StrategyTM（纳萨克：Stru/Strk/Strf）

Strategy™（NASDAQ：MSTR/Strk/Strf）报告了强大的Q1 2025财务业绩。在本季度，该公司添加了301335 BTC

Strategy (Nasdaq: MSTR/STRK/STRF) on Thursday reported strong first-quarter financial results that saw the company expand its Bitcoin holdings to 528,185 BTC and commence a capital-intensive strategy to further accumulate the cryptocurrency.

战略（纳斯达克股票代码：MSTR/Strk/Strf）周四报道了强劲的第一季度财务业绩，使该公司将其比特币持有量扩大到528,185 BTC，并开始了一项资本密集型战略，以进一步积累加密货币。

The company’s BTC Yield reached 11.0% in Q1 and 13.7% year-to-date as of April 28, placing it on course to exceed the initial annual target of 15%. As a result, Strategy has raised its 2025 BTC Yield goal to 25%.

截至4月28日，该公司的BTC收益率在第1季度为11.0％，年至今的13.7％的收益率达到了13.7％，这将超过最初的年度目标15％。结果，策略已将其2025 BTC收益率目标提高到25％。

Moreover, Strategy achieved a BTC $ Gain of $5.8 billion in the first four months of 2025, realizing 58% of the annual $10 billion target. This has led to a revision of the 2025 BTC $ Gain goal to $15 billion.

此外，战略在2025年的前四个月中达到了58亿美元的BTC $收益，实现了每年100亿美元目标的58％。这导致了2025年BTC $增益目标至150亿美元的修订​​。

Strategy also noted that it completed a record $21 billion at-the-market (ATM) common stock offering in Q1 to fund the company’s capital return plans.

策略还指出，它完成了第一季度创纪录的210亿美元市场（ATM）普通股，以资助公司的资本回报计划。

Capital Raises Fuel Bitcoin Accumulation

资本增加燃料比特币的积累

Strategy significantly broadened its capital base in Q1 through a combination of equity offerings and convertible notes. These included:

战略通过股权和可转换票据的组合大大扩大了其在第一季度的资本基础。其中包括：

A $1 billion offering of convertible senior notes due 2028 at a 3.00% interest rate, completed in January.

一月份完成了10亿美元的可转换高级票据2028年的可转换高级票据，并于1月份完成。

An announced intent to sell up to $3 billion of common stock in at-the-market offerings over the next 12 months, kicking off with a $1 billion tranche at an average price of $207.84 per share.

一项宣布的意图在未来12个月内出售高达30亿美元的普通股，以10亿美元的股票开头，平均价格为每股207.84美元。

An additional capital raising of $4 billion through a private placement of convertible preferred stock to a single investor at an offering price of $205 per share, with a 5.00% annual dividend and a 7.00% interest rate on the principal amount of the notes.

通过将可转换优先股的私人放置给单个投资者，以每股205美元的价格将可转换优先股筹集到40亿美元，每股股息为5.00％，票据本金的利率为7.00％。

As of January 1, 2025, Strategy adopted ASC 350, switching to fair value accounting for its digital assets. This change resulted in a $12.7 billion uplift in retained earnings. However, due to a quarter-end Bitcoin price of $82,445, the company recorded a $5.9 billion unrealized fair value loss on digital assets in Q1.

截至2025年1月1日，战略采用了ASC 350，转向其数字资产的公允价值。这一变化导致了保留收益的127亿美元提升。但是，由于季度比特币的价格为82,445美元，该公司在第一季度的数字资产上的公允价值损失了59亿美元。

At the time of writing, Bitcoin is currently trading at $$96,686.76,, indicating that Strategy anticipates a substantial digital asset fair value gain of approximately $8.0 billion in Q2 2025.

在撰写本文时，比特币目前的交易价格为96,686.76美元，表明策略预计在第二季度2025年第2季度的数字资产公允价值增益约为80亿美元。

The company also disclosed that its Board authorized the creation of an additional 9 billion shares of class A common stock and 995 million shares of preferred stock. This authorization brings the total authorized shares to 10.3 billion for class A common stock and 1.005 billion for preferred stock.

该公司还透露，其董事会授权创建另外90亿股A类普通股和9.95亿股优先股。该授权使A类普通股的授权股票总额达到103亿，优先股为100.5亿股。

The company also announced that it is increasing its 2025 capital plan to $42 billion for both equity and fixed income to fund bitcoin purchases.

该公司还宣布，它将其2025年资本计划增加到420亿美元，以筹集资金购买比特币。