Trái phiếu chuyển đổi đạt đỉnh mới trong năm 24: Tăng trưởng tài trợ cho các doanh nghiệp AI bùng nổ, thị trường châu Á sẽ tăng tốc vào năm 2026

【Coin Circle】The convertible bond market is experiencing a rare surge this year. According to Bloomberg data, global convertible bond financing in 2025 exceeded $166.5 billion, setting a record high in the past 24 years. The driver behind this growth is easy to guess—the AI boom. From Alibaba to Super Micro Computer, tech giants are injecting capital into AI projects through convertible bonds. Data shows that AI-related companies contributed approximately 40% of returns in the benchmark convertible bond index performance, becoming the most eye-catching sector in this year’s capital markets.

Interestingly, this trend is accelerating. Analysts predict the convertible bond market will remain hot in 2026, with refinancing demand and rising stock prices continuing to drive up financing scale. Particularly in Asia, convertible bonds are gradually evolving into mainstream financing channels, becoming a standard tool in the corporate financing toolkit. The implication for the crypto market is that when traditional capital market financing demand surges, it often signals an expansion phase in the economic cycle, which has reference value for the entire risk asset ecosystem.