00fd 3\/2025, Galaxy ghi nh\u1eadn adjusted gross profit \u1edf m\u1ee9c k\u1ef7 l\u1ee5c h\u01a1n 730 tri\u1ec7u USD (Mint Ventures Research, 2025). \u0110\u00e1ng ch\u00fa \u00fd, c\u00f4ng ty \u0111\u00e3 \u0111a d\u1ea1ng h\u00f3a ngu\u1ed3n t\u1ea1o l\u1ee3i su\u1ea5t v\u01b0\u1ee3t ra ngo\u00e0i ph\u1ea1m vi crypto thu\u1ea7n t\u00fay b\u1eb1ng c\u00e1ch t\u00e1i s\u1eed d\u1ee5ng c\u01a1 s\u1edf \u0111\u00e0o Helios th\u00e0nh m\u1ed9t trung t\u00e2m \u0111i\u1ec7n to\u00e1n AI, \u0111\u01b0\u1ee3c b\u1ea3o \u0111\u1ea3m b\u1eb1ng c\u00e1c h\u1ee3p \u0111\u1ed3ng d\u00e0i h\u1ea1n \u2014 m\u1ed9t t\u00edn hi\u1ec7u cho th\u1ea5y c\u00e1c m\u00f4 h\u00ecnh treasury b\u1ec1n v\u1eefng nh\u1ea5t c\u00f3 th\u1ec3 l\u00e0 nh\u1eefng m\u00f4 h\u00ecnh t\u1ea1o ra thu nh\u1eadp t\u1eeb nhi\u1ec1u ngu\u1ed3n kh\u00e1c nhau v\u00e0 c\u00f3 m\u1ee9c t\u01b0\u01a1ng quan th\u1ea5p v\u1edbi nhau.<\/p>\n

\"Galaxy\u2019s<\/figcaption><\/figure>\n

H\u00ecnh \u1ea3nh do Greengage cung c\u1ea5p, 2026<\/strong><\/p>\n

Tri\u1ec3n khai t\u00edn d\u1ee5ng v\u00e0 bi\u00ean l\u00e3i r\u00f2ng (net interest margin)<\/strong><\/p>\n

H\u01b0\u1edbng \u0111i th\u1ee9 ba xem t\u00e0i s\u1ea3n s\u1ed1 nh\u01b0 m\u1ed9t d\u1ea1ng v\u1ed1n tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u00f3 th\u1ec3 t\u1ea1o ra gi\u00e1 tr\u1ecb. M\u00f4 h\u00ecnh n\u00e0y bao g\u1ed3m vi\u1ec7c vay d\u1ef1a tr\u00ean l\u01b0\u1ee3ng crypto n\u1eafm gi\u1eef theo h\u00ecnh th\u1ee9c non-recourse, nh\u1eadn thanh kho\u1ea3n b\u1eb1ng stablecoin, sau \u0111\u00f3 ph\u00e2n b\u1ed5 ngu\u1ed3n v\u1ed1n \u0111\u00f3 v\u00e0o c\u00e1c kho\u1ea3n private credit c\u00f3 l\u1ee3i su\u1ea5t cao h\u01a1n. C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y v\u1eeba duy tr\u00ec m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac d\u00e0i h\u1ea1n v\u1edbi t\u00e0i s\u1ea3n c\u01a1 s\u1edf, v\u1eeba t\u1ea1o ra d\u00f2ng thu nh\u1eadp l\u00e3i \u0111\u1ecbnh k\u1ef3 t\u1eeb ho\u1ea1t \u0111\u1ed9ng cho vay ng\u1eafn h\u1ea1n trong n\u1ec1n kinh t\u1ebf th\u1ef1c. \u0110\u1eb7c bi\u1ec7t, chi\u1ebfn l\u01b0\u1ee3c n\u00e0y \u0111\u00f2i h\u1ecfi chuy\u00ean m\u00f4n s\u00e2u v\u1ec1 l\u1ee3i su\u1ea5t, r\u1ee7i ro t\u00edn d\u1ee5ng v\u00e0 th\u1ecb tr\u01b0\u1eddng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh.<\/p>\n

