谁指导了华人首富 CZ 上市?

深潮Published on 2025-08-06Last updated on 2025-08-07

时代不再奖励跑得快的人,权力重新回归规则的掌事者。

撰文:林晚晚,律动

在加密江湖里,最响的并非敲锣打鼓的交易,而是能把 90 亿美元悄悄落袋的人脉。

2025 年 7 月,8 万枚沉睡了 14 年的比特币地址突然出货,这是历史上最大的名义比特币交易之一。这种规模的转移本应引发市场 30%的跌幅,但现实是——没有大幅闪崩,没有恐慌,这批比特币被市场安静吸收。

90 亿美元的筹码被市场「悄无声息」吃下。运作方方既非交易所,也非对冲基金,而是一家有些名不见经传的华尔街玩家:Galaxy Digital。

在 8 月 5 日晚最新二季度财报业绩会中,有人向 CEO 提问:你是如何拿下 8 万枚 BTC 的客户?有正式招标流程吗?

CEO 轻描淡写回答道:「这个单子,关系比报价更重要。」

不仅如此,华人首富 CZ 亲自操刀的 BNB 财库公司,也悄然挖来了前 Galaxy Digital 联合创始人,David Namdar 出任 CEO。

Galaxy Digital 背后究竟是谁?到底动用了什么样的政商资源,才能吃下这些史诗级交易?而这张关系网,又正在为加密世界编制出怎样一套新的权力结构?

高层「朋友圈」:董事会里的政治资本

这笔交易的钥匙,不在台前的报价,而在幕后的人脉——一切都指向一位老华尔街人。

时年 56 岁的创始人 Mike Novogratz,是标准的「华尔街制造」。

他在高盛做了 11 年,从东南亚期货台做起,最后成为固定收益合伙人。彼时的 Novogratz,是那批能穿梭于宏观交易、资产组合与国家政策之间的极少数人之一。

随后他加入堡垒投资集团(Fortress Investment Group),主导宏观策略投资,是集团内最早押注新兴市场与主权债务的关键人物之一。在那段时期,他频繁出入拉美、亚洲及东欧的政策机构、央行与市场部,与地方政府谈判债券发行和汇率政策,熟悉「灰色地带」中杠杆与主权之间的游戏逻辑。

2012 年至 2015 年间,他更是成为纽约联储投资顾问委员会的成员,直接参与政策咨询、货币机制研究和金融机构评估。这使他拥有了稀缺的「双重能力」——既懂衍生品交易,也懂监管部门的语言与节奏。

这是一个已经在政治权力、华尔街资本与信息交汇点上打过十多年交道的人。

他早在 2013 年便用自有资金重仓比特币和以太坊,总投入约 700 万美元。到了 2017 年,他在接受 CNBC 采访时公开表示:「过去两年,我因加密资产赚了超过 2.5 亿美元。」

但他并非加密行业的「原住民」,也非典型投机者。他真正的转向发生在 2015 年——那一年,他因重仓巴西利率市场出现亏损,从堡垒退场,短暂从一线投资领域隐退。也是在那段「空窗期」里,他第一次认真审视比特币,重新建立对货币、信用与金融基础设施的认识。

但 Novogratz 并没有像许多早期加密布道者一样止步于「持有比特币」。他的野心在于建立一套新的、属于链上世界的「金融制度设计」。他说:「我看到的是一个系统性的空白——加密世界的流动性越来越深,但没有结构。」

在他看来,传统金融世界中的资产管理、做市商、清算、ETF 托管、PIPE 融资、审计披露、监管游说等一整套链条,几乎在加密世界中不存在对标。这是一片亟需重构的「制度荒原」。

Galaxy Digital 就诞生在这个结构裂缝里。

2018 年,Novogratz 自掏腰包注资 3.5 亿美元,通过借壳加拿大壳公司 Bradmer Pharmaceuticals 成功上市,成为第一家面向机构提供全栈服务的加密金融平台。这是一家被设计成「华尔街版本的链上投行」的公司。

然而从加拿大交易所,走向纳斯达克,Galaxy Digital 这条路一共走了 1,320 天,接近四年。期间公司经历了 SEC 的九轮反馈、无数次法律审查,并为满足合规要求投入超过 2,500 万美元。在一整个加密行业集体受阻、频频「出海」的监管寒冬中,Galaxy 咬牙坚持了下来。

