现在被称为“战略”的公司，该公司以前称为MicroStrategy，它绝对确保了其作为世界上最大的比特币公司持有人的位置。

当然，它的第一季度2025财务业绩再次成为头条新闻。该公司透露，现在截至4月28日，它拥有绝对令人难以置信的553555 BTC

Now known simply as Strategy, the firm formerly called MicroStrategy has definitively secured its spot as the world’s largest corporate holder of Bitcoin.

现在被称为战略，该公司以前称为MicroStrategy，它绝对确保了其作为世界上最大的比特币公司持有人的位置。

It certainly made headlines yet again with its Q1 2025 financial results. The firm revealed it now holds an absolutely mind-boggling 553,555 BTC as of April 28—the product of a total investment of $37.9 billion. That’s about $68,459 per Bitcoin, on average. But with current market prices giving the holding an estimated value of roughly $52 billion, Strategy has also accelerated its transition from a software firm to a public Bitcoin investment vehicle.

当然，它的第一季度2025财务业绩再次成为头条新闻。该公司显示，截至4月28日，该公司现在拥​​有绝对令人难以置信的553,555 BTC，这是总投资379亿美元的产物。平均每比特币约为68,459美元。但是，随着目前的市场价格赋予估计价值约520亿美元，战略也加速了其从软件公司向公共比特币投资工具的过渡。

This most recent quarterly update emphasizes that transformation, with the leadership of the Strategy directing a laser-like focus on goodwill accumulation and growth. Despite a reported Q1 company loss of $4.23 billion and a 3.6% year-over-year revenue decrease to $111.1 million, the entity is moving ahead with plans to spend huge new amounts of capital.

这一最新的季度更新强调了这种转变，该战略的领导将类似激光般的专注于商誉积累和增长。尽管据报道，据报道，第1季度公司亏损42.3亿美元，同比收入降至1.111亿美元，但该实体仍在计划中，计划花费大量新的资本。

An Aggressive Pivot Away From Software

远离软件的侵略性枢轴

This quarter, Strategy’s actions offer very clear signals about the priorities it has chosen. Once its foundation, the software business has been overshadowed by a Bitcoin-centric effort. While its top-line income and net profit have declined, the company measures success these days through the increasing number of Bitcoin it holds and the enhanced value it expects its Bitcoin to generate in the future.

在本季度，战略的行动提供了有关其选择的优先事项的明确信号。一旦其基础，软件业务就被以比特币为中心的努力所掩盖。尽管其最高收入和净利润却有所下降，但该公司通过其持有的比特币数量越来越多，并衡量其预期将来会产生的比特币的增强价值。

In a daring action, Strategy has upped its 2025 Bitcoin return target from 15% to 25%. This is a huge jump that shows their expectation of a more effective use of BTC reveals in one of three ways: using yield-producing financial instruments, through partnerships, or by using on-chain financial products. Indeed, Strategy raised its Bitcoin profit projection as well—from a previous target of $10 billion in gains to a $15 billion target now. And this is with no change in the BTC price across these two forecast years. So, if you believe in this company’s forecasting ability, you have no reason not to expect much more effective use of Bitcoin actives across these years.

在大胆的行动中，战略已将其2025比特币回报目标从15％提高到25％。这是一个巨大的跳跃，表明他们对BTC更有效使用的期望通过以下三种方式之一揭示：通过合作伙伴关系或使用链链金融产品，使用产量产生的金融工具。实际上，战略也提高了比特币的利润预测，从先前的100亿美元收益到现在的150亿美元目标。在这两个预测年中，BTC价格没有变化。因此，如果您相信这家公司的预测能力，那么您没有理由不希望在这些年中更有效地利用比特币活动。

Strategy (formerly MicroStrategy) reported Q1 2025 results, disclosing bitcoin holdings of 553,555 BTC as of April 28 at a total cost of $37.9 billion, or $68,459 per BTC, with an estimated market value of approximately $52 billion. The company raised its 2025 BTC Yield target…