C\u01a1 ch\u1ebf v\u1eadn h\u00e0nh c\u1ee7a m\u00f4 h\u00ecnh n\u00e0y \u0111\u01b0\u1ee3c k\u1ebf th\u1eeba tr\u1ef1c ti\u1ebfp t\u1eeb ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng: qu\u1ea3n tr\u1ecb thanh kho\u1ea3n, th\u1ea9m \u0111\u1ecbnh t\u00edn d\u1ee5ng, qu\u1ea3n tr\u1ecb doanh nghi\u1ec7p v\u00e0 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y c\u00f3 ki\u1ec3m so\u00e1t. Theo c\u1ea5u tr\u00fac n\u00e0y, m\u1ed9t c\u00f4ng ty s\u1ebd mua bitcoin, sau \u0111\u00f3 vay d\u1ef1a tr\u00ean l\u01b0\u1ee3ng t\u00e0i s\u1ea3n n\u1eafm gi\u1eef \u0111\u00f3 theo h\u00ecnh th\u1ee9c non-recourse \u2014 t\u1ee9c r\u1ee7i ro gi\u1ea3m gi\u00e1 \u0111\u01b0\u1ee3c gi\u1edbi h\u1ea1n trong ph\u1ea7n t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u2014 r\u1ed3i tri\u1ec3n khai ngu\u1ed3n v\u1ed1n vay v\u00e0o c\u00e1c danh m\u1ee5c private credit \u0111a d\u1ea1ng h\u00f3a nh\u1eb1m h\u1ed7 tr\u1ee3 ho\u1ea1t \u0111\u1ed9ng cho vay trong n\u1ec1n kinh t\u1ebf th\u1ef1c. N\u1ebfu bitcoin t\u0103ng gi\u00e1, c\u00f4ng ty v\u1eabn gi\u1eef \u0111\u01b0\u1ee3c ph\u1ea7n upside sau khi ho\u00e0n tr\u1ea3 kho\u1ea3n vay, qua \u0111\u00f3 k\u1ebft h\u1ee3p ti\u1ec1m n\u0103ng l\u00e3i v\u1ed1n v\u1edbi d\u00f2ng thu nh\u1eadp l\u00e3i \u0111\u1ecbnh k\u1ef3.<\/p>\n<\/figcaption><\/figure>\n

\"Greenage
Ngu\u1ed3n: Greengage & Co.<\/strong><\/p>\n

\u0110\u1ec3 c\u00e1c m\u00f4 h\u00ecnh tri\u1ec3n khai t\u00edn d\u1ee5ng v\u1eadn h\u00e0nh m\u1ed9t c\u00e1ch \u0111\u00e1ng tin c\u1eady, ch\u00fang c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u1eb7t tr\u00ean n\u1ec1n t\u1ea3ng h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh v\u1eadn h\u00e0nh th\u1ef1c t\u1ebf, thay v\u00ec x\u00e2y d\u1ef1ng t\u1eeb con s\u1ed1 0. C\u00e1ch ti\u1ebfp c\u1eadn n\u00e0y hi\u1ec7u qu\u1ea3 nh\u1ea5t khi \u0111\u01b0\u1ee3c m\u1edf r\u1ed9ng t\u1eeb m\u1ed9t n\u1ec1n t\u1ea3ng s\u1eb5n c\u00f3 v\u1edbi c\u00e1c quan h\u1ec7 cho vay th\u1ef1c t\u1ebf v\u00e0 h\u1ec7 th\u1ed1ng t\u00e0i kho\u1ea3n kh\u00e1ch h\u00e0ng \u0111\u00e3 \u0111\u01b0\u1ee3c thi\u1ebft l\u1eadp. Theo quan \u0111i\u1ec3m c\u1ee7a Greengage, \u0111\u00e2y c\u0169ng l\u00e0 l\u0129nh v\u1ef1c m\u00e0 khung qu\u1ea3n tr\u1ecb v\u00e0 quy tr\u00ecnh th\u1ea9m \u0111\u1ecbnh due diligence \u0111\u1eb7c bi\u1ec7t quan tr\u1ecdng, b\u1edfi d\u00f2ng v\u1ed1n \u0111ang \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5 v\u00e0o c\u00e1c c\u01a1 h\u1ed9i t\u00edn d\u1ee5ng t\u1eeb b\u00ean th\u1ee9 ba v\u00e0 c\u1ea7n \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 tr\u00ean c\u01a1 s\u1edf t\u1eebng \u0111\u1ed1i t\u00e1c ri\u00eang l\u1ebb.<\/p>\n

