MicroStrategy Incorporated最近更名為戰略，是比特幣的最大公開企業所有者

MicroStrategy Incorporated最近更名為戰略，是比特幣的最大公開企業所有者，購買了528185 BTC

MicroStrategy, Inc., recently renamed as Strategy, is the largest publicly traded corporate owner of Bitcoin. As of April 2025, it holds 528,185 BTC, purchased at an average price of $67,458, with total acquisition cost of $35.63 billion.

MicroStrategy，Inc。最近更名為戰略，是比特幣的最大公開企業所有者。截至2025年4月，它持有528,185 BTC，平均價格為67,458美元，總收購成本為356.3億美元。

The value of its Bitcoin holdings is estimated at $41.3 billion, with the most recent purchase of 22,048 BTC for $1.92 billion on March 30 at $86,969 per BTC. Bitcoin is now Strategy’s main treasury reserve asset, and its BTC Yield—a key performance indicator measuring Bitcoin per share—rose 11% YTD during Q1, aiming for 15% annually to 2027.

其比特幣持有量的價值估計為413億美元，最新購買22,048 BTC的價值為3月30日以19.2億美元的價格購買，每BTC $ 86,969。比特幣現在是策略的主要國庫券資產，其BTC收益率（用於測量比特幣每股比特幣的關鍵績效指標）在Q1期間使11％的YTD吸引了11％的YTD，旨在每年15％到2027年。

Microstrategy SEC filing

MicroStrategy SEC歸檔

SEC filings in recent times point to the volatility that comes with Strategy’s Bitcoin model. During Q1 2025, the firm had a $5.91 billion unrealized loss caused by a price fall to $77,351, which was offset by a $1.69 billion tax benefit.

最近，SEC申請表明策略的比特幣模型帶來的波動性。在2025年第1季度，該公司的價格降至77,351美元，造成了59.1億美元的未實現損失，這被16.9億美元的稅收優惠所抵消。

The capital structure of the company is comprised of $8.65 billion raised in the form of equity and debt since 2020, for funding continuous Bitcoin acquisitions. The highlight was raising $2 billion in February 2025 using zero-coupon convertible notes that are due in 2030. Strategy also went public with a preferred stock (STRK) offering during Q4 2024 and raised $584 million.

該公司的資本結構包括自2020年以來以股票和債務形式籌集的86.5億美元，用於為持續的比特幣收購提供資金。亮點是在2025年2月使用零企業敞篷票據籌集了20億美元，該票據將於2030年到期。戰略還以2024年第四季度的優先股（Strk）產品公開，並籌集了5.84億美元。

In spite of volatility, the firm’s overall Bitcoin holding is still in profit with an unrealized gain of 14.62%. Its software segment still lags behind, reporting $120.7 million in Q4 2024 revenue, down 3% YoY, and failing to produce positive operating cash flow. The firm depends greatly on financing for its operations and Bitcoin acquisitions, having done a 10-for-1 stock split in July 2024 to increase share availability.

儘管有波動性，但該公司的整體比特幣持有量仍在獲利，未實現的收益為14.62％。它的軟件細分市場仍然落後，報告了第4季度2024年收入的1.207億美元，同比下跌3％，未能產生正面的現金流量。該公司在2024年7月進行了10比1的股票分配以增加股份的可用性，這在很大程度上取決於其運營和比特幣收購的融資。

Liquidation risk is contained at present. With $8.2 billion in unsecured loans and no collateralized loans for Bitcoin, Strategy could potentially repay all of its debt by selling 15% of its BTC at current market prices.

目前包含清算風險。憑藉82億美元的無抵押貸款，沒有用於比特幣的抵押貸款，戰略可以通過以當前市場價格出售其BTC的15％來償還其所有債務。

Bitcoin through shares

通過股票比特幣

Executive Chairman Michael Saylor’s 46.8% voting share guarantees continuation of the Bitcoin-first strategy, and he asserts even a decline in Bitcoin’s price wouldn’t lead to a selloff.

執行董事長邁克爾·賽勒（Michael Saylor）的46.8％的投票份額保證了比特幣優先戰略的繼續，他斷言，即使比特幣價格下跌也不會導致拋售。

Strategy’s equity and debt offering-based fund conversion strategy—using stock and note issuance to purchase BTC has been referred to as an “infinite money glitch.” Strategy purchases additional Bitcoin by issuing stock and notes at a premium, driving both BTC and MSTR’s stock upward.

策略的股權和債務提供基金的基金轉換策略 - 使用股票和票據發行BTC的票據被稱為“無限的貨幣故障”。策略通過溢價發行股票和票據來購買額外的比特幣，從而使BTC和MSTR的股票都向上推動。

This model relies on investor faith and sustained appreciation of Bitcoin. Any extended decline in Bitcoin’s price may test its capacity to raise capital or service its obligations.

該模型依靠投資者的信仰並持續對比特幣的欣賞。比特幣價格的任何擴大下降都可能測試其提高資本或服務義務的能力。

Critics point to centralization risks, possible tax burdens on $18 billion of unrealized gains, and regulatory attention from organizations such as the SEC. At the same time, the stock of the company experienced a 336% jump in 2024, although it dropped by 55% from a high of $543 in November to $250 by February 2025.

批評者指出，集中化風險，可能征稅負擔180億美元未實現的收益，以及諸如SEC等組織的監管關注。同時，該公司的股票在2024年的股票增長了336％，儘管該公司從11月的543美元的高處下降了55％，到2025年2月的250美元。

In summary, Strategy’s aggressive Bitcoin approach continues to provide returns but with high risk of exposure to market volatility, debt risk, and regulatory issues. Its success will depend on Bitcoin’s long-term trend and Saylor’s dogged adherence to the “never sell” mantra.

總而言之，戰略的積極性比特幣方法繼續提供回報，但具有市場波動，債務風險和監管問題的高風險。它的成功將取決於比特幣的長期趨勢，以及塞勒對“永不出售”咒語的堅持。