{"id":583,"date":"2025-02-28T16:24:08","date_gmt":"2025-02-28T07:24:08","guid":{"rendered":"https:\/\/www.kabutec.jp\/blog\/?p=583"},"modified":"2025-02-28T16:24:09","modified_gmt":"2025-02-28T07:24:09","slug":"%e3%83%a1%e3%82%bf%e3%83%97%e3%83%a9%e3%83%8d%e3%83%83%e3%83%88%ef%bc%883350%ef%bc%89-vs-%e3%83%aa%e3%83%9f%e3%83%83%e3%82%af%e3%82%b9%e3%83%9d%e3%82%a4%e3%83%b3%e3%83%88%ef%bc%883825%ef%bc%89","status":"publish","type":"post","link":"https:\/\/www.kabutec.jp\/blog\/?p=583","title":{"rendered":"\u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\uff083350\uff09 vs \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\uff083825\uff09\u3010BTC 1,200\u4e07\u5186 & \u6700\u65b0\u682a\u4fa1\u3067\u518d\u8a08\u7b97\u3011"},"content":{"rendered":"\n

1. \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\uff083350\uff09\u306e\u6700\u65b0\u7d14\u8cc7\u7523\u4fa1\u5024\uff08NAV\uff09<\/strong><\/h2>\n\n\n\n

\u6700\u65b0\u306eNAV\u7b97\u51fa\u7d50\u679c<\/strong><\/h3>\n\n\n\n
    \n
  • \u7d14\u8cc7\u7523\uff08NAV\uff09\uff1a\u7d04144\u5104\u5186<\/strong><\/li>\n\n\n\n
  • 1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff08BPS\uff09\uff1a\u7d04397\u5186<\/strong><\/li>\n\n\n\n
  • \u682a\u4fa1\uff08\u672c\u65e5\u30b9\u30c8\u30c3\u30d7\u5b89\uff09\uff1a3,310\u5186<\/strong><\/li>\n\n\n\n
  • \u682a\u5f0f\u6642\u4fa1\u7dcf\u984d = 3,310\u5186 \u00d7 3,626\u4e07\u682a = \u7d041,200\u5104\u5186<\/strong><\/li>\n\n\n\n
  • PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09 = 1,200\u5104\u5186 \u00f7 144\u5104\u5186 \u2248 8.3\u500d<\/strong><\/li>\n<\/ul>\n\n\n\n

    \u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u5185\u8a33<\/strong><\/h3>\n\n\n\n
      \n
    • BTC\u4fdd\u6709\u91cf<\/strong>\uff1a2,235 BTC<\/strong><\/li>\n\n\n\n
    • BTC\u8a55\u4fa1\u984d\uff081,200\u4e07\u5186\/BTC\u63db\u7b97\uff09<\/strong>\uff1a\u7d04268\u5104\u5186<\/strong><\/li>\n\n\n\n
    • \u305d\u306e\u4ed6\u8cc7\u7523\uff08\u30db\u30c6\u30eb\u4e8b\u696d\u306a\u3069\uff09<\/strong>\uff1a\u7d0435\u5104\u5186<\/strong><\/li>\n\n\n\n
    • \u7dcf\u8ca0\u50b5<\/strong>\uff1a114\u5104\u5186\uff08\u3046\u3061113\u5104\u5186\u306fBTC\u53d6\u5f97\u306e\u305f\u3081\u306e\u6709\u5229\u5b50\u8ca0\u50b5\uff09<\/strong><\/li>\n<\/ul>\n\n\n\n

      \u2192 \u6642\u4fa1\u7dcf\u984d\u306fNAV\u306e\u7d048.3\u500d\u3067\u3001\u4f9d\u7136\u3068\u3057\u3066\u30d7\u30ec\u30df\u30a2\u30e0\u8a55\u4fa1<\/strong><\/p>\n\n\n\n

      \n\n\n\n

      2. \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\uff083825\uff09\u306e\u6700\u65b0\u7d14\u8cc7\u7523\u4fa1\u5024\uff08NAV\uff09<\/strong><\/h2>\n\n\n\n

