最近從Microstrategy Incorporated重命名的策略是比特幣的最大公開企業所有者

MicroStrategy Incorporated最近更名為策略，是比特幣的最大公開企業所有者，其528185 BTC的平均價格為67458美元

MicroStrategy Incorporated, which recently renamed itself as Strategy, stands as the largest publicly traded corporate holder of Bitcoin. To date, the firm has purchased 528,185 BTC at an average price of $67,458, resulting in a total acquisition cost of $35.63 billion.

MicroStrategy Incorporated最近將自己更名為戰略，是最大的公開交易比特幣公司持有人。迄今為止，該公司以平均價格為67,458美元購買了528,185 BTC，導致收購成本為356.3億美元。

As of April 2025, its Bitcoin holdings are valued at approximately $41.3 billion, with the most recent purchase of 22,048 BTC for $1.92 billion on March 30 at $86,969 per BTC. Bitcoin has now become Strategy’s primary treasury reserve asset, and its BTC Yield—a key performance indicator (KPI) measuring Bitcoin per share—experienced a 11% year-to-date (YTD) increase during Q1, aiming for 15% annually until 2027.

截至2025年4月，其比特幣持有量約為413億美元，最新購買22,048 BTC，3月30日以19.2億美元的價格購買，每BTC $ 86,969。現在，比特幣已成為戰略的主要國庫券資產，其BTC收益率（KPI）每股衡量比特幣的關鍵績效指標（KPI），在第1季度的年延期至今（YTD）增長了11％，旨在每年15％直到2027年。

Microstrategy SEC filing

MicroStrategy SEC歸檔

Recent SEC filings highlight the volatility associated with Strategy’s Bitcoin model. During Q1 2025, the firm incurred a $5.91 billion unrealized loss due to a price decline to $77,351, which was partially offset by a $1.69 billion tax benefit.

最近的SEC文件突出了與策略的比特幣模型相關的波動性。在2025年第1季度，該公司因價格下降至77,351美元而產生了59.1億美元未實現的損失，這部分被16.9億美元的稅收優惠所抵消。

The company’s capital structure involved raising $8.65 billion through equity and debt since 2020 to fund ongoing Bitcoin acquisitions. Notably, the firm secured $2 billion in February 2025 by issuing zero-coupon convertible notes due in 2030. Strategy also went public with a preferred stock (STRK) offering during Q4 2024, raising $584 million.

該公司的資本結構涉及自2020年以來通過股票和債務籌集86.5億美元，以資助正在進行的比特幣收購。值得注意的是，該公司在2025年2月在2030年應發行零息敞篷票據中獲得了20億美元的收入。策略還以2024年第四季度的優先股（Strk）銷售公開，籌集了5.84億美元。

Despite volatility, the firm’s overall Bitcoin holding is still in profit, with an unrealized gain of 14.62%. However, its software segment continues to lag, reporting $120.7 million in Q4 2024 revenue, down 3% year-over-year (YoY), and failing to generate positive operating cash flow. The firm heavily relies on financing for its operations and Bitcoin purchases, having executed a 10-for-1 stock split in July 2024 to increase share availability.

儘管有波動性，但該公司的整體比特幣持有仍在獲利，未實現的收益為14.62％。但是，其軟件細分市場繼續落後，報告的第4季度2024年收入為1.207億美元，同比下降3％（YOY），未能產生積極的運營現金流。該公司在2024年7月執行了10比1的股票分配以增加股份的可用性，因此很大程度上依靠其運營和比特幣購買融資。

At present, liquidation risk appears contained. With $8.2 billion in unsecured loans and no collateralized loans for Bitcoin, Strategy could potentially repay all of its debt by selling 15% of its BTC at current market prices.

目前，清算風險似乎包含。憑藉82億美元的無抵押貸款，沒有用於比特幣的抵押貸款，戰略可以通過以當前市場價格出售其BTC的15％來償還其所有債務。

Bitcoin through shares

通過股票比特幣

Executive Chairman Michael Saylor’s 46.8% voting share ensures the continuation of the Bitcoin-first strategy, and he asserts that even a decline in Bitcoin’s price wouldn’t trigger a selloff.

執行董事長邁克爾·塞勒（Michael Saylor）的46.8％的投票份額確保了比特幣優先戰略的繼續，他斷言，即使比特幣價格下跌也不會觸發拋售。

Strategy’s equity and debt offering-based fund conversion strategy—utilising stock and note issuance to purchase BTC—has been described by some as an “infinite money glitch.” Strategy purchases additional Bitcoin by issuing stock and notes at a premium, which in turn drives up both BTC and MSTR’s stock.

策略的股權和債務提供的基金轉換策略 - 利用購買BTC的股票和票據發行，有些人將其描述為“無限的貨幣小故障”。策略通過溢價發行股票和票據來購買額外的比特幣，這反過來又推動了BTC和MSTR的股票。

This model is contingent upon investor confidence and sustained appreciation of Bitcoin. Any prolonged decline in Bitcoin’s price may hamper the firm’s ability to raise capital or service its obligations.

該模型取決於投資者的信心和對比特幣的持續欣賞。比特幣價格長期下降的任何下降都可能會妨礙公司提高資本或履行其義務的能力。

Critics highlight the potential for centralization, considering the firm’s capital gains tax burden of $18 billion and the attention it may draw from regulatory bodies like the SEC. In 2024, the company’s stock experienced a 336% surge, although it later declined by 55% from a high of $543 in November to $250 by February 2025.

考慮到該公司的資本利得稅收負擔為180億美元，並且可能從SEC等監管機構中引起的關注，批評者強調了集中化的潛力。 2024年，該公司的股票經歷了336％的漲幅，儘管後來從11月的543美元的最高點下降了55％，到2025年2月的250美元。

In essence, Strategy’s aggressive Bitcoin approach continues to yield returns but carries a high risk of exposure to market volatility, debt, and regulatory issues. The success of this strategy will depend on the long-term trend of Bitcoin and Saylor’s unwavering commitment to the “never sell” mantra.

從本質上講，戰略的積極性比特幣方法繼續產生回報，但承受市場波動，債務和監管問題的高風險。該策略的成功將取決於比特幣和塞勒對“永不出售”咒語的堅定承諾的長期趨勢。