策略最近發布了其第二季度的2025年收益報告，顯示了超過42億美元的淨虧損

策略（以前是MicroStrategy）並沒有對改變其係統的比特幣採集計劃表現出很大的興趣。它的最新收益報告非常小心，以顯示這項投資的回報：它持有553555 BTC

The first quarter earnings report from Strategy (NASDAQ: MSTR) showed an overall net loss of over $4.2 billion despite gains on its Bitcoin holdings. Shortly afterward, the firm declared its intention to sell $84 billion in new offerings.

儘管其比特幣持有量增加，但戰略（NASDAQ：MSTR）的第一季度收益報告（NASDAQ：MSTR）的總淨虧損超過42億美元。此後不久，該公司宣布打算出售840億美元的新產品。

Shareholders are responding with fear of failing fundamentals and own stocks being diluted. Yet, this plan has its supporters with Bitcoin’s price on the rise.

股東的回應是擔心基本面失敗，並且自己的股票被稀釋。然而，該計劃的支持者的比特幣價格正在上漲。

Strategy’s Biggest Bitcoin Buy

策略最大的比特幣購買

Strategy (formerly MicroStrategy) showed little interest in changing its plan for systematic Bitcoin acquisition. The latest earnings report highlights this with its returns on the investment: 553,555 BTC at an average cost of $68,459, generating a $5.8 billion gain.

策略（以前是微型策略）對改變其係統的比特幣採集計劃幾乎沒有興趣。最新收益報告以投資回報率強調了這一點：553,555 BTC，平均成本為68,459美元，產生了58億美元的收益。

However, the company reported a net loss of over $4.2 billion. The firm's reported net losses are largely due to a $5.9 billion unrealized loss on digital assets, reflecting the volatile nature of cryptocurrency investments.

但是，該公司報告的淨虧損超過42億美元。該公司報告的淨虧損很大程度上是由於數字資產的59億美元未實現的損失，這反映了加密貨幣投資的動盪性質。

These unrealized losses have drawn concern from the community and speculation that the company might have to sell its Bitcoin. In early April, these losses possibly contributed to a pause in its BTC purchases.

這些未實現的損失引起了社區的關注，並猜測公司可能必須出售其比特幣。在4月初，這些損失可能導致其BTC購買中的暫停。

Initially, the report claimed that Strategy was offering $21 billion in new stock sales to buy more Bitcoin. But soon after, Michael Saylor claimed that his firm was setting a much more audacious goal:

最初，該報告聲稱，策略將提供210億美元的新股票銷售，以購買更多比特幣。但是不久之後，邁克爾·塞勒（Michael Saylor）聲稱他的公司正在設定一個更大膽的目標：

“Strategy… doubles capital plan to $42 billion equity and $42 billion fixed income to purchase bitcoin, and increases BTC Yield target from 15% to 25% and BTC $ Gain target from $10 billion to $15 billion for 2025,” Saylor said.

Saylor說：“戰略…將資本計劃增加到420億美元的股票和420億美元的固定收益，以購買比特幣，並將BTC收益率目標從15％增加到25％，而BTC $增益從2025年的100億美元增加到150億美元。”

The community is conflicted about this announcement. Two months ago, Strategy’s entire Bitcoin holdings amounted to $42 billion, and its largest stock offering in 2025 was $2 billion.

社區對這一公告有衝突。兩個月前，Strategy的整個比特幣持有量為420億美元，其2025年最大的股票股價為20億美元。

Compared to these figures, $84 billion in new offerings looks completely infeasible for several reasons. The main concern isn’t even finding enough buyers.

與這些數字相比，新產品的840億美元看起來完全不可行，原因有幾個。主要問題甚至沒有找到足夠的買家。

Dear MSTR shareholders, you’re getting bent. Saylor needs to sell more common stock which he knows the shareholders won’t like. Therefore he disguises it in a “42/42” plan, despite having 20 BILLION of unsold preferred remaining from the previous plan. Why not issue it all?… https://t.朝新站得近一點

尊敬的MST股東，您會彎腰。 Saylor需要出售更多的普通股，他知道股東不喜歡。因此，儘管有200億個未售出的首選，但他還是在“ 42/42”計劃中掩飾了它。為什麼不發布全部呢？ …https：// t。