      \u6700\u65b0\u306eNAV\u7b97\u51fa\u7d50\u679c<\/strong><\/h3>\n\n\n\n
        \n
      • \u7d14\u8cc7\u7523\uff08NAV\uff09\uff1a\u7d04165\u5104\u5186<\/strong>\uff08\u524d\u56de\u306e160\uff5e170\u5104\u5186\u304b\u3089\u4e2d\u592e\u5024\u3067\u8a08\u7b97\uff09<\/li>\n\n\n\n
      • 1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff08BPS\uff09\uff1a\u7d04137\u5186<\/strong><\/li>\n\n\n\n
      • \u682a\u4fa1\uff08\u672c\u65e5\uff09\uff1a430\u5186<\/strong><\/li>\n\n\n\n
      • \u682a\u5f0f\u6642\u4fa1\u7dcf\u984d = 430\u5186 \u00d7 1.23\u5104\u682a = \u7d04529\u5104\u5186<\/strong><\/li>\n\n\n\n
      • PBR\uff08\u682a\u4fa1\u7d14\u8cc7\u7523\u500d\u7387\uff09 = 529\u5104\u5186 \u00f7 165\u5104\u5186 \u2248 3.2\u500d<\/strong><\/li>\n<\/ul>\n\n\n\n

        \u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u5185\u8a33<\/strong><\/h3>\n\n\n\n
          \n
        • BTC\u4fdd\u6709\u91cf<\/strong>\uff1a\u7d04478 BTC<\/strong><\/li>\n\n\n\n
        • BTC\u8a55\u4fa1\u984d\uff081,200\u4e07\u5186\/BTC\u63db\u7b97\uff09<\/strong>\uff1a\u7d0457.4\u5104\u5186<\/strong><\/li>\n\n\n\n
        • \u305d\u306e\u4ed6\u8cc7\u7523\uff08\u6697\u53f7\u8cc7\u7523\u4ea4\u63db\u696d\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u95a2\u9023\u4e8b\u696d\u7b49\uff09<\/strong>\uff1a\u7d04120\u5104\u5186<\/strong><\/li>\n\n\n\n
        • \u7dcf\u8ca0\u50b5<\/strong>\uff1a\u7d0460\u5104\u5186<\/strong><\/li>\n<\/ul>\n\n\n\n

          \u2192 \u6642\u4fa1\u7dcf\u984d\u306fNAV\u306e\u7d043.2\u500d\u3067\u3001\u9069\u6b63\u6c34\u6e96\u306b\u8fd1\u3044<\/strong><\/p>\n\n\n\n

          \n\n\n\n

          3. \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8 vs \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8 \u6bd4\u8f03<\/strong><\/h2>\n\n\n\n
          \u9805\u76ee<\/th>\u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\uff083350\uff09<\/th>\u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\uff083825\uff09<\/th><\/tr><\/thead>
          \u7d14\u8cc7\u7523\uff08NAV\uff09<\/strong><\/td>\u7d04144\u5104\u5186<\/strong><\/td>\u7d04165\u5104\u5186<\/strong><\/td><\/tr>
          1\u682a\u5f53\u305f\u308a\u7d14\u8cc7\u7523\uff08BPS\uff09<\/strong><\/td>\u7d04397\u5186<\/strong><\/td>\u7d04137\u5186<\/strong><\/td><\/tr>
          BTC\u4fdd\u6709\u91cf<\/strong><\/td>2,235 BTC<\/strong><\/td>478 BTC<\/strong><\/td><\/tr>
          BTC\u8a55\u4fa1\u984d\uff081,200\u4e07\u5186\u63db\u7b97\uff09<\/strong><\/td>\u7d04268\u5104\u5186<\/strong><\/td>\u7d0457.4\u5104\u5186<\/strong><\/td><\/tr>
          \u7dcf\u8cc7\u7523<\/strong><\/td>\u7d04303\u5104\u5186<\/strong><\/td>\u7d04225\u5104\u5186<\/strong><\/td><\/tr>
          \u7dcf\u8ca0\u50b5<\/strong><\/td>\u7d04114\u5104\u5186<\/strong><\/td>\u7d0460\u5104\u5186<\/strong><\/td><\/tr>
          \u682a\u4fa1\uff08\u6700\u65b0\uff09<\/strong><\/td>3,310\u5186<\/strong>\uff08\u30b9\u30c8\u30c3\u30d7\u5b89\uff09<\/td>430\u5186<\/strong><\/td><\/tr>
          \u682a\u5f0f\u6642\u4fa1\u7dcf\u984d<\/strong><\/td>\u7d041,200\u5104\u5186<\/strong><\/td>\u7d04529\u5104\u5186<\/strong><\/td><\/tr>
          PBR\uff08NAV\u500d\u7387\uff09<\/strong><\/td>\u7d048.3\u500d<\/strong><\/td>\u7d043.2\u500d<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