Th\u00e0nh c\u00f4ng c\u1ee7a m\u00f4 h\u00ecnh n\u00e0y c\u0169ng g\u1eafn ch\u1eb7t v\u1edbi qu\u00e1 tr\u00ecnh tr\u01b0\u1edfng th\u00e0nh c\u1ee7a stablecoin v\u1edbi vai tr\u00f2 l\u00e0 h\u1ea1 t\u1ea7ng c\u1ea5p t\u1ed5 ch\u1ee9c. \u0110\u1ebfn n\u0103m 2026, stablecoin \u0111\u00e3 tr\u1edf th\u00e0nh l\u1edbp h\u1ea1 t\u1ea7ng n\u1ec1n t\u1ea3ng cho thanh to\u00e1n xuy\u00ean bi\u00ean gi\u1edbi, thanh to\u00e1n b\u00f9 tr\u1eeb theo th\u1eddi gian th\u1ef1c v\u00e0 c\u01a1 ch\u1ebf clearing T+0 (thanh to\u00e1n trong ng\u00e0y) cho doanh nghi\u1ec7p. Coinbase Institutional d\u1ef1 ph\u00f3ng t\u1ed5ng v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng stablecoin c\u00f3 th\u1ec3 \u0111\u1ea1t 1,2 ngh\u00ecn t\u1ef7 USD v\u00e0o n\u0103m 2028. \u0110\u1ed1i v\u1edbi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c tri\u1ec3n khai t\u00edn d\u1ee5ng, stablecoin cung c\u1ea5p m\u1ed9t ph\u01b0\u01a1ng ti\u1ec7n lu\u00e2n chuy\u1ec3n v\u1ed1n v\u1eefng ch\u1eafc \u0111\u1ec3 ph\u00e2n b\u1ed5 capital v\u00e0o th\u1ecb tr\u01b0\u1eddng cho vay.<\/p>\n<\/figcaption><\/figure>\n

\"Capital
H\u00ecnh \u1ea3nh do Greengage cung c\u1ea5p, 2026<\/strong><\/p>\n

Th\u01b0\u1edbc \u0111o tr\u01b0\u1edfng th\u00e0nh m\u1edbi<\/strong><\/p>\n

\u0110i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y m\u1ed9t l\u1ea7n n\u1eefa c\u1ee7ng c\u1ed1 m\u1ed9t th\u1ef1c t\u1ebf \u0111\u01a1n gi\u1ea3n: ch\u1ec9 ri\u00eang vi\u1ec7c t\u00e0i s\u1ea3n t\u0103ng gi\u00e1 kh\u00f4ng th\u1ec3 \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c treasury. S\u1ef1 m\u1edf r\u1ed9ng c\u1ee7a c\u00e1c gi\u1ea3i ph\u00e1p t\u1ea1o l\u1ee3i su\u1ea5t cho th\u1ea5y l\u0129nh v\u1ef1c n\u00e0y \u0111ang t\u1ef1 r\u00fat kinh nghi\u1ec7m t\u1eeb ch\u00ednh l\u1ecbch s\u1eed c\u1ee7a m\u00ecnh \u2014 vi\u1ec7c t\u1ea1o ra ngu\u1ed3n thu b\u1ec1n v\u1eefng \u0111ang bi\u1ebfn t\u00e0i s\u1ea3n s\u1ed1 th\u00e0nh nh\u1eefng th\u00e0nh ph\u1ea7n hi\u1ec7u qu\u1ea3 h\u01a1n tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n doanh nghi\u1ec7p.<\/p>\n

