策略是前所未有的比特幣國庫公司，以前稱為MicroStrategy，報告了2025年的第一季度損失

策略是一家以前稱為MicroStrategy的領先的比特幣財政部，報告了2025年第一季度虧損

"Strategy, the leading Bitcoin treasury firm formerly known as MicroStrategy (NASDAQ:MSTR), reported a first-quarter loss as a result of a dramatic decrease in revenue and announced plans to raise an additional $21 billion to fuel future Bitcoin purchases.

“戰略是一家以前被稱為MicroStrategy（NASDAQ：MSTR）的領先的比特幣財政部，報告說，由於收入的急劇減少，第一季度虧損，並宣布了計劃籌集21億美元的計劃，以促進未來的比特幣購買。

The Tysons Corner, Virginia-based company announced its financial results on Thursday evening.

總部位於弗吉尼亞州泰森市的公司在周四晚上宣布了其財務業績。

The company’s earnings come as broader markets have seen heightened volatility in 2025. Both the Dow and Nasdaq are currently down over 15% for the year.

由於2025年的波動率提高，公司的收益次數越來越大。 DOW和NASDAQ目前在當年下降了15％以上。

The company’s stock closed slightly up on Thursday. Earlier in the day, it rose to $403, putting it just $1 away from its all-time high.

該公司的股票在周四略有收盤。當天早些時候，它上升到403美元，距其歷史最高高價僅1美元。

Strategy also disclosed that it will pursue a new $21 billion common stock equity offering, and the proceeds will go towards funding more Bitcoin acquisitions.

策略還透露，它將追求新的210億美元普通股股權產品，收益將用於資助更多比特幣收購。

"With over 70 public companies worldwide now adopting a Bitcoin treasury standard, we are proud to be at the forefront in pioneering this space," said Phong Le, Strategy’s President and CEO.

戰略總裁兼首席執行官Phong Le表示：“現在，全球有70多家上市公司採用比特幣國庫標準，我們很榮幸能在這一領域處於開創性的領先地位。”

Strategy has already sold around $20.9 billion of its common shares since establishing its at-the-money equity offering program. Only $128 million in common shares are still available for issuance and sale.

自建立其股東股權產品計劃以來，策略已經售出了約2009億美元的普通股。仍然只有1.28億美元的普通股發行和銷售。

Bitcoin Holdings and Performance

比特幣持有和性能

Strategy currently owns approximately 554,000 BTC. This massive stockpile is valued at roughly $53 billion based on current market prices.

策略目前擁有約554,000 BTC。根據目前的市場價格，這種大量庫存的價值約為530億美元。

The company purchased its Bitcoin at an average cost of $68,459 per coin as of April 28. Bitcoin was trading at about $96,600 as of the announcement, up 2.1% over the previous 24 hours.

截至4月28日，該公司以平均每枚硬幣為68,459美元的比特幣購買。截至公告起，比特幣的交易約為96,600美元，過去24小時的交易價格上漲了2.1％。

Strategy’s Chief Financial Officer, Andrew Kang, announced plans to increase the company’s Bitcoin yield target for the year to 25%. The Bitcoin gain target will be raised to $15 billion.

戰略首席財務官安德魯·康（Andrew Kang）宣布了計劃，將公司本年度的比特幣收益目標提高到25％。比特幣增益目標將提高到150億美元。

Le highlighted the company’s recent accomplishments, stating, “We successfully executed our record $21 billion common stock ATM, adding 301,335 BTC to our balance sheet while simultaneously achieving a 50% increase in MSTR share price during the same period.”

Le強調了該公司最近的成就，他指出：“我們成功執行了創紀錄的210億美元普通股ATM，在我們的資產負債表中增加了301,335 BTC，同時同時達到了同一時期的MSTR股價50％。”

For the quarter, Strategy reported revenues of $111 million. This figure missed analyst estimates by approximately 5%.

在本季度，戰略報告收入為1.11億美元。該數字遺漏了分析師的估計約5％。

Subscription services proved to be a bright spot, with revenues increasing to $37.1 million, a significant 61.6% surge compared to the same period last year.

訂閱服務被證明是一個亮點，收入增加到3710萬美元，與去年同期相比，收入高達61.6％。

The company’s Q1 operating expenses increased dramatically by nearly 2,000% year-on-year to $6 billion. This substantial jump was primarily due to the $5.9 billion unrealized loss on its Bitcoin holdings.

該公司的第一季度運營費用同比增長近2,000％，達到60億美元。這一巨大的跳躍主要是由於其比特幣持有的59億美元未實現的損失。

Strategy reported a net loss of $4.2 billion, or about $16.49 per diluted share. This fell short of analyst expectations, who had anticipated a smaller loss of just 11 cents per share.

策略報告的淨虧損為42億美元，每股稀釋股損失約為16.49美元。這沒有分析師的期望，他們預計每股只會減少11美分。

Strategy’s stock price has seen volatility this year. It's currently down from its November 2024 high of more than $470 per share.

策略的股價今年已經有了波動。目前，它比2024年11月的每股470美元以上。

According to data from BitcoinTreasuries.NET, Strategy holds the largest Bitcoin treasury of any public company. Public firms in total own more than $73 billion of Bitcoin, while Bitcoin funds and other institutional investors own an estimated $128 billion.

根據BitCoinReasuries.net的數據，戰略是任何上市公司中最大的比特幣國庫。總共擁有超過730億美元的比特幣，而比特幣基金和其他機構投資者估計擁有約1,280億美元。

In October, Strategy announced plans to raise $42 billion through equity and fixed income sales over the next three years. These funds will be used to acquire even more Bitcoin.

10月，戰略宣布了計劃在未來三年內通過股票和固定收益銷售籌集420億美元的計劃。這些資金將用於獲取更多的比特幣。

The company is aiming to achieve an annualized Bitcoin yield of 15% and an annualized total gain of $10 billion. It is also targeting an increase in its common stock to a total of $84 billion and an addition of $42 billion in fixed income securities by the end of 2025.

該公司的目標是實現每年15％的比特幣收益率，每年100億美元的總收益。它還將其普通股的增加到總計840億美元，並在2025年底之前增加了420億美元的固定收益證券。