          4. \u6bd4\u8f03\u5206\u6790<\/strong><\/h3>\n\n\n\n
            \n
          1. \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u306eNAV\u500d\u7387\uff088.3\u500d\uff09\u306f\u3001\u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\uff083.2\u500d\uff09\u306e\u7d042.6\u500d\u306e\u8a55\u4fa1<\/strong>\n
              \n
            • BTC\u4fdd\u6709\u91cf\u304c\u591a\u3044\u3068\u306f\u3044\u3048\u3001\u5272\u9ad8\u611f\u304c\u5f37\u3044<\/strong><\/li>\n<\/ul>\n<\/li>\n\n\n\n
            • \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u65b9\u304c\u3001NAV\u3068\u306e\u4e56\u96e2\u304c\u5c11\u306a\u304f\u6bd4\u8f03\u7684\u9069\u6b63\u6c34\u6e96<\/strong>\n
                \n
              • \u4e8b\u696d\u57fa\u76e4\u304c\u591a\u89d2\u5316\uff08\u6697\u53f7\u8cc7\u7523\u4ea4\u63db\u696d\uff0b\u30a8\u30cd\u30eb\u30ae\u30fc\u4e8b\u696d\uff09\u3057\u3066\u304a\u308a\u3001\u30ea\u30b9\u30af\u5206\u6563\u304c\u3067\u304d\u3066\u3044\u308b<\/li>\n<\/ul>\n<\/li>\n\n\n\n
              • \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u306fBTC\u4f9d\u5b58\u5ea6\u304c\u6975\u7aef\u306b\u9ad8\u3044<\/strong>\n
                  \n
                • BTC\u4fa1\u683c\u306e\u5909\u52d5\u306b\u3088\u308bNAV\u306e\u5f71\u97ff\u304c\u5927\u304d\u3044<\/li>\n\n\n\n
                • \u65e2\u5b58\u4e8b\u696d\uff08\u30db\u30c6\u30eb\u95a2\u9023\uff09\u3067\u306f\u5229\u76ca\u8ca2\u732e\u304c\u9650\u5b9a\u7684<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                • \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\u306eNAV\u306f\u5b89\u5b9a\u3057\u3084\u3059\u3044\u304c\u3001\u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u306fBTC\u4fa1\u683c\u6b21\u7b2c\u3067\u6fc0\u5909\u3059\u308b<\/strong>\n
                    \n
                  • BTC\u304c\u4e0a\u6607\u3059\u308c\u3070\u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u306eNAV\u3082\u5927\u5e45\u5897\u52a0<\/li>\n\n\n\n
                  • \u3057\u304b\u3057BTC\u304c\u4e0b\u843d\u3059\u308c\u3070NAV\u306f\u6025\u6e1b\u3059\u308b\u30ea\u30b9\u30af\u3042\u308a<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n
                    \n\n\n\n

