策略已大大增加了对比特币的接触，获得了15,355 BTC

策略已大大增加了对比特币的风险，在2025年4月21日至4月27日之间，又获得了15,355 BTC。

Despite a turbulent year marked by a U.S. banking crisis and the looming threat of a recession, renowned institutional investor Strategy has significantly increased its exposure to Bitcoin (BTC).

尽管美国银行业危机和衰退的迫在眉睫的威胁的动荡一年，但著名的机构投资者战略已大大增加了其对比特币（BTC）的影响。

Over the course of seven days, beginning on April 21 and concluding on April 27, Strategy has purchased an additional 15,355 BTC. This major operation required an investment of approximately 1.42 billion dollars, with an average price per coin at 92,737 dollars.

从4月21日开始，于4月27日结束的七天中，战略又购买了15,355 BTC。这项重大运营要求投资约14.2亿美元，平均每枚硬币价格为92,737美元。

As a result, the total balance of Bitcoin held by the company has reached 553,555 BTC, maintaining it as one of the largest public holders of this cryptocurrency.

结果，该公司持有的比特币的总余额达到了553,555 BTC，并将其作为该加密货币的最大公共持有人之一。

To finance this substantial purchase, Strategy utilized an at-the-market (ATM) offering, a mechanism that allowed the company to raise 1.44 billion dollars through the sale of common and preferred shares.

为了资助这笔大量购买，战略利用了市场（ATM）产品，该机制使该公司可以通过出售普通股和优先股筹集14.4亿美元。

This financing strategy is noteworthy as it demonstrates how the company is leveraging market opportunities to increase its presence in the crypto sector, also considering the favorable economic conditions currently underway.

该融资策略值得注意，因为它表明了该公司如何利用市场机会来增加其在加密货币领域的业务，还考虑了目前正在进行的有利经济状况。

Value and market share of Strategy’s holdings in Bitcoin

策略在比特币中的价值和市场份额

策略在比特币中的价值和市场份额

With a current Bitcoin price exceeding $95,000, the overall value of Strategy’s holdings has surpassed $52 billion. This figure is calculated based on an average purchase price of approximately $68,459 per Bitcoin, a positive signal of investment management.

目前的比特币价格超过95,000美元，战略持股的总价值超过了520亿美元。该数字是根据每比特币的平均购买价格约为68,459美元的，这是投资管理的正面信号。

Moreover, the company controls a significant share of the market, holding about 2.64% of the maximum supply of Bitcoin, which is limited to 21 million coins in total.

此外，该公司控制着很大的市场份额，约占比特币供应量的2.64％，总共只有2100万个硬币。

This incisive position of Strategy in the cryptocurrency market highlights an important trend: the growing adoption of Bitcoin as a store of value and strategic asset by institutional investors.

这种敏锐的战略在加密货币市场中的立场强调了一个重要趋势：比特币越来越多地采用了机构投资者的价值和战略资产存储。

This dynamic is reinforced by ongoing acquisition policies and the ability to raise capital through sophisticated structures such as the ATM and preferred shares.

持续的收购政策以及通过ATM和首选股票等复杂结构筹集资金的能力来加强这种动态。

Market Context: Bitcoin above $95,000 driven by institutional demand

市场环境：由机构需求驱动的比特币高于95,000美元

市场环境：由机构需求驱动的比特币高于95,000美元

The price of Bitcoin remains stable above the psychological threshold of 95,000 dollars. At the time of communication, the recorded value is approximately 95,304 dollars, indicating a daily increase of 1.59%.

比特币的价格保持稳定，高于95,000美元的心理门槛。在通信时，记录的值约为95,304美元，表明每天增加1.59％。

The resilience of the price stems from a combination of favorable factors, including a growing interest from institutional investors, especially in spot ETF funds dedicated to Bitcoin.

价格的弹性源于各种有利因素的组合，包括机构投资者的兴趣日益增长，尤其是专门用于比特币的现货ETF基金。

Furthermore, the bull movement benefits from an improving macroeconomic situation and a political environment more inclined towards the recognition and favorable regulation of cryptocurrencies.

