策略（MSTR）剛剛發布了其Q1 2025收益介紹

策略（以前為MicroStrategy）列出了其不斷發展的資本計劃，更新的KPI以及其拉動槓桿背後的財務邏輯。

The recent earnings presentation by Strategy (formerly known as Microstrategy (NASDAQ:MSTR)) wasn't just a routine update; it was a full blueprint for how to scale a corporate Bitcoin treasury with the same precision and reporting cadence as any institutional equity or fixed income vehicle.

策略（以前稱為MicroStrategy（NASDAQ：MSTR））的最新收入介紹不僅是例行更新；對於如何以與任何機構權益或固定收益工具相同的精度和報告節奏，這是一個完整的藍圖。

As we've been following (see our prior coverage here and here), Strategy's capital plans and performance measurement are fundamentally different from the typical public company. The CFOs, investors, and strategic operators who are evaluating Bitcoin (CRYPTO:BTC) as a corporate asset will find a lot to study in how Strategy's team thinks about Bitcoin-backed capital structure, performance measurement, and long-term value creation.

正如我們一直在關注的那樣（請參閱此處和此處的先前報導），戰略的資本計劃和績效衡量與典型的上市公司根本不同。評估比特幣（Crypto：BTC）作為企業資產的CFO，投資者和戰略運營商將為戰略團隊如何思考比特幣支持的資本結構，績效衡量和長期價值創造的方式研究很多。

Here are eight key takeaways:

這是八個關鍵要點：

1) Undeterred Bitcoin Accumulation

1）未避免比特幣的積累

At the start of the year, we highlighted how uniquely persistent Strategy had been in accumulating Bitcoin—adding to its position in every single quarter since August 2020.

在今年年初，我們強調了持續的策略在積累比特幣方面的獨特戰略 - 自2020年8月以來，它在每個季度的位置。

This quarter, the company disclosed that it had acquired 106,085 BTC year-to-date at an average price of ~$93,600. At today's prices, that holding is worth approximately $52 billion, or roughly 2.6% of the total Bitcoin supply.

本季度，該公司透露，它以每年平均價格為93,600美元，收購了106,085 BTC。以當今的價格，這種持有的價值約為520億美元，約佔比特幣供應總額的2.6％。

What makes this noteworthy isn't just the size of the holding—it's the pace and consistency of accumulation. In the past five years, there hasn't been a single quarter where Strategy failed to add to its Bitcoin position.

使這種值得注意的不僅僅是持有的大小，這是積累的步伐和一致性。在過去的五年中，沒有一個季度的戰略未能增加其比特幣位置。

This isn't opportunistic allocation; it's a core treasury activity like managing commercial paper or a preferred stock portfolio. And crucially, 100% of MSTR's Bitcoin remains unencumbered. That makes it pristine collateral, usable for future fixed income instruments or as a backstop for equity-linked offerings.

這不是機會主義分配；這是一項核心國庫活動，例如管理商業紙或優先的股票投資組合。至關重要的是，MSTR的比特幣中有100％保持不受限制。這使其成為原始的抵押品，可用於未來的固定收益工具或作為股權鏈接產品的後台。

For corporate finance leaders, this underscores that in order to achieve this level of predictability from a treasury asset, you have to be willing to build the systems and discipline for it. If you want something like Bitcoin to be integratable into a capital stack, you can't treat it like a hedge or a short-term trade. You have to build a capital planning module around it.

對於公司財務領導人來說，這強調了為了從財政資產中實現這種可預測性的水平，您必須願意為其建立系統並紀律。如果您希望像比特幣之類的東西可以將其集成到資本堆中，那麼就無法將其像對沖或短期交易一樣對待。您必須圍繞它構建資本計劃模塊。

2) $10 Billion In Just Four Months

2）短短四個月內的100億美元

In the first four months of 2025 alone, Strategy raised a total of $10 billion through a diversified capital stack:

僅在2025年的前四個月中，戰略通過多元化的資本堆棧籌集了100億美元：

This pace of capital raising is remarkable in itself, but what's more interesting is how each capital raise is measured against BTC-specific KPIs: yield, torque, and NAV impact.

