策略以比特幣為重點的投資業務實現了截至4月28日，年初至今的BTC收益率為13.7％，BTC $ $ 58億美元

該公司還將其全年BTC收益目標從15％提高到25％，並將其BTC收益預測從100億美元增加到150億美元。

Strategy’s Bitcoin-focused investment operation achieved a year-to-date BTC Yield of 13.7% and a BTC $ gain of $5.8 billion as of April 28, according to its first quarter earnings report.

截至4月28日，戰略以比特幣為重點的投資業務獲得了13.7％的年度BTC收益率，BTC $ 58億美元。

The firm’s updated figures, which factor in the company’s record $21 billion at-the-market (ATM) equity offering and its first quarter earnings, also saw it increase its full-year BTC Yield target and BTC gain.

該公司的最新數字，這是該公司創紀錄的210億美元市場股權產品及其第一季度收益的因素，還看到了其全年BTC收益率目標和BTC收益。

The company now aims for a BTC Yield of 15% to 25% and a BTC gain of $10 billion to $15 billion in 2025.

該公司現在的目標是在2025年的BTC收益率為15％至25％，而BTC的收益率為100億至150億美元。

The company’s total Bitcoin (BTC) holdings stood at 553,555 BTC as of April 28, acquired at a cumulative cost of $37.9 billion, or approximately $68,459 per coin.

截至4月28日，該公司的總比特幣（BTC）持有量為553,555 BTC，累計成本為379億美元，約為每幣68,459美元。

BTC Yield, BTC Gain, and BTC $ Gain

BTC收益率，BTC收益和BTC $增益

Strategy tracks three internal performance indicators related to its Bitcoin strategy: BTC Yield, BTC Gain, and BTC $ Gain.

策略跟踪與其比特幣策略相關的三個內部績效指標：BTC收益率，BTC增益和BTC $增益。

These are not accounting metrics but rather internal key performance indicators intended to illustrate the effects of the company’s capital deployment on its per-share Bitcoin exposure.

這些不是會計指標，而是內部關鍵績效指標，旨在說明公司資本部署對每股比特幣暴露的影響。

BTC Yield represents the percentage change in the ratio between Bitcoin holdings and Assumed Diluted Shares Outstanding. As of April 28, the year-to-grade BTC Yield was 13.7%, with a Q1 figure of 11%.

BTC收益率代表比特幣持有量和假定稀釋股票之間的比率變化的百分比變化。截至4月28日，年度BTC收益率為13.7％，Q1數為11％。

The company defines Assumed Diluted Shares Outstanding as the sum of basic shares and all convertible instruments treated as shares, regardless of vesting or exercise conditions.

該公司將假定的股票定義為基本股票的總和和所有被視為股份的可轉換工具的總和，無論歸屬或運動條件如何。

BTC Gain expresses the outcome of BTC Yield in Bitcoin terms. Strategy achieved a BTC Gain of 49,131 BTC in the first quarter, growing to 61,497 BTC year-to-date.

BTC增益以比特幣術語表示BTC產量的結果。策略在第一季度獲得了49,131 BTC的BTC增益，年齡在61,497 BTC。

BTC $ Gain, in turn, translates that gain into dollar terms using spot Bitcoin prices. Based on a BTC price of approximately $95,000 on April 28, the company calculated the BTC $ Gain at $5.8 billion year-to-date.

反過來，BTC $增益將其轉化為使用點比特幣價格的美元項。基於4月28日的BTC價格約為95,000美元，該公司計算出BTC $的收益為58億美元。

Accounting changes and unrealized fair value losses

會計變化和未實現的公允價值損失

On Jan. 1, Strategy adopted ASU 2023-08, a fair value accounting standard for digital assets. This change led to a $12.7 billion increase in retained earnings at the beginning of the year, aligning reported net income more closely with market fluctuations in Bitcoin pricing.

1月1日，通過ASU 2023-08的戰略，這是數字資產的公允價值會計標準。這一變化導致年初的保留收益增加了127億美元，與比特幣定價的市場波動更加緊密地相結合。

Despite the accounting shift, the firm reported an unrealized fair value loss of $5.9 billion for the first quarter, driven by the quarter-end BTC price of $82,445.

儘管發生了會計轉變，但該公司報告了第一季度未實現的公允價值損失為59億美元，這是由於四分之一端BTC的價格為82,445美元。

However, with the price recovering to approximately $97,300 by late April, the company estimates a fair value gain of roughly $8 billion for the second quarter thus far.

但是，由於到4月下旬，價格恢復到約97,300美元，該公司估計到目前為止，第二季度的公允價值增長約為80億美元。

As of March 31, Strategy held 528,185 BTC with a cost basis of $35.6 billion and a market value of $43.5 billion. The firm’s average acquisition price was $67,457 per BTC.

截至3月31日，戰略持有528,185 BTC，成本基礎為356億美元，市值為435億美元。該公司的平均收購價格為每BTC $ 67,457。

Strategic capital deployment

戰略資本部署

In addition to the ATM common stock offering, Strategy issued $2 billion in 0% convertible senior notes due 2030 and completed two preferred stock IPOs, Strike and Strife, raising over $1.2 billion combined.

除了ATM普通股外，戰略還發行了2030年的0％可轉換高級票據的20億美元，並完成了兩項首選股票IPO，罷工和衝突，籌集了超過12億美元的合併。

These instruments contributed to the company’s aggregate net proceeds of $10 billion during the first four months of 2025.

這些工具在2025年的前四個月內促成了該公司的總收益100億美元。

Strategy used the proceeds from these issuances to acquire additional Bitcoin, supporting the company’s stated objective of increasing BTC per-share exposure. The company now has $20.9 billion in capacity remaining under its STRK ATM offering agreement.

策略利用這些發行的收益來獲取其他比特幣，這支持了公司陳述的目標，即增加BTC的每股曝光。該公司現在有209億美元的產能在其Strk ATM提供協議下。

While these KPIs reflect Strategy’s internal assessment of capital efficiency relative to Bitcoin accumulation, the firm emphasized that the metrics do not account for liabilities or dividend obligations on preferred stock.

儘管這些KPI反映了策略相對於比特幣積累的資本效率的內部評估，但該公司強調指標並不考慮對優先股的負債或股息義務。

Management also noted that the market shouldn’t see these KPIs as traditional financial return metrics.

管理層還指出，市場不應將這些KPI視為傳統的財務回報指標。

With the adjustments to its annual BTC performance targets and the adoption of fair value accounting, Strategy aims to maintain its positioning as a capital markets vehicle for Bitcoin exposure. Mentioned in this article

隨著對年度BTC績效目標的調整以及採用公允價值會計的採用，戰略旨在將其作為比特幣敞口的資本市場的地位。在本文中提到