現在被稱為“戰略”的公司，該公司以前稱為MicroStrategy，它絕對確保了其作為世界上最大的比特幣公司持有人的位置。

當然，它的第一季度2025財務業績再次成為頭條新聞。該公司透露，現在截至4月28日，它擁有絕對令人難以置信的553555 BTC

Now known simply as Strategy, the firm formerly called MicroStrategy has definitively secured its spot as the world’s largest corporate holder of Bitcoin.

現在被稱為戰略，該公司以前稱為MicroStrategy，它絕對確保了其作為世界上最大的比特幣公司持有人的位置。

It certainly made headlines yet again with its Q1 2025 financial results. The firm revealed it now holds an absolutely mind-boggling 553,555 BTC as of April 28—the product of a total investment of $37.9 billion. That’s about $68,459 per Bitcoin, on average. But with current market prices giving the holding an estimated value of roughly $52 billion, Strategy has also accelerated its transition from a software firm to a public Bitcoin investment vehicle.

當然，它的第一季度2025財務業績再次成為頭條新聞。該公司顯示，截至4月28日，該公司現在擁​​有絕對令人難以置信的553,555 BTC，這是總投資379億美元的產物。平均每比特幣約為68,459美元。但是，隨著目前的市場價格賦予估計價值約520億美元，戰略也加速了其從軟件公司向公共比特幣投資工具的過渡。

This most recent quarterly update emphasizes that transformation, with the leadership of the Strategy directing a laser-like focus on goodwill accumulation and growth. Despite a reported Q1 company loss of $4.23 billion and a 3.6% year-over-year revenue decrease to $111.1 million, the entity is moving ahead with plans to spend huge new amounts of capital.

這一最新的季度更新強調了這種轉變，該戰略的領導將類似激光般的專注於商譽積累和增長。儘管據報導，據報導，第1季度公司虧損42.3億美元，同比收入降至1.111億美元，但該實體仍在計劃中，計劃花費大量新的資本。

An Aggressive Pivot Away From Software

遠離軟件的侵略性樞軸

This quarter, Strategy’s actions offer very clear signals about the priorities it has chosen. Once its foundation, the software business has been overshadowed by a Bitcoin-centric effort. While its top-line income and net profit have declined, the company measures success these days through the increasing number of Bitcoin it holds and the enhanced value it expects its Bitcoin to generate in the future.

在本季度，戰略的行動提供了有關其選擇的優先事項的明確信號。一旦其基礎，軟件業務就被以比特幣為中心的努力所掩蓋。儘管其最高收入和淨利潤卻有所下降，但該公司通過其持有的比特幣數量越來越多，並衡量其預期將來會產生的比特幣的增強價值。

In a daring action, Strategy has upped its 2025 Bitcoin return target from 15% to 25%. This is a huge jump that shows their expectation of a more effective use of BTC reveals in one of three ways: using yield-producing financial instruments, through partnerships, or by using on-chain financial products. Indeed, Strategy raised its Bitcoin profit projection as well—from a previous target of $10 billion in gains to a $15 billion target now. And this is with no change in the BTC price across these two forecast years. So, if you believe in this company’s forecasting ability, you have no reason not to expect much more effective use of Bitcoin actives across these years.

在大膽的行動中，戰略已將其2025比特幣回報目標從15％提高到25％。這是一個巨大的跳躍，表明他們對BTC更有效使用的期望通過以下三種方式之一揭示：通過合作夥伴關係或使用鍊鍊金融產品，使用產量產生的金融工具。實際上，戰略也提高了比特幣的利潤預測，從先前的100億美元收益到現在的150億美元目標。在這兩個預測年中，BTC價格沒有變化。因此，如果您相信這家公司的預測能力，那麼您沒有理由不希望在這些年中更有效地利用比特幣活動。

Strategy (formerly MicroStrategy) reported Q1 2025 results, disclosing bitcoin holdings of 553,555 BTC as of April 28 at a total cost of $37.9 billion, or $68,459 per BTC, with an estimated market value of approximately $52 billion. The company raised its 2025 BTC Yield target…