此外，公牛运动受益于改善的宏观经济状况以及更倾向于认识和有利的加密货币的政治环境。

The presence of new leadership figures with a pro-cryptocurrency stance has fueled institutional demand, creating a virtuous circle of trust and investment.

具有亲密货币立场的新领导人物的存在促进了机构需求，从而创造了一个良好的信任和投资圈子。

Stock offering programs: progress and remaining resources

股票提供计划：进度和剩余资源

股票提供计划：进度和剩余资源

According to official documents, the ATM program launched by Strategy in October 2024, with a total ceiling of 21 billion dollars, is almost exhausted. After the latest issuances, only about 128.7 million dollars remain available for new subscriptions.

根据官方文件，战略计划于2024年10月启动的ATM计划几乎耗尽了210亿美元的上限。在最新发行后，只有约1.287亿美元可用于新订阅。

In parallel, the preferred stock program, started in March 2025, still has a wide margin for collection, with over 20.92 billion dollars usable.

同时，首选股票计划始于2025年3月，仍有很大的收集利润，可用多209.2亿美元。

The almost complete exhaustion of the ATM program indicates an effective and rapid fundraising path, a sign of high demand from investors.

ATM计划的几乎完全耗尽表明，有效而快速的筹款道路，这表明投资者需求很高。

Finally, the substantial availability of preferred shares represents an additional financing lever, useful for supporting future accumulation strategies and protecting the liquidity necessary for similar operations.

最后，优先股的大量可用性代表了一个额外的融资杠杆，可用于支持未来的积累策略和保护类似运营所需的流动性。

Growing institutional confidence in the crypto bull and bear market

对加密公牛和熊市的机构信心不断增强

对加密公牛和熊市的机构信心不断增强

The continuous increase in Bitcoin acquisitions by Strategy reflects a broader trend of growing confidence among institutional investors in the cryptocurrency market.

通过战略收购比特币收购的持续增加反映了机构投资者在加密货币市场中信心越来越大的趋势。

This confidence is manifested not only in the increase of assets held, but also in the structuring of increasingly sophisticated financial products and adherence to clearer regulatory standards.

这种信心不仅体现在持有的资产的增加，而且还体现在越来越复杂的金融产品的结构以及遵守更清晰的监管标准的情况下。

Strategy, consolidating its position as the main public holder of Bitcoin, acts as a catalyst for institutional adoption. Certainly, its large share of the circulating supply of Bitcoin and the ability to finance acquisitions through structured financial markets represent a model to follow for other players in the sector.

策略巩固了其作为比特币的主要公共持有人的地位，它是机构采用的催化剂。当然，它在比特币的循环供应供应中的份额以及通过结构化金融市场为收购筹集资金的能力代表了遵循该行业其他参与者的模型。

Prospects and suggestions for the future of the Bitcoin market

比特币市场未来的前景和建议

比特币市场未来的前景和建议

In conclusion, the operation of increasing Bitcoin positions by Strategy highlights how the cryptocurrency is assuming a fundamental role as a strategic asset in institutional reserves.

总之，通过战略提高比特币位置的运作强调了加密货币如何在制度储备中作为战略资产的基本作用。

The combination of a rising price supported by macroeconomic factors, growing demand, and a strong fundraising capacity creates the foundations for further growth.

宏观经济因素支持，需求不断增长的价格和强劲筹款能力的相结合为进一步的增长创造了基础。

However, the market remains subject to dynamic variables, including regulatory developments and geopolitical changes. For interested investors, observing the performance of strategies by large holders like Strategy can offer valuable insights into future trends.

但是，市场仍然受到动态变量的影响，包括监管发展和地缘政治变化。对于有兴趣的投资者，观察大型持有人（例如战略）策略的绩效可以为未来趋势提供宝贵的见解。

Therefore, closely following the relationship between institutional demand and the price of Bitcoin becomes essential to seize opportunities for responsible and informed investment.

因此，紧随机构需求与比特币价格之间的关系是抓住负责任和知情投资的机会至关重要的。