StrategyTM（納薩克：Stru/Strk/Strf）

Strategy™（NASDAQ：MSTR/Strk/Strf）報告了強大的Q1 2025財務業績。在本季度，該公司添加了301335 BTC

Strategy (Nasdaq: MSTR/STRK/STRF) on Thursday reported strong first-quarter financial results that saw the company expand its Bitcoin holdings to 528,185 BTC and commence a capital-intensive strategy to further accumulate the cryptocurrency.

戰略（納斯達克股票代碼：MSTR/Strk/Strf）週四報導了強勁的第一季度財務業績，使該公司將其比特幣持有量擴大到528,185 BTC，並開始了一項資本密集型戰略，以進一步積累加密貨幣。

The company’s BTC Yield reached 11.0% in Q1 and 13.7% year-to-date as of April 28, placing it on course to exceed the initial annual target of 15%. As a result, Strategy has raised its 2025 BTC Yield goal to 25%.

截至4月28日，該公司的BTC收益率在第1季度為11.0％，年至今的13.7％的收益率達到了13.7％，這將超過最初的年度目標15％。結果，策略已將其2025 BTC收益率目標提高到25％。

Moreover, Strategy achieved a BTC $ Gain of $5.8 billion in the first four months of 2025, realizing 58% of the annual $10 billion target. This has led to a revision of the 2025 BTC $ Gain goal to $15 billion.

此外，戰略在2025年的前四個月中達到了58億美元的BTC $收益，實現了每年100億美元目標的58％。這導致了2025年BTC $增益目標至150億美元的修訂​​。

Strategy also noted that it completed a record $21 billion at-the-market (ATM) common stock offering in Q1 to fund the company’s capital return plans.

策略還指出，它完成了第一季度創紀錄的210億美元市場（ATM）普通股，以資助公司的資本回報計劃。

Capital Raises Fuel Bitcoin Accumulation

資本增加燃料比特幣的積累

Strategy significantly broadened its capital base in Q1 through a combination of equity offerings and convertible notes. These included:

戰略通過股權和可轉換票據的組合大大擴大了其在第一季度的資本基礎。其中包括：

A $1 billion offering of convertible senior notes due 2028 at a 3.00% interest rate, completed in January.

一月份完成了10億美元的可轉換高級票據2028年的可轉換高級票據，並於1月份完成。

An announced intent to sell up to $3 billion of common stock in at-the-market offerings over the next 12 months, kicking off with a $1 billion tranche at an average price of $207.84 per share.

一項宣布的意圖在未來12個月內出售高達30億美元的普通股，以10億美元的股票開頭，平均價格為每股207.84美元。

An additional capital raising of $4 billion through a private placement of convertible preferred stock to a single investor at an offering price of $205 per share, with a 5.00% annual dividend and a 7.00% interest rate on the principal amount of the notes.

通過將可轉換優先股的私人放置給單個投資者，以每股205美元的價格將可轉換優先股籌集到40億美元，每股股息為5.00％，票據本金的利率為7.00％。

As of January 1, 2025, Strategy adopted ASC 350, switching to fair value accounting for its digital assets. This change resulted in a $12.7 billion uplift in retained earnings. However, due to a quarter-end Bitcoin price of $82,445, the company recorded a $5.9 billion unrealized fair value loss on digital assets in Q1.

截至2025年1月1日，戰略採用了ASC 350，轉向其數字資產的公允價值。這一變化導致了保留收益的127億美元提升。但是，由於季度比特幣的價格為82,445美元，該公司在第一季度的數字資產上的公允價值損失了59億美元。

At the time of writing, Bitcoin is currently trading at $$96,686.76,, indicating that Strategy anticipates a substantial digital asset fair value gain of approximately $8.0 billion in Q2 2025.

在撰寫本文時，比特幣目前的交易價格為96,686.76美元，表明策略預計在第二季度2025年第2季度的數字資產公允價值增益約為80億美元。

The company also disclosed that its Board authorized the creation of an additional 9 billion shares of class A common stock and 995 million shares of preferred stock. This authorization brings the total authorized shares to 10.3 billion for class A common stock and 1.005 billion for preferred stock.

該公司還透露，其董事會授權創建另外90億股A類普通股和9.95億股優先股。該授權使A類普通股的授權股票總額達到103億，優先股為100.5億股。

The company also announced that it is increasing its 2025 capital plan to $42 billion for both equity and fixed income to fund bitcoin purchases.

該公司還宣布，它將其2025年資本計劃增加到420億美元，以籌集資金購買比特幣。