Kh\u00f4ng c\u00f3 m\u00f4 h\u00ecnh n\u00e0o l\u00e0 \u0111\u00e1p \u00e1n tuy\u1ec7t \u0111\u1ed1i. Nh\u1eefng treasury v\u1eadn h\u00e0nh hi\u1ec7u qu\u1ea3 nh\u1ea5t s\u1ebd k\u1ebft h\u1ee3p nhi\u1ec1u c\u00e1ch ti\u1ebfp c\u1eadn kh\u00e1c nhau, t\u00f9y theo kh\u1ea9u v\u1ecb r\u1ee7i ro, n\u0103ng l\u1ef1c v\u1eadn h\u00e0nh v\u00e0 c\u1ea5u tr\u00fac qu\u1ea3n tr\u1ecb. Nh\u01b0ng xu h\u01b0\u1edbng d\u1ecbch chuy\u1ec3n th\u00ec \u0111\u00e3 r\u1ea5t r\u00f5 r\u00e0ng. N\u1eafm gi\u1eef th\u1ee5 \u0111\u1ed9ng kh\u00f4ng c\u00f2n \u0111\u1ee7 \u0111\u1ec3 bi\u1ec7n minh cho v\u1ecb tr\u00ed c\u1ee7a t\u00e0i s\u1ea3n s\u1ed1 tr\u00ean b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n. L\u1ee3i su\u1ea5t \u0111ang tr\u1edf th\u00e0nh th\u01b0\u1edbc \u0111o trung t\u00e2m cho m\u1ee9c \u0111\u1ed9 tr\u01b0\u1edfng th\u00e0nh c\u1ee7a chi\u1ebfn l\u01b0\u1ee3c treasury \u2014 \u0111\u1ed3ng th\u1eddi l\u00e0 y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i quy\u1ebft \u0111\u1ecbnh c\u00e1ch th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 c\u00e1c doanh nghi\u1ec7p c\u00f3 m\u1ee9c \u0111\u1ed9 ti\u1ebfp x\u00fac v\u1edbi t\u00e0i s\u1ea3n s\u1ed1.<\/p>\n

Nh\u1eefng b\u00ean chi\u1ebfn th\u1eafng trong giai \u0111o\u1ea1n ti\u1ebfp theo s\u1ebd kh\u00f4ng ph\u1ea3i l\u00e0 nh\u1eefng th\u1ef1c th\u1ec3 n\u1eafm gi\u1eef nhi\u1ec1u t\u00e0i s\u1ea3n nh\u1ea5t. H\u1ecd s\u1ebd l\u00e0 nh\u1eefng \u0111\u01a1n v\u1ecb v\u1eadn h\u00e0nh k\u1ef7 lu\u1eadt nh\u1ea5t.<\/p>\n<\/figcaption><\/figure>\n

\"The
H\u00ecnh \u1ea3nh do Greengage cung c\u1ea5p, 2026<\/strong><\/p>\n

L\u01b0u \u00fd quan tr\u1ecdng:<\/strong><\/p>\n

B\u00e0i vi\u1ebft n\u00e0y \u0111\u01b0\u1ee3c Greengage & Co. Limited bi\u00ean so\u1ea1n ch\u1ec9 nh\u1eb1m m\u1ee5c \u0111\u00edch cung c\u1ea5p th\u00f4ng tin v\u00e0 chia s\u1ebb g\u00f3c nh\u00ecn chuy\u00ean m\u00f4n. N\u1ed9i dung ch\u1ec9 d\u00e0nh ri\u00eang cho doanh nghi\u1ec7p, \u0111\u1ed1i t\u00e1c chuy\u00ean nghi\u1ec7p v\u00e0 c\u00e1c ch\u1ee7 th\u1ec3 tham gia th\u1ecb tr\u01b0\u1eddng \u1edf c\u1ea5p t\u1ed5 ch\u1ee9c, kh\u00f4ng h\u01b0\u1edbng \u0111\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 b\u00e1n l\u1ebb. B\u00e0i vi\u1ebft kh\u00f4ng c\u1ea5u th\u00e0nh t\u01b0 v\u1ea5n t\u00e0i ch\u00ednh, t\u01b0 v\u1ea5n \u0111\u1ea7u t\u01b0, t\u00e0i li\u1ec7u qu\u1ea3ng b\u00e1 t\u00e0i ch\u00ednh, c\u0169ng kh\u00f4ng ph\u1ea3i l\u00e0 khuy\u1ebfn ngh\u1ecb hay l\u1eddi ch\u00e0o m\u1eddi mua, b\u00e1n ho\u1eb7c n\u1eafm gi\u1eef b\u1ea5t k\u1ef3 t\u00e0i s\u1ea3n, ch\u1ee9ng kho\u00e1n hay c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh n\u00e0o.<\/p>\n

