策略（MSTR）刚刚发布了其Q1 2025收益介绍

策略（以前为MicroStrategy）列出了其不断发展的资本计划，更新的KPI以及其拉动杠杆背后的财务逻辑。

The recent earnings presentation by Strategy (formerly known as Microstrategy (NASDAQ:MSTR)) wasn't just a routine update; it was a full blueprint for how to scale a corporate Bitcoin treasury with the same precision and reporting cadence as any institutional equity or fixed income vehicle.

策略（以前称为MicroStrategy（NASDAQ：MSTR））的最新收入介绍不仅是例行更新；对于如何以与任何机构权益或固定收益工具相同的精度和报告节奏，这是一个完整的蓝图。

As we've been following (see our prior coverage here and here), Strategy's capital plans and performance measurement are fundamentally different from the typical public company. The CFOs, investors, and strategic operators who are evaluating Bitcoin (CRYPTO:BTC) as a corporate asset will find a lot to study in how Strategy's team thinks about Bitcoin-backed capital structure, performance measurement, and long-term value creation.

正如我们一直在关注的那样（请参阅此处和此处的先前报道），战略的资本计划和绩效衡量与典型的上市公司根本不同。评估比特币（Crypto：BTC）作为企业资产的CFO，投资者和战略运营商将为战略团队如何思考比特币支持的资本结构，绩效衡量和长期价值创造的方式研究很多。

Here are eight key takeaways:

这是八个关键要点：

1) Undeterred Bitcoin Accumulation

1）未避免比特币的积累

At the start of the year, we highlighted how uniquely persistent Strategy had been in accumulating Bitcoin—adding to its position in every single quarter since August 2020.

在今年年初，我们强调了持续的策略在积累比特币方面的独特战略 - 自2020年8月以来，它在每个季度的位置。

This quarter, the company disclosed that it had acquired 106,085 BTC year-to-date at an average price of ~$93,600. At today's prices, that holding is worth approximately $52 billion, or roughly 2.6% of the total Bitcoin supply.

本季度，该公司透露，它以每年平均价格为93,600美元，收购了106,085 BTC。以当今的价格，这种持有的价值约为520亿美元，约占比特币供应总额的2.6％。

What makes this noteworthy isn't just the size of the holding—it's the pace and consistency of accumulation. In the past five years, there hasn't been a single quarter where Strategy failed to add to its Bitcoin position.

使这种值得注意的不仅仅是持有的大小，这是积累的步伐和一致性。在过去的五年中，没有一个季度的战略未能增加其比特币位置。

This isn't opportunistic allocation; it's a core treasury activity like managing commercial paper or a preferred stock portfolio. And crucially, 100% of MSTR's Bitcoin remains unencumbered. That makes it pristine collateral, usable for future fixed income instruments or as a backstop for equity-linked offerings.

这不是机会主义分配；这是一项核心国库活动，例如管理商业纸或优先的股票投资组合。至关重要的是，MSTR的比特币中有100％保持不受限制。这使其成为原始的抵押品，可用于未来的固定收益工具或作为股权链接产品的后台。

For corporate finance leaders, this underscores that in order to achieve this level of predictability from a treasury asset, you have to be willing to build the systems and discipline for it. If you want something like Bitcoin to be integratable into a capital stack, you can't treat it like a hedge or a short-term trade. You have to build a capital planning module around it.

对于公司财务领导人来说，这强调了为了从财政资产中实现这种可预测性的水平，您必须愿意为其建立系统并纪律。如果您希望像比特币之类的东西可以将其集成到资本堆中，那么就无法将其像对冲或短期交易一样对待。您必须围绕它构建资本计划模块。

2) $10 Billion In Just Four Months

2）短短四个月内的100亿美元

In the first four months of 2025 alone, Strategy raised a total of $10 billion through a diversified capital stack:

仅在2025年的前四个月中，战略通过多元化的资本堆栈筹集了100亿美元：

This pace of capital raising is remarkable in itself, but what's more interesting is how each capital raise is measured against BTC-specific KPIs: yield, torque, and NAV impact.