策略（以前是微型策略）报告了第1季度2025年结果，截至4月28日，比特币持有量为553,555 BTC，总成本为379亿美元，即每BTC 68,459美元，估计为520亿美元。该公司提高了2025年BTC收益率目标…

— Wu Blockchain (@WuBlockchain) May 1, 2025

- Wu区块链（@wublockchain）2025年5月1日

To underwrite these goals, Strategy declared a new $21 billion at-the-market (ATM) equity offering, intended to further augment its Bitcoin acquisition program. This capital raise follows a model used successfully in years past to light the fires of an accumulation strategy. But all of this is just a small part of a much larger and very aggressive financial plan.

为了实现这些目标，策略宣布了新的210亿美元的市场股权产品，旨在进一步扩大其比特币收购计划。这项资本加薪遵循了过去几年成功使用的模型，以阐明积累策略的火灾。但是所有这些只是更大，非常积极的财务计划的一小部分。

The “42/42 Plan”: A New Chapter in Bitcoin Corporate Accumulation

“ 42/42计划”：比特币公司积累的新篇章

In what is possibly the most audacious aspect of the update, Strategy revealed its new “42/42 Plan”—a sweeping initiative to amass an incredible $84 billion in total capital to acquire even more Bitcoin. This plan is twice as big as last year’s “21/21 Plan” and reflects both an escalation in ambition and a doubling down on Bitcoin’s strategic importance to the firm.

在更新中最大胆的方面，策略揭示了其新的“ 42/42计划”，这是一项旨在积累令人难以置信的840亿美元资本的庞大计划，以获取更多的比特币。该计划是去年的“ 21/21计划”的两倍，并且反映了野心的升级，也反映了比特币对公司的战略重要性的一倍。

🇺🇸 MicroStrategy is focusing on Bitcoin over software, planning to buy more despite a Q1 loss of $4.23B and a 3.6% revenue drop to $111.1M. They introduced a new “42/42 Plan” to raise $84B for Bitcoin, following last year's “21/21 Plan.” Analysts view the stock as a strong… pic.twitter.com/Qi3wKSBX3L

MicroStrategy专注于比特币，而不是软件，但仍计划购买更多的Q1损失$ 4.23B，收入下降了3.6％，至1.111亿美元。在去年的“ 21/21计划”之后，他们引入了新的“ 42/42计划”，以筹集84B $ 84B。分析师将股票视为强大的…pic.twitter.com/qi3wksbx3l

— Crypto Crib (@Crypto_Crib_) May 2, 2025

- Crypto Crib（@crypto_crib_）5月2日，2025年

The designation “42/42” makes a symbolic gesture to the company’s vision of exponentially accumulating Bitcoin, making it twice as large, not only in the kinds of things one would traditionally accumulate (e.g., money, in our case Bitcoin), but also in the timeframe one would expect to take to accumulate those kinds of things. So, you know, it’s really just a plan for the next couple of decades. It’s still in the works (what isn’t these days?), but it seems to involve some relatively traditional tools (equity offerings, and yes, even some debt) and some semi-traditional Bitcoin fundraising strategies.

“ 42/42”的名称对公司的愿景呈指数积累的比特币的愿景，使其大大两倍，不仅是传统上会积累的那种事情（例如，在我们的情况下，比特币），而且在时间范围内也可以期望累积这些东西。因此，您知道，这实际上只是接下来几十年的计划。它仍在进行中（这些日子不是什么？），但似乎涉及一些相对传统的工具（股票产品，甚至是一些债务）和一些半传统的比特币筹款策略。

Very few in the corporate world have shown this kind of commitment. While many companies have cautiously made small forays into Bitcoin or blockchain investments, Strategy has gone much further, pulling in far

在企业界，很少有人表现出这种承诺。尽管许多公司谨慎地涉足比特币或区块链投资，但战略已经进一步迈进了