它不是一个交易平台,也不是一家 VC,而是加密领域的「金融结构服务商」。Galaxy Digital 被他设计成「华尔街版本的链上高盛」。它的结构设计也处处能看到他华尔街出身的烙印:

服务清单对标 Goldman Sachs:涵盖资产管理、做市、OTC 交易、自营投研、风险管理、财务顾问;交易结构对标 Citadel:支持暗池撮合、低延迟衍生品系统、与 ETF 流动性对接;政策路径对标 Brookings:设立政策研究团队、撰写报告、参与听证,进入监管沙盒;合规路径则对标 Deloitte 与 EY:打造支持财报入账、审计披露的「数字资产合法包装体系」。

而这一切的核心,是 Galaxy 董事会建起的「政商朋友圈」。

Galaxy Digital 的董事会成员里,有曾任美国财政部副助理部长的 Tyler Williams,2025 年被现任财长借调为数字资产特别顾问——他能把加密语言翻译成监管语言,是 Galaxy 与 SEC、CFTC、FASB 等机构沟通时的重要桥梁。

还有董事会成员 Doug Deason,是德州本地最有影响力的地产与能源说客之一。曾参与推动多项矿场、电价、税收相关立法,是 Galaxy 成功将比特币矿场改建为 AI 算力中心背后的关键人物。

这种「政策-资本-技术」三线汇流的结构,使得 Galaxy 具备了加密公司中极为罕见的「政策影响能力」。

在他构建的这张新型金融结构中,Galaxy 不只是做交易、做资管,更是传统公司进入链上世界的「合法通电」服务商。

比起 CZ 的极致运营能力、SBF 的激进资金打法,Mike Novogratz 是另一类创始人。他从不强调「去中心化」,而是强调「结构性安排」;他也从未用币价当唯一指标,而更关注隐私、监管、制度、财务、托管、合规路径是否真正打通。

这也解释了,为什么 Galaxy 虽然在流量上并不最强,但在那场 8 万枚比特币悄无声息的交易中,它却成了唯一能拿下大单、完成清算、让对手方安心的玩家。

很多人以为 Galaxy Digital 的护城河是资金,但真正的优势,是它的政商语感。

加密财库背后的银行家

8 万枚比特币只是这张关系网的一角,以华人首富 CZ 为代表的公司,也开始把 Galaxy Digital 当作通往合规的「政治护照」。

2025 年年中,一条美股新型的主流叙事悄然兴起:加密币股。美股正上演一场资本「换壳术」:把 BTC、ETH 装进上市公司,让加密资产以财报的名义登上华尔街。

可就在 2023 年底之前,这还被视作资本市场的「禁区」。

美国企业其实很难「合法持币」,原因是财务体系接不住。根据当时的 FASB 会计准则,比特币等加密资产只能按「无形资产」入账——币价跌了要减值,涨了却不能算收益,导致公司财报严重失真,审计也难通过。

比如你买了 1 万个 ETH,跌了要立刻记账亏损,但涨了就当没看见,不能算进利润。这搞得企业财报很难看,也让审计一塌糊涂。FASB 的新规直到 2025 财年起按「公允价值」计价,币涨了算收益,才真正打开了「持币合规」的通道。

Galaxy 是最早走进去、并带着一批上市公司「合法入场」的服务商。

最早嗅到机会的,是一批 ETH 的远古巨鲸。他们悄然将手中的 ETH 打包进美股壳公司,通过左手倒右手的方式,在不惊动市场的前提下,借助美股流动性完成变相套现。SharpLink Gaming,就是这场「套现术」中的龙头。

很快,华人首富 CZ 也跟进了——将自家公司的平台币 BNB 塞进美股公司,借壳、包装、上市,把平台币变成合规资产,再进入资本估值体系。

而在这一系列操作的幕后,Galaxy Digital 已悄然浮出水面——它是整场剧本的操盘顾问。

它为这些公司量身定制「加密财库」叙事方案:从 OTC 建仓、资产托管,到合规披露、质押收益,每一步都绕不开它搭建的政商通道,每一步都精准踩在监管盲区与资本杠杆之间的灰色地带。

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