TLDR：策略（以前为Microstrategy）是世界上最大的比特币国库公司，将宣布其2025年的第一季度结果

策略是世界上最大的比特币国库公司，将宣布其2025年第一季度业绩

Strategy, the world’s largest Bitcoin treasury company, is set to announce its first-quarter 2025 results on Wednesday, May 1, after markets close. The company, previously known as MicroStrategy (NASDAQ:), saw its stock rally 32% in April, marking its best monthly performance and putting it in positive territory for the year to date.

策略是全球最大的比特币国库公司，将于5月1日星期三宣布其2025年的成绩在市场关闭之后。该公司以前被称为MicroStrategy（NASDAQ :)，在4月的股票集会32％，标志着其每月最佳的表现，并将其置于迄今为止的一年中。

Analysts are anticipating a narrower loss per share of $0.11 and revenue of $116.6 million for Q1 2025.

分析师预计，第1季度2025年第1季度的每股损失较窄，收入为1.166亿美元。

Compared to last year’s first quarter, where the company reported a loss per share of $0.31 on revenue of $115.1 million, analysts are expecting a narrower loss and a slight year-over-year growth in revenue.

与去年的第一季度相比，该公司报告的收入为1.151亿美元的每股亏损为0.31美元，分析师预计损失较窄，收入同比增长。

The company’s Bitcoin holdings have grown at a compound annual growth rate of 59% over the 2020-2024 period, according to Main Street Data. Currently, Strategy holds 553,555 Bitcoin, valued at approximately $52.57 billion.

根据Main Street的数据，该公司的比特币持有量在2020-2024期间以59％的复合年增长率增长。目前，战略持有553,555个比特币，价值约为525.7亿美元。

$MSTR began the month at $288 and ended at $380, for a +32% return in April, its biggest monthly gain since November 2024. pic.twitter.com/LQ9kYDaA6C

$ MSTR以288美元的价格开始，以380美元的$ 380结束，4月份的回报率为32％，其每月最大的收益自2024年11月。

— Mark Harvey (@thepowerfulHRV) April 30, 2025

- 马克·哈维（Mark Harvey）（@thepowerfulhrv）2025年4月30日

Analyst Perspectives

分析师的观点

Wall Street maintains a Strong Buy consensus on Strategy stock, with 13 Buy recommendations and only one Sell. The average price target of $508.21 suggests about 33.2% upside potential from current levels.

华尔街对策略股票保持着强劲的买入共识，并提供13个购买建议，只有1个卖出。 508.21美元的平均价格目标表明目前水平的上涨潜力约为33.2％。

Recently, H.C. Wainwright analyst Mike Colonnese initiated coverage with a Buy rating and a $480 price target. He described Strategy as one of the most “compelling equity investment vehicles” offering Bitcoin exposure with an attractive risk-reward profile.

最近，HC Wainwright分析师Mike Colonnese以买入评级和480美元的目标目标开始了承保范围。他将策略描述为具有具有吸引力的风险奖励的比特币风险的最“引人注目的股票投资工具”之一。

“We believe that Strategy’s persistent focus on maximizing returns for its shareholders through an innovative approach to capital deployment and a demonstrated ability to rapidly deploy large-scale capital market transactions, combined with its commitment to advancing the adoption of Bitcoin, makes it a unique and interesting investment opportunity,” Colonnese stated.

“我们认为，战略通过一种创新的资本部署方法和证明了快速部署大型资本市场交易的能力，将战略持续关注股东最大限度地收益，并结合其对采用比特币的承诺，使其成为一种独特而有趣的投资机会，” Colonnese说。

He added that Strategy has consistently increased its Bitcoin holdings per share over time through rapid deployment of both equity and debt raises to fund these purchases.

他补充说，战略通过快速部署股票和债务提高以资助这些购买来始终提高其每股比特币持有量。

Meanwhile, Benchmark analyst Mark Palmer reiterated a Buy rating and adjusted the price target to $650 from $600 following Strategy’s preannouncement of partial Q1 results.

同时，基准分析师马克·帕尔默（Mark Palmer）重申了买入评级，并将目标目标从600美元的$ 65上调整为策略的部分Q1结果。

These results, announced last week, included a $5.91 billion unrealized loss on Bitcoin holdings, which was partially offset by a $1.69 billion income tax benefit.

上周宣布的这些结果包括在比特币持有的59.1亿美元未实现的损失中，部分被16.9亿美元的所得税福利所抵消。

Q1 Results: Key Highlights

Q1结果：关键亮点

The Q1 results will be the first to reflect the company’s adoption of the Financial Accounting Standards Board’s new fair-value accounting rules.

第一季度的结果将是第一个反映公司采用财务会计标准委员会的新公平价值会计规则的结果。

These rules, which went into effect on January 1, require Strategy to report changes in the market value of its Bitcoin holdings on its income statement.

这些规则将于1月1日生效，要求战略在其损益表上报告其比特币持有的市场价值的变化。

Options traders are expecting approximately a 5.0% move in either direction for MSTR stock in reaction to the earnings report, according to TipRanks’ Options DEVI الجهاز.

根据Tipranks的Deviالج歌，期望交易者预计对收益报告的回应，MSTR股票的任何方向都将大约有5.0％的转移。

Furthermore, there is growing speculation that Strategy might announce a major capital raise during its earnings call.

此外，人们越来越多地猜测策略可能会在其收入电话会议期间宣布重大资本。

On March 10, the company entered into a new sales agreement with a major U.S. investment bank, granting it the right to issue and sell shares of its 8% Series A perpetual strike preferred stock.

3月10日，该公司与一家美国主要投资银行签订了一项新的销售协议，授予其发行和出售其8％系列A股票的股票的权利。

The capital markets activity will be used for general corporate purposes, which could include further Bitcoin acquisitions.

资本市场活动将用于一般公司目的，其中可能包括更多的比特币收购。

Some industry figures have suggested that Strategy should take an even more aggressive approach to buying Bitcoin.

一些行业的数据表明，策略应该采取更具积极的方式购买比特币。

Richard Byworth, partner at Syz Capital, recently considered whether the company should move away from over-the-counter purchases in favor of acquiring companies to use their cash holdings for Bitcoin buys.

Syz Capital合伙人Richard Byworth最近考虑了该公司是否应该摆脱非处方购买，而有利于收购公司将其现金持有量用于比特币购买。

In the second quarter of 2024, Strategy sold a portion of its Bitcoin treasury to U.S. government agencies.

在2024年第二季度，战略将其一部分比特币财政部卖给了美国政府机构。

Investors will also be interested in hearing management commentary on the company’s Bitcoin strategy amid ongoing market volatility and any updates on its software business.

投资者还将有兴趣听取对公司比特币策略的评论，这是由于持续的市场波动和其软件业务的任何更新。

The earnings webinar, hosted by CEO Michael Saylor, will take place at 9 pm UTC on May 1, shortly after the results are announced.

首席执行官迈克尔·赛勒（Michael Saylor）主持的收益网络研讨会将于5月1日晚上9点在UTC宣布后不久。