策略（以前是微型策略）報告了第1季度2025年結果，截至4月28日，比特幣持有量為553,555 BTC，總成本為379億美元，即每BTC 68,459美元，估計為520億美元。該公司提高了2025年BTC收益率目標…

— Wu Blockchain (@WuBlockchain) May 1, 2025

- Wu區塊鏈（@wublockchain）2025年5月1日

To underwrite these goals, Strategy declared a new $21 billion at-the-market (ATM) equity offering, intended to further augment its Bitcoin acquisition program. This capital raise follows a model used successfully in years past to light the fires of an accumulation strategy. But all of this is just a small part of a much larger and very aggressive financial plan.

為了實現這些目標，策略宣布了新的210億美元的市場股權產品，旨在進一步擴大其比特幣收購計劃。這項資本加薪遵循了過去幾年成功使用的模型，以闡明積累策略的火災。但是所有這些只是更大，非常積極的財務計劃的一小部分。

The “42/42 Plan”: A New Chapter in Bitcoin Corporate Accumulation

“ 42/42計劃”：比特幣公司積累的新篇章

In what is possibly the most audacious aspect of the update, Strategy revealed its new “42/42 Plan”—a sweeping initiative to amass an incredible $84 billion in total capital to acquire even more Bitcoin. This plan is twice as big as last year’s “21/21 Plan” and reflects both an escalation in ambition and a doubling down on Bitcoin’s strategic importance to the firm.

在更新中最大膽的方面，策略揭示了其新的“ 42/42計劃”，這是一項旨在積累令人難以置信的840億美元資本的龐大計劃，以獲取更多的比特幣。該計劃是去年的“ 21/21計劃”的兩倍，並且反映了野心的升級，也反映了比特幣對公司的戰略重要性的一倍。

🇺🇸 MicroStrategy is focusing on Bitcoin over software, planning to buy more despite a Q1 loss of $4.23B and a 3.6% revenue drop to $111.1M. They introduced a new “42/42 Plan” to raise $84B for Bitcoin, following last year's “21/21 Plan.” Analysts view the stock as a strong… pic.twitter.com/Qi3wKSBX3L

MicroStrategy專注於比特幣，而不是軟件，但仍計劃購買更多的Q1損失$ 4.23B，收入下降了3.6％，至1.111億美元。在去年的“ 21/21計劃”之後，他們引入了新的“ 42/42計劃”，以籌集84B $ 84B。分析師將股票視為強大的…pic.twitter.com/qi3wksbx3l

— Crypto Crib (@Crypto_Crib_) May 2, 2025

- Crypto Crib（@crypto_crib_）5月2日，2025年

The designation “42/42” makes a symbolic gesture to the company’s vision of exponentially accumulating Bitcoin, making it twice as large, not only in the kinds of things one would traditionally accumulate (e.g., money, in our case Bitcoin), but also in the timeframe one would expect to take to accumulate those kinds of things. So, you know, it’s really just a plan for the next couple of decades. It’s still in the works (what isn’t these days?), but it seems to involve some relatively traditional tools (equity offerings, and yes, even some debt) and some semi-traditional Bitcoin fundraising strategies.

“ 42/42”的名稱對公司的願景呈指數積累的比特幣的願景，使其大大兩倍，不僅是傳統上會積累的那種事情（例如，在我們的情況下，比特幣），而且在時間範圍內也可以期望累積這些東西。因此，您知道，這實際上只是接下來幾十年的計劃。它仍在進行中（這些日子不是什麼？），但似乎涉及一些相對傳統的工具（股票產品，甚至是一些債務）和一些半傳統的比特幣籌款策略。

Very few in the corporate world have shown this kind of commitment. While many companies have cautiously made small forays into Bitcoin or blockchain investments, Strategy has gone much further, pulling in far

在企業界，很少有人表現出這種承諾。儘管許多公司謹慎地涉足比特幣或區塊鏈投資，但戰略已經進一步邁進了