T\u00e0i s\u1ea3n s\u1ed1 ch\u1ecbu r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u00e1ng k\u1ec3 v\u00e0 thay \u0111\u1ed5i v\u1ec1 khung ph\u00e1p l\u00fd. Hi\u1ec7u su\u1ea5t trong qu\u00e1 kh\u1ee9 kh\u00f4ng ph\u1ea3n \u00e1nh k\u1ebft qu\u1ea3 trong t\u01b0\u01a1ng lai. M\u1ecdi kho\u1ea3n \u0111\u1ea7u t\u01b0 \u0111\u1ec1u \u0111i k\u00e8m r\u1ee7i ro, bao g\u1ed3m kh\u1ea3 n\u0103ng m\u1ea5t v\u1ed1n. C\u00e1c tuy\u00ean b\u1ed1 mang t\u00ednh d\u1ef1 ph\u00f3ng v\u00e0 c\u00e1c \u01b0\u1edbc t\u00ednh th\u1ecb tr\u01b0\u1eddng \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong b\u00e0i \u0111\u01b0\u1ee3c tr\u00edch d\u1eabn t\u1eeb nghi\u00ean c\u1ee9u c\u1ee7a b\u00ean th\u1ee9 ba v\u00e0 kh\u00f4ng \u0111\u1ea1i di\u1ec7n cho quan \u0111i\u1ec3m ho\u1eb7c d\u1ef1 b\u00e1o c\u1ee7a Greengage & Co. Limited.<\/p>\n

Greengage & Co. Limited kh\u00f4ng \u0111\u01b0\u1ee3c C\u01a1 quan Qu\u1ea3n l\u00fd T\u00e0i ch\u00ednh V\u01b0\u01a1ng qu\u1ed1c Anh (Financial Conduct Authority – FCA) c\u1ea5p ph\u00e9p ho\u1eb7c qu\u1ea3n l\u00fd \u0111\u1ed1i v\u1edbi ho\u1ea1t \u0111\u1ed9ng kinh doanh \u0111\u1ea7u t\u01b0. Greengage ch\u1ec9 \u0111\u00f3ng vai tr\u00f2 l\u00e0 b\u00ean gi\u1edbi thi\u1ec7u t\u1edbi c\u00e1c nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 \u0111\u1ed9c l\u1eadp b\u00ean th\u1ee9 ba, v\u00e0 kh\u00f4ng th\u1ef1c hi\u1ec7n vi\u1ec7c s\u1eafp x\u1ebfp \u0111\u1ea7u t\u01b0, cung c\u1ea5p d\u1ecbch v\u1ee5 cho vay, l\u01b0u k\u00fd hay qu\u1ea3n l\u00fd \u0111\u1ea7u t\u01b0.<\/p>\n

Ng\u01b0\u1eddi \u0111\u1ecdc n\u00ean t\u00ecm ki\u1ebfm t\u01b0 v\u1ea5n chuy\u00ean m\u00f4n \u0111\u1ed9c l\u1eadp tr\u01b0\u1edbc khi \u0111\u01b0a ra b\u1ea5t k\u1ef3 quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 n\u00e0o.<\/p>\n