這種籌集資金的速度本身就是顯著的，但更有趣的是，如何針對BTC特定的KPI：收益率，扭矩和NAV的影響來衡量每個資本籌集。

Every issuance is assessed not by fiat metrics like EPS or EBITDA, but by its ability to compound Bitcoin per share.

每次發行不是由EPS或EBITDA之類的菲亞特指標評估，而是通過其每股比特幣複合比特幣的能力來評估。

That distinction is critical: Strategy (MSTR) isn't trying to play defense against inflation or maximize revenue yield. They're playing offense—turning capital into Bitcoin, and Bitcoin into long-term outperformance.

這種區別至關重要：戰略（MSTR）並不試圖防禦通貨膨脹或最大化收入收益率。他們正在冒犯進攻，將資本轉變為比特幣，將比特幣變成長期的表現。

For other public companies, this is a roadmap for executing a Bitcoin capital strategy without needing to rely on operating income or waiting for a high-cash-flow quarter. It's a capital-theoretic approach to Bitcoin treasury management.

對於其他上市公司而言，這是執行比特幣資本戰略的路線圖，而無需依靠營業收入或等待高現金流季度。這是比特幣財政管理的一種資本理論方法。

3) A New Capital Ambition: The ‘42/42 Plan’

3）新的資本野心：'42/42計劃'

During Q4 of 2024, Strategy announced the "21/21 Plan" to raise $21B in equity and $21B in fixed income. As of Q1 2025, they've nearly completed that goal.

在2024年第四季度期間，戰略宣布了“ 21/21計劃”，以籌集21B美元的股權和21B美元的固定收益。截至2025年第1季度，他們幾乎完成了該目標。

So they doubled it.

所以他們翻了一番。

The new target is the "42/42 Plan":

新目標是“ 42/42計劃”：

Why does this matter? Because it establishes a model for scalable Bitcoin accumulation through structured capital formation.

為什麼這很重要？因為它通過結構化資本形成建立了可擴展比特幣積累的模型。

As we've previously discussed, Strategy isn't simply holding Bitcoin; they're building the architecture for doing so perpetually, varying the modalities of capital raising to match market conditions and working different ends of the yield curve to optimize for total return. This capital plan gives them the runway to scale with macroeconomic cycles.

正如我們先前討論的那樣，策略不僅僅持有比特幣。他們正在建立以永久性的方式進行建築，從而改變了籌集資金的方式，以匹配市場條件並在收益曲線的不同目的上工作以優化總回報。該資本計劃使他們可以通過宏觀經濟周期進行跑道。

For treasury teams, there's a lot to study here in terms of financial engineering.

對於財政團隊，在金融工程方面有很多要學習的東西。

4) Bitcoin KPIs: Yield, Gain, and Torque

4）比特幣KPI：產量，增益和扭矩

Strategy also raised its internal targets for 2025:

策略還提高了2025年的內部目標：

What do these mean?

這些是什麼意思？

Instead of chasing traditional operating metrics, which would be difficult given the company's minimal operating cash flow, Strategy is laser-focused on how much Bitcoin they can accumulate per share over time. It's a KPI framework that makes dilution largely irrelevant—as long as every issuance leads to a greater ratio of BTC / outstanding shares.

鑑於該公司的運營現金流最少，而不是追逐傳統的運營指標，這將是很難的，而是針對激光注重比特幣可以隨著時間的推移積累多少比特幣。這是一個KPI框架，使稀釋基本上無關緊要，只要每個發行都會導致BTC /流通股的比例更高。

This reframing of capital efficiency will become increasingly important for all Bitcoin treasury companies as adoption scales. If a company like Block (NYSE:SQ) or Apple (NASDAQ:AAPL) begins holding treasury-level BTC positions, they'll need to measure the capital gains in a way that's comparable to their core business segments.

對於所有比特幣國庫公司，作為採用量表，資本效率的這種重塑將變得越來越重要。如果像Block（NYSE：SQ）或Apple（NASDAQ：AAPL）這樣的公司開始擔任國庫級BTC職位，則他們需要以與其核心業務領域相當的方式來衡量資本收益。

5) MSTR Stock As A Volatility

5）MSTR股票作為波動性