这种筹集资金的速度本身就是显着的，但更有趣的是，如何针对BTC特定的KPI：收益率，扭矩和NAV的影响来衡量每个资本筹集。

Every issuance is assessed not by fiat metrics like EPS or EBITDA, but by its ability to compound Bitcoin per share.

每次发行不是由EPS或EBITDA之类的菲亚特指标评估，而是通过其每股比特币复合比特币的能力来评估。

That distinction is critical: Strategy (MSTR) isn't trying to play defense against inflation or maximize revenue yield. They're playing offense—turning capital into Bitcoin, and Bitcoin into long-term outperformance.

这种区别至关重要：战略（MSTR）并不试图防御通货膨胀或最大化收入收益率。他们正在冒犯进攻，将资本转变为比特币，将比特币变成长期的表现。

For other public companies, this is a roadmap for executing a Bitcoin capital strategy without needing to rely on operating income or waiting for a high-cash-flow quarter. It's a capital-theoretic approach to Bitcoin treasury management.

对于其他上市公司而言，这是执行比特币资本战略的路线图，而无需依靠营业收入或等待高现金流季度。这是比特币财政管理的一种资本理论方法。

3) A New Capital Ambition: The ‘42/42 Plan’

3）新的资本野心：'42/42计划'

During Q4 of 2024, Strategy announced the "21/21 Plan" to raise $21B in equity and $21B in fixed income. As of Q1 2025, they've nearly completed that goal.

在2024年第四季度期间，战略宣布了“ 21/21计划”，以筹集21B美元的股权和21B美元的固定收益。截至2025年第1季度，他们几乎完成了该目标。

So they doubled it.

所以他们翻了一番。

The new target is the "42/42 Plan":

新目标是“ 42/42计划”：

Why does this matter? Because it establishes a model for scalable Bitcoin accumulation through structured capital formation.

为什么这很重要？因为它通过结构化资本形成建立了可扩展比特币积累的模型。

As we've previously discussed, Strategy isn't simply holding Bitcoin; they're building the architecture for doing so perpetually, varying the modalities of capital raising to match market conditions and working different ends of the yield curve to optimize for total return. This capital plan gives them the runway to scale with macroeconomic cycles.

正如我们先前讨论的那样，策略不仅仅持有比特币。他们正在建立以永久性的方式进行建筑，从而改变了筹集资金的方式，以匹配市场条件并在收益曲线的不同目的上工作以优化总回报。该资本计划使他们可以通过宏观经济周期进行跑道。

For treasury teams, there's a lot to study here in terms of financial engineering.

对于财政团队，在金融工程方面有很多要学习的东西。

4) Bitcoin KPIs: Yield, Gain, and Torque

4）比特币KPI：产量，增益和扭矩

Strategy also raised its internal targets for 2025:

策略还提高了2025年的内部目标：

What do these mean?

这些是什么意思？

Instead of chasing traditional operating metrics, which would be difficult given the company's minimal operating cash flow, Strategy is laser-focused on how much Bitcoin they can accumulate per share over time. It's a KPI framework that makes dilution largely irrelevant—as long as every issuance leads to a greater ratio of BTC / outstanding shares.

鉴于该公司的运营现金流最少，而不是追逐传统的运营指标，这将是很难的，而是针对激光注重比特币可以随着时间的推移积累多少比特币。这是一个KPI框架，使稀释基本上无关紧要，只要每个发行都会导致BTC /流通股的比例更高。

This reframing of capital efficiency will become increasingly important for all Bitcoin treasury companies as adoption scales. If a company like Block (NYSE:SQ) or Apple (NASDAQ:AAPL) begins holding treasury-level BTC positions, they'll need to measure the capital gains in a way that's comparable to their core business segments.

对于所有比特币国库公司，作为采用量表，资本效率的这种重塑将变得越来越重要。如果像Block（NYSE：SQ）或Apple（NASDAQ：AAPL）这样的公司开始担任国库级BTC职位，则他们需要以与其核心业务领域相当的方式来衡量资本收益。

5) MSTR Stock As A Volatility

5）MSTR股票作为波动性