L\u01b0u \u00fd:<\/strong> C\u00e1c quan \u0111i\u1ec3m th\u1ec3 hi\u1ec7n trong chuy\u00ean m\u1ee5c n\u00e0y l\u00e0 quan \u0111i\u1ec3m ri\u00eang c\u1ee7a t\u00e1c gi\u1ea3 v\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3n \u00e1nh quan \u0111i\u1ec3m c\u1ee7a CoinDesk, Inc. ho\u1eb7c c\u00e1c ch\u1ee7 s\u1edf h\u1eefu v\u00e0 \u0111\u01a1n v\u1ecb li\u00ean k\u1ebft c\u1ee7a CoinDesk.<\/p>\n<\/figcaption><\/figure>\n<\/div>\n

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

Ph\u1ea7n l\u1edbn c\u00e1c m\u00f4 h\u00ecnh quy\u1ec1n ri\u00eang t\u01b0 trong crypto s\u1ebd suy y\u1ebfu khi d\u1eef li\u1ec7u blockchain ng\u00e0y c\u00e0ng gia t\u0103ng. Ng\u01b0\u1ee3c l\u1ea1i, c\u00e1c m\u00f4 h\u00ecnh d\u1ef1a tr\u00ean m\u00e3 h\u00f3a nh\u01b0 Zcash l\u1ea1i \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 m\u1ea1nh h\u01a1n. CoinDesk Research \u0111\u00e3 h\u1ec7 th\u1ed1ng h\u00f3a 5 h\u01b0\u1edbng ti\u1ebfp c\u1eadn quy\u1ec1n ri\u00eang t\u01b0 v\u00e0 ph\u00e2n t\u00edch kho\u1ea3ng c\u00e1ch ng\u00e0y c\u00e0ng n\u1edbi r\u1ed9ng gi\u1eefa c\u00e1c m\u00f4 h\u00ecnh n\u00e0y.<\/p>\n

V\u00ec sao \u0111i\u1ec1u n\u00e0y quan tr\u1ecdng:<\/strong><\/p>\n

Khi m\u1ee9c \u0111\u1ed9 \u1ee9ng d\u1ee5ng blockchain ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng, l\u01b0\u1ee3ng metadata s\u1eb5n c\u00f3 cho c\u00e1c m\u00f4 h\u00ecnh machine learning c\u0169ng t\u0103ng theo t\u01b0\u01a1ng \u1ee9ng. H\u1ec7 qu\u1ea3 l\u00e0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p b\u1ea3o v\u1ec7 quy\u1ec1n ri\u00eang t\u01b0 d\u1ef1a tr\u00ean c\u01a1 ch\u1ebf l\u00e0m nhi\u1ec5u ho\u1eb7c che m\u1edd d\u1eef li\u1ec7u \u0111ang suy y\u1ebfu v\u1ec1 m\u1eb7t c\u1ea5u tr\u00fac. B\u00e1o c\u00e1o n\u00e0y \u0111\u01b0a ra m\u1ed9t ph\u00e9p so s\u00e1nh to\u00e0n di\u1ec7n gi\u1eefa 5 ki\u1ebfn tr\u00fac quy\u1ec1n ri\u00eang t\u01b0 ch\u1ee7 \u0111\u1ea1o trong crypto, \u0111\u1ed3ng th\u1eddi x\u00e2y d\u1ef1ng m\u1ed9t khung \u0111\u00e1nh gi\u00e1 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh m\u00f4 h\u00ecnh n\u00e0o c\u00f2n \u0111\u1ee7 \u0111\u1ed9 b\u1ec1n v\u1eefng khi n\u0103ng l\u1ef1c AI ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n.<\/p>\n

View Full Report<\/a><\/p>\n

(\u0110\u1ecdc chi ti\u1ebft t\u1ea1i \u0111\u00e2y)<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u0110\u1ec3 c\u00e1c c\u00f4ng ty tri\u1ec3n khai chi\u1ebfn l\u01b0\u1ee3c treasury l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u \u0630\u0644\u0643 v\u00e0 duy tr\u00ec n\u0103ng l\u1ef1c c\u1ea1nh tranh, […]<\/p>","protected":false},"author":5,"featured_media":68302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-68301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/68301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=68301"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/68301\/revisions"}],"predecessor-version":[{"id":68469,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/68301\/revisions\/68469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/68302"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=68301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=68301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=68301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}