以比特幣為重點的公司戰略（以前是微型流浪者）表示，它不希望報告第一季度的利潤

策略（以前稱為Microstrategy）週一宣布，它不希望報告2025年第一季度的利潤。

Strategy, formerly known as MicroStrategy, does not expect to report a profit for the first quarter of 2025. The company cited $5.91 billion in unrealized losses on its massive Bitcoin holdings as the primary reason.

策略（以前稱為MicroStrategy）並不期望報告2025年第一季度的利潤。該公司將59.1億美元的未實現的損失視為主要原因。

The Tysons, Virginia-based firm disclosed this information in a filing with the Securities and Exchange Commission. The company noted that a $1.69 billion tax benefit should partially offset these paper losses.

總部位於弗吉尼亞州泰森一家公司在向美國證券交易委員會提交的文件中披露了此信息。該公司指出，16.9億美元的稅收優惠應部分抵消這些紙張損失。

“We may not be able to regain profitability in future periods, particularly if we incur significant unrealized losses related to our digital assets,” Strategy stated in the filing.

申請中的策略說：“我們可能無法在未來的時期內恢復盈利能力，尤其是如果我們造成與數字資產相關的重大未實現的損失。”

Bitcoin Holdings and Recent Purchases

比特幣持有和最近的購買

As of March 31, 2025, Strategy holds 528,185 Bitcoin. This massive crypto treasury is currently valued at approximately $41.3-41.8 billion.

截至2025年3月31日，戰略擁有528,185比特幣。目前，這項龐大的加密貨幣價值約為41.3-418億美元。

The company did not purchase any additional Bitcoin over the past week. This pause comes after an aggressive buying spree in the first quarter.

在過去一周中，該公司沒有購買任何其他比特幣。這次停頓是在第一季度積極購買的狂歡之後。

During Q1 2025, Strategy spent $7.7 billion acquiring Bitcoin at an average price of around $95,000 per coin. In late March alone, the company purchased about 22,000 Bitcoin at an average price of $87,000 each.

在2025年第1季度，戰略花費了77億美元以平均每枚硬幣95,000美元的價格收購比特幣。僅在3月下旬，該公司以平均價格購買了約22,000比特幣。

Since beginning its Bitcoin investment strategy in 2020, the company has spent a total of $35.6 billion on the cryptocurrency. The average purchase price across all acquisitions stands at $67,485 per Bitcoin.

自2020年開始其比特幣投資策略以來，該公司已在加密貨幣上花費了356億美元。所有收購的平均購買價格為每比特幣67,485美元。

Despite current market conditions, Strategy remains up approximately 16.5% on its overall Bitcoin investment based on current prices.

儘管當前的市場狀況，但基於當前價格，戰略仍比其總比特幣投資增長了約16.5％。

Market Conditions and Financial Challenges

市場狀況和財務挑戰

Bitcoin has faced challenging market conditions recently. The cryptocurrency has dropped below the $80,000 support level to a five-month low.

比特幣最近面臨著具有挑戰性的市場狀況。加密貨幣已降至80,000美元的支持水平降至五個月的低點。

At the time of reporting, Bitcoin was trading between $78,200 and $79,300. This represents a decline of over 4% in just 24 hours.

在報告時，比特幣的交易價格在78,200美元至79,300美元之間。這僅在24小時內下降了4％以上。

The recent market downturn coincides with new tariffs implemented by U.S. President Donald Trump, which have negatively impacted risk-on assets like cryptocurrencies.

最近的市場低迷與美國總統唐納德·特朗普（Donald Trump）實施的新關稅相吻合，後者對加密貨幣等風險資產產生了負面影響。

Strategy’s financial position raises some concerns for investors. The company has accumulated $8.2 billion in debt to fund its Bitcoin purchases.

策略的財務狀況引起了人們對投資者的一些擔憂。該公司已累積82億美元的債務，以資助其比特幣購買。

The firm has issued various financial products including convertible debt and preferred stock. Between its “Strife” and “Strike” offerings, Strategy must pay $146 million in annual dividends.

該公司已發行了各種金融產品，包括可轉換債務和優先股。在其“衝突”和“罷工”產品之間，戰略必須支付1.46億美元的年度股息。

Business Outlook and Strategy

業務前景和策略

Before transforming into a Bitcoin-focused company, Strategy was primarily known for its enterprise analytics software business. However, this core business “has not generated positive cash flow” in recent periods.

在轉變為以比特幣為重點的公司之前，戰略主要以其企業分析軟件業務而聞名。但是，近期這種核心業務“尚未產生正現金流”。

The company warned that its software division may not help it satisfy its financial obligations going forward. This places additional pressure on the success of its Bitcoin strategy.

該公司警告說，其軟件部門可能無法幫助其未來的財務義務。這給其比特幣策略的成功帶來了額外的壓力。

To meet its financial commitments, Strategy plans to take on more debt, issue common shares, or conduct additional offerings of preferred stock and convertible debt.

為了履行其財務承諾，戰略計劃要承擔更多債務，發行普通股或進行優先股和可兌換債務的其他產品。

The company also faces tax liabilities of approximately $2.28 billion related to unrealized gains on its Bitcoin holdings. These are partially offset by deferred tax assets such as net operating losses.

該公司還面臨與其比特幣持有量未實現的收益有關的約22.8億美元的稅收負債。這些被遞延稅收資產（例如淨營業損失）所部分抵消。

Strategy hasn’t reported a profitable quarter since Q4 2023, when it posted earnings per share of $0.32 on $124 million in revenue.

自2023年第4季度以來，戰略尚未報告盈利季度，當時其每股收益為1.24億美元的收入為0.32美元。

On Monday, Strategy shares fell 10.6% to $262. While significantly below last year’s peak of $543, the stock remains above its Election Day price of $233.

週一，策略股下跌了10.6％，至262美元。雖然高於去年的543美元高峰，但該股票仍高於其選舉日價233美元。

Year-to-date, Strategy stock has dropped approximately 7%, with shares trading around $279 as of the most recent report.

Y年期，戰略股票已下跌約7％，截至最近的報告截至279美元。