TLDR：策略（以前為Microstrategy）是世界上最大的比特幣國庫公司，將宣布其2025年的第一季度結果

策略是世界上最大的比特幣國庫公司，將宣布其2025年第一季度業績

Strategy, the world’s largest Bitcoin treasury company, is set to announce its first-quarter 2025 results on Wednesday, May 1, after markets close. The company, previously known as MicroStrategy (NASDAQ:), saw its stock rally 32% in April, marking its best monthly performance and putting it in positive territory for the year to date.

策略是全球最大的比特幣國庫公司，將於5月1日星期三宣布其2025年的成績在市場關閉之後。該公司以前被稱為MicroStrategy（NASDAQ :)，在4月的股票集會32％，標誌著其每月最佳的表現，並將其置於迄今為止的一年中。

Analysts are anticipating a narrower loss per share of $0.11 and revenue of $116.6 million for Q1 2025.

分析師預計，第1季度2025年第1季度的每股損失較窄，收入為1.166億美元。

Compared to last year’s first quarter, where the company reported a loss per share of $0.31 on revenue of $115.1 million, analysts are expecting a narrower loss and a slight year-over-year growth in revenue.

與去年的第一季度相比，該公司報告的收入為1.151億美元的每股虧損為0.31美元，分析師預計損失較窄，收入同比增長。

The company’s Bitcoin holdings have grown at a compound annual growth rate of 59% over the 2020-2024 period, according to Main Street Data. Currently, Strategy holds 553,555 Bitcoin, valued at approximately $52.57 billion.

根據Main Street的數據，該公司的比特幣持有量在2020-2024期間以59％的複合年增長率增長。目前，戰略持有553,555個比特幣，價值約為525.7億美元。

$MSTR began the month at $288 and ended at $380, for a +32% return in April, its biggest monthly gain since November 2024. pic.twitter.com/LQ9kYDaA6C

$ MSTR以288美元的價格開始，以380美元的$ 380結束，4月份的回報率為32％，其每月最大的收益自2024年11月。

— Mark Harvey (@thepowerfulHRV) April 30, 2025

- 馬克·哈維（Mark Harvey）（@thepowerfulhrv）2025年4月30日

Analyst Perspectives

分析師的觀點

Wall Street maintains a Strong Buy consensus on Strategy stock, with 13 Buy recommendations and only one Sell. The average price target of $508.21 suggests about 33.2% upside potential from current levels.

華爾街對策略股票保持著強勁的買入共識，並提供13個購買建議，只有1個賣出。 508.21美元的平均價格目標表明目前水平的上漲潛力約為33.2％。

Recently, H.C. Wainwright analyst Mike Colonnese initiated coverage with a Buy rating and a $480 price target. He described Strategy as one of the most “compelling equity investment vehicles” offering Bitcoin exposure with an attractive risk-reward profile.

最近，HC Wainwright分析師Mike Colonnese以買入評級和480美元的目標目標開始了承保範圍。他將策略描述為具有具有吸引力的風險獎勵的比特幣風險的最“引人注目的股票投資工具”之一。

“We believe that Strategy’s persistent focus on maximizing returns for its shareholders through an innovative approach to capital deployment and a demonstrated ability to rapidly deploy large-scale capital market transactions, combined with its commitment to advancing the adoption of Bitcoin, makes it a unique and interesting investment opportunity,” Colonnese stated.

“我們認為，戰略通過一種創新的資本部署方法和證明了快速部署大型資本市場交易的能力，將戰略持續關注股東最大限度地收益，並結合其對採用比特幣的承諾，使其成為一種獨特而有趣的投資機會，” Colonnese說。

He added that Strategy has consistently increased its Bitcoin holdings per share over time through rapid deployment of both equity and debt raises to fund these purchases.

他補充說，戰略通過快速部署股票和債務提高以資助這些購買來始終提高其每股比特幣持有量。

Meanwhile, Benchmark analyst Mark Palmer reiterated a Buy rating and adjusted the price target to $650 from $600 following Strategy’s preannouncement of partial Q1 results.

同時，基準分析師馬克·帕爾默（Mark Palmer）重申了買入評級，並將目標目標從600美元的$ 65上調整為策略的部分Q1結果。

These results, announced last week, included a $5.91 billion unrealized loss on Bitcoin holdings, which was partially offset by a $1.69 billion income tax benefit.

上周宣布的這些結果包括在比特幣持有的59.1億美元未實現的損失中，部分被16.9億美元的所得稅福利所抵消。

Q1 Results: Key Highlights

Q1結果：關鍵亮點

The Q1 results will be the first to reflect the company’s adoption of the Financial Accounting Standards Board’s new fair-value accounting rules.

第一季度的結果將是第一個反映公司採用財務會計標準委員會的新公平價值會計規則的結果。

These rules, which went into effect on January 1, require Strategy to report changes in the market value of its Bitcoin holdings on its income statement.

這些規則將於1月1日生效，要求戰略在其損益表上報告其比特幣持有的市場價值的變化。

Options traders are expecting approximately a 5.0% move in either direction for MSTR stock in reaction to the earnings report, according to TipRanks’ Options DEVI الجهاز.

根據Tipranks的Deviالج歌，期望交易者預計對收益報告的回應，MSTR股票的任何方向都將大約有5.0％的轉移。

Furthermore, there is growing speculation that Strategy might announce a major capital raise during its earnings call.

此外，人們越來越多地猜測策略可能會在其收益電話期間宣布重大資本。

On March 10, the company entered into a new sales agreement with a major U.S. investment bank, granting it the right to issue and sell shares of its 8% Series A perpetual strike preferred stock.

3月10日，該公司與一家美國主要投資銀行簽訂了一項新的銷售協議，授予其發行和出售其8％系列A股票的股票的權利。

The capital markets activity will be used for general corporate purposes, which could include further Bitcoin acquisitions.

資本市場活動將用於一般公司目的，其中可能包括更多的比特幣收購。

Some industry figures have suggested that Strategy should take an even more aggressive approach to buying Bitcoin.

一些行業的數據表明，策略應該採取更具積極的方式購買比特幣。

Richard Byworth, partner at Syz Capital, recently considered whether the company should move away from over-the-counter purchases in favor of acquiring companies to use their cash holdings for Bitcoin buys.

Syz Capital合夥人Richard Byworth最近考慮了該公司是否應該擺脫非處方購買，而有利於收購公司將其現金持有量用於比特幣購買。

In the second quarter of 2024, Strategy sold a portion of its Bitcoin treasury to U.S. government agencies.

在2024年第二季度，戰略將其一部分比特幣財政部賣給了美國政府機構。

Investors will also be interested in hearing management commentary on the company’s Bitcoin strategy amid ongoing market volatility and any updates on its software business.

投資者還將有興趣聽取對公司比特幣策略的評論，這是由於持續的市場波動和其軟件業務的任何更新。

The earnings webinar, hosted by CEO Michael Saylor, will take place at 9 pm UTC on May 1, shortly after the results are announced.

首席執行官邁克爾·賽勒（Michael Saylor）主持的收益網絡研討會將於5月1日晚上9點在UTC宣布後不久。