策略以比特币为重点的投资业务实现了截至4月28日，年初至今的BTC收益率为13.7％，BTC $ $ 58亿美元

该公司还将其全年BTC收益目标从15％提高到25％，并将其BTC收益预测从100亿美元增加到150亿美元。

Strategy’s Bitcoin-focused investment operation achieved a year-to-date BTC Yield of 13.7% and a BTC $ gain of $5.8 billion as of April 28, according to its first quarter earnings report.

截至4月28日，战略以比特币为重点的投资业务获得了13.7％的年度BTC收益率，BTC $ 58亿美元。

The firm’s updated figures, which factor in the company’s record $21 billion at-the-market (ATM) equity offering and its first quarter earnings, also saw it increase its full-year BTC Yield target and BTC gain.

该公司的最新数字，这是该公司创纪录的210亿美元市场股权产品及其第一季度收益的因素，还看到了其全年BTC收益率目标和BTC收益。

The company now aims for a BTC Yield of 15% to 25% and a BTC gain of $10 billion to $15 billion in 2025.

该公司现在的目标是在2025年的BTC收益率为15％至25％，而BTC的收益率为100亿至150亿美元。

The company’s total Bitcoin (BTC) holdings stood at 553,555 BTC as of April 28, acquired at a cumulative cost of $37.9 billion, or approximately $68,459 per coin.

截至4月28日，该公司的总比特币（BTC）持有量为553,555 BTC，累计成本为379亿美元，约为每币68,459美元。

BTC Yield, BTC Gain, and BTC $ Gain

BTC收益率，BTC收益和BTC $增益

Strategy tracks three internal performance indicators related to its Bitcoin strategy: BTC Yield, BTC Gain, and BTC $ Gain.

策略跟踪与其比特币策略相关的三个内部绩效指标：BTC收益率，BTC增益和BTC $增益。

These are not accounting metrics but rather internal key performance indicators intended to illustrate the effects of the company’s capital deployment on its per-share Bitcoin exposure.

这些不是会计指标，而是内部关键绩效指标，旨在说明公司资本部署对每股比特币暴露的影响。

BTC Yield represents the percentage change in the ratio between Bitcoin holdings and Assumed Diluted Shares Outstanding. As of April 28, the year-to-grade BTC Yield was 13.7%, with a Q1 figure of 11%.

BTC收益率代表比特币持有量和假定稀释股票之间的比率变化的百分比变化。截至4月28日，年度BTC收益率为13.7％，Q1数为11％。

The company defines Assumed Diluted Shares Outstanding as the sum of basic shares and all convertible instruments treated as shares, regardless of vesting or exercise conditions.

该公司将假定的股票定义为基本股票的总和和所有被视为股份的可转换工具的总和，无论归属或运动条件如何。

BTC Gain expresses the outcome of BTC Yield in Bitcoin terms. Strategy achieved a BTC Gain of 49,131 BTC in the first quarter, growing to 61,497 BTC year-to-date.

BTC增益以比特币术语表示BTC产量的结果。策略在第一季度获得了49,131 BTC的BTC增益，年龄在61,497 BTC。

BTC $ Gain, in turn, translates that gain into dollar terms using spot Bitcoin prices. Based on a BTC price of approximately $95,000 on April 28, the company calculated the BTC $ Gain at $5.8 billion year-to-date.

反过来，BTC $增益将其转化为使用点比特币价格的美元项。基于4月28日的BTC价格约为95,000美元，该公司计算出BTC $的收益为58亿美元。

Accounting changes and unrealized fair value losses

会计变化和未实现的公允价值损失

On Jan. 1, Strategy adopted ASU 2023-08, a fair value accounting standard for digital assets. This change led to a $12.7 billion increase in retained earnings at the beginning of the year, aligning reported net income more closely with market fluctuations in Bitcoin pricing.

1月1日，通过ASU 2023-08的战略，这是数字资产的公允价值会计标准。这一变化导致年初的保留收益增加了127亿美元，与比特币定价的市场波动更加紧密地相结合。

Despite the accounting shift, the firm reported an unrealized fair value loss of $5.9 billion for the first quarter, driven by the quarter-end BTC price of $82,445.

尽管发生了会计转变，但该公司报告了第一季度未实现的公允价值损失为59亿美元，这是由于四分之一端BTC的价格为82,445美元。

However, with the price recovering to approximately $97,300 by late April, the company estimates a fair value gain of roughly $8 billion for the second quarter thus far.

但是，由于到4月下旬，价格恢复到约97,300美元，该公司估计到目前为止，第二季度的公允价值增长约为80亿美元。

As of March 31, Strategy held 528,185 BTC with a cost basis of $35.6 billion and a market value of $43.5 billion. The firm’s average acquisition price was $67,457 per BTC.

截至3月31日，战略持有528,185 BTC，成本基础为356亿美元，市值为435亿美元。该公司的平均收购价格为每BTC $ 67,457。

Strategic capital deployment

战略资本部署

In addition to the ATM common stock offering, Strategy issued $2 billion in 0% convertible senior notes due 2030 and completed two preferred stock IPOs, Strike and Strife, raising over $1.2 billion combined.

除了ATM普通股外，战略还发行了2030年的0％可转换高级票据的20亿美元，并完成了两项首选股票IPO，罢工和冲突，筹集了超过12亿美元的合并。

These instruments contributed to the company’s aggregate net proceeds of $10 billion during the first four months of 2025.

这些工具在2025年的前四个月内促成了该公司的总收益100亿美元。

Strategy used the proceeds from these issuances to acquire additional Bitcoin, supporting the company’s stated objective of increasing BTC per-share exposure. The company now has $20.9 billion in capacity remaining under its STRK ATM offering agreement.

策略利用这些发行的收益来获取其他比特币，这支持了公司陈述的目标，即增加BTC的每股曝光。该公司现在有209亿美元的产能在其Strk ATM提供协议下。

While these KPIs reflect Strategy’s internal assessment of capital efficiency relative to Bitcoin accumulation, the firm emphasized that the metrics do not account for liabilities or dividend obligations on preferred stock.

尽管这些KPI反映了策略相对于比特币积累的资本效率的内部评估，但该公司强调指标并不考虑对优先股的负债或股息义务。

Management also noted that the market shouldn’t see these KPIs as traditional financial return metrics.

管理层还指出，市场不应将这些KPI视为传统的财务回报指标。

With the adjustments to its annual BTC performance targets and the adoption of fair value accounting, Strategy aims to maintain its positioning as a capital markets vehicle for Bitcoin exposure. Mentioned in this article

随着对年度BTC绩效目标的调整以及采用公允价值会计的采用，战略旨在将其作为比特币敞口的资本市场的地位。在本文中提到