策略的比特币估值在价格上涨的推动下达到了创纪录的最高水平。他们的ATM容量如何在这次数字淘金热中发挥作用？
Bitcoin valuations are all the rage, and Strategy is sitting pretty on a $77.4 billion pile of it. Let's dive into what's driving this digital gold rush and how Strategy's ATM capacity factors in. Buckle up, it's a wild ride!
Strategy's Bitcoin Bonanza: A Fair Value Fiesta
策略的比特币富国：公允价值嘉年华
Strategy, led by Bitcoin evangelist Michael Saylor, is making headlines with its massive Bitcoin holdings. As of late 2025, they're sitting on 640,031 BTC, a whopping 3.2% of the total circulating supply. With Bitcoin hitting the $120,000 mark, their stash is valued at a cool $77.4 billion. That's more than the GDP of some small countries! This surge in valuation isn't just about bragging rights. It has real implications for Strategy's balance sheet, affecting their digital asset carrying value and deferred tax profile.
Decoding the Fair Value Gain
解码公允价值收益
In Q3 2025, Strategy reported a $3.9 billion unrealized fair value gain, coupled with a $1.12 billion deferred tax expense. This gain reflects the difference between their average purchase price ($73,983 per BTC) and the current market value. Chaitanya Jain, Bitcoin strategist at Strategy, pointed out that every $10,000 change in Bitcoin's price swings their unrealized gains by roughly $6 billion. Talk about price sensitivity!
ATM Capacity: A Safety Net or a Growth Engine?
ATM容量：安全网还是增长引擎？
Now, let's talk about Strategy's at-the-market (ATM) programs. They have multiple programs across preferred and common stock tickers (STRF, STRC, STRK, STRD, and MSTR), giving them access to a staggering $63.9 billion for future issuance. Why is this important? This equity capacity gives Strategy the flexibility to raise capital without having to liquidate their Bitcoin holdings. It's like having a safety net, allowing them to weather any potential market downturns or seize new opportunities.
Tax Implications and Strategic Maneuvering
税收影响和战略性操纵
Strategy's massive Bitcoin holdings also come with a hefty deferred tax liability, clocking in at $7.43 billion. This liability can dampen the net equity benefits from unrealized gains. To manage this, Strategy likely uses scenario models to plan for deferred taxes under various price scenarios and considers hedging, tax planning, or equity funding.
Halting the Hodl? A Temporary Pause
停止hodl？临时停顿
Interestingly, Strategy briefly paused its Bitcoin acquisitions in late 2025, marking the first break since July. Michael Saylor quipped on X, "No new orange dots this week — just a $9 billion reminder of why we HODL." This pause is likely a strategic move at the close of a fiscal quarter.
Final Thoughts: To the Moon?
最终想法：月球？
Strategy's Bitcoin valuation is a testament to the potential of digital assets and the bold strategies of companies like Strategy. Their ATM capacity provides financial flexibility, and their strategic management of tax implications shows a sophisticated approach to navigating the crypto landscape. The company's Bitcoin holdings surpass the value of several major banks. Whether Bitcoin continues its meteoric rise remains to be seen, but Strategy is certainly well-positioned to ride the wave. Who knows, maybe they'll buy the moon next!