                    5. \u7d50\u8ad6<\/strong><\/h2>\n\n\n\n
                      \n
                    • \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u306f\u73fe\u5728NAV\u6bd4\u3067\u300c\u5272\u9ad8\u300d<\/strong>\uff08PBR 8.3\u500d<\/strong>\uff09<\/li>\n\n\n\n
                    • \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\u306fNAV\u3068\u682a\u4fa1\u304c\u8fd1\u304f\u3001\u300c\u59a5\u5f53\uff5e\u3084\u3084\u5272\u5b89\u300d<\/strong>\uff08PBR 3.2\u500d<\/strong>\uff09<\/li>\n\n\n\n
                    • \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u306e\u682a\u4fa1\u306fBTC\u4fa1\u683c\u306b\u5927\u304d\u304f\u4f9d\u5b58<\/strong>\u3057\u3066\u304a\u308a\u3001NAV\u306e\u5b89\u5b9a\u6027\u306f\u4f4e\u3044<\/li>\n\n\n\n
                    • \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u304c\u5272\u9ad8\u306b\u898b\u3048\u308b\u7406\u7531\u306f\u3001\u5e02\u5834\u304c\u300cBTC\u4fdd\u6709\u91cf\u300d\u3092\u904e\u5927\u8a55\u4fa1\u3057\u3066\u3044\u308b\u53ef\u80fd\u6027<\/strong><\/li>\n\n\n\n
                    • \u30b9\u30c8\u30c3\u30d7\u5b89\u30673,310\u5186\u306b\u306a\u3063\u3066\u3082NAV\u306e\u7d048\u500d\u306e\u8a55\u4fa1\u304c\u3064\u3044\u3066\u304a\u308a\u3001\u4f9d\u7136\u3068\u3057\u3066\u5272\u9ad8\u570f<\/strong><\/li>\n<\/ul>\n\n\n\n
                      \n\n\n\n

                      6. \u53c2\u8003\u60c5\u5831<\/strong><\/h2>\n\n\n\n
                        \n
                      • \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8 2024\u5e7412\u6708\u671f \u6c7a\u7b97\u767a\u8868<\/li>\n\n\n\n
                      • \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\u306e\u8ffd\u52a0BTC\u8cfc\u5165\u306b\u95a2\u3059\u308b\u30cb\u30e5\u30fc\u30b9<\/li>\n\n\n\n
                      • \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\u306e\u6697\u53f7\u8cc7\u7523\u6295\u8cc7\u306b\u95a2\u3059\u308b\u767a\u8868<\/li>\n\n\n\n
                      • IR Bank\u30fb\u307f\u3093\u304b\u3076\u7b49\u306e\u8ca1\u52d9\u30c7\u30fc\u30bf
                        \uff08\u30c7\u30fc\u30bf\u306f2025\u5e742\u6708\u6642\u70b9\u306e\u6700\u65b0\u60c5\u5831\u306b\u57fa\u3065\u304f\uff09<\/li>\n<\/ul>\n\n\n\n

                        4o<\/p>\n","protected":false},"excerpt":{"rendered":"

                        1. \u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8\uff083350\uff09\u306e\u6700\u65b0\u7d14\u8cc7\u7523\u4fa1\u5024\uff08NAV\uff09 \u6700\u65b0\u306eNAV\u7b97\u51fa\u7d50\u679c \u8cc7\u7523\u3068\u8ca0\u50b5\u306e\u5185\u8a33 \u2192 \u6642\u4fa1\u7dcf\u984d\u306fNAV\u306e\u7d048.3\u500d\u3067\u3001\u4f9d\u7136\u3068\u3057\u3066\u30d7\u30ec\u30df\u30a2\u30e0\u8a55\u4fa1 2. \u30ea\u30df\u30c3\u30af\u30b9\u30dd\u30a4\u30f3\u30c8\uff083825\uff09\u306e\u6700\u65b0\u7d14\u8cc7\u7523\u4fa1\u5024\uff08NA […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts\/583"}],"collection":[{"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=583"}],"version-history":[{"count":1,"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts\/583\/revisions"}],"predecessor-version":[{"id":584,"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=\/wp\/v2\/posts\/583\/revisions\/584"}],"wp:attachment":[{"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kabutec.jp\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}