策略警告投資者有關比特幣價格波動和變化稅收規則

比特幣國庫公司的戰略（以前是MicroStrategy）警告投資者有關比特幣價格波動和不斷變化的稅收規則的潛在獲利風險。

Bitcoin (BTC) treasury firm Strategy, previously known as MicroStrategy, has warned investors about potential profitability risks stemming from Bitcoin price volatility and changing tax rules in its latest 10-K filing with the Securities and Exchange Commission (SEC).

比特幣（BTC）財政部的戰略（以前稱為MicroStrategy）警告投資者有關比特幣價格波動率的潛在獲利風險和在其向美國證券交易委員會（SEC）提交的最新10-K文件中造成的。

The filing highlights several concerns, including liquidity risks, new fair-value accounting rules, and the possibility of significant tax bills under the Corporate Alternative Minimum Tax (CAMT).

該文件突出了一些問題，包括流動性風險，新的公平價值會計規則以及根據公司替代最低稅（CAMT）徵收大量稅單的可能性。

Here's a summary of the key points:

這是關鍵點的摘要：

Bitcoin Price Swings Threaten Profitability

比特幣價格波動威脅盈利能力

After reporting a net loss for 2024, largely due to a $1.79 billion digital asset impairment, Strategy indicated that returning to profitability could be challenging, especially if Bitcoin prices decline substantially.

在報告了2024年的淨虧損之後，主要是由於17.9億美元的數字資產障礙，策略表明，恢復盈利能力可能具有挑戰性，特別是如果比特幣價格大幅下跌。

A significant decrease in Bitcoin's market value could impact the firm's liquidity, potentially forcing it to sell Bitcoin at unfavorable prices to meet financial obligations.

比特幣市值的大幅下降可能會影響公司的流動性，並有可能以不利的價格出售比特幣以履行財務義務。

Moreover, Strategy's enterprise analytics software business did not generate positive cash flow in 2024. This may lead the firm to rely on equity or debt financing, which could be affected by the value of its Bitcoin holdings. Should Bitcoin prices drop drastically, obtaining financing could become more challenging, further exacerbating liquidity risks.

此外，戰略的企業分析軟件業務在2024年沒有產生正現金流。這可能導致該公司依靠股權或債務融資，這可能會受到其比特幣持有價值的影響。如果比特幣價格大幅下跌，獲得融資可能會變得更具挑戰性，並進一步加劇流動性風險。

Fair-Value Accounting Set to Reshape Financial ReportingPreviously, companies were required to mark down Bitcoin values during market downturns but were not permitted to adjust them upward unless the assets were sold.

公平價值的會計設定為重塑財務報告，要求公司在市場低迷期間標記比特幣價值，但不允許將其調整為向上調整，除非出售資產。

However, starting January 1, 2025, Strategy will begin using the Financial Accounting Standards Board (FASB) fair-value accounting rules.

但是，從2025年1月1日開始，戰略將開始使用財務會計標準委員會（FASB）公平價值會計規則。

Under this approach, unrealized Bitcoin gains and losses will be recognized in net income each reporting period. This rule change will result in a $12.75 billion cumulative adjustment to the company's retained earnings.

在這種方法下，未實現的比特幣收益和損失將在每個報告期間都在淨收入中得到認可。此規則更改將導致對公司保留收益進行127.5億美元的累計調整。

While the new accounting method is intended to provide a clearer financial picture, it also introduces increased earnings volatility. Any major Bitcoin price movement will directly impact Strategy's reported financial results, which could influence investor sentiment and stock performance.

儘管新的會計方法旨在提供更清晰的財務狀況，但它也引入了增加的收入波動。任何主要的比特幣價格變動都會直接影響戰略報告的財務業績，這可能會影響投資者的情緒和股票績效。

Tax Hikes and Regulatory Landscape Add to Uncertainty

加稅和監管格局增加了不確定性

Finally, Strategy faces significant tax challenges due to the Inflation Reduction Act (IRA) of 2022, which included a 15% CAMT.

最後，由於2022年的《降低通貨膨脹法》（IRA），戰略面臨重大稅收挑戰，其中包括15％的CAMT。

The tax applies to corporations with an average annual adjusted financial statement income exceeding $1 billion over three years. If Strategy does not receive an exemption, it could be subject to CAMT starting 2026.

該稅款適用於三年內平均年度調整後的財務報表收入超過10億美元的公司。如果策略沒有獲得豁免，則可能從2026年開始受到CAMT的約束。

The company expressed concerns about potential tax liabilities related to unrealized Bitcoin gains. If CAMT is applied, it could impose a substantial financial burden, requiring significant cash payments that may impact earnings and liquidity.

該公司對與未實現的比特幣收益有關的潛在稅收負債表示擔憂。如果應用CAMT，它可能會造成重大的經濟負擔，需要大量現金支付，以影響收入和流動性。

Additionally, tax obligations in multiple jurisdictions and potential changes in tax laws add to the firm's financial uncertainty.

此外，多個司法管轄區的稅收義務和稅法的潛在變化增加了公司的財務不確定性。

Massive Bitcoin Holdings Under Scrutiny

在審查下進行大量比特幣持有

As the largest corporate holder of Bitcoin, Strategy has notably acquired around 258,320 BTC in 2024 at an average price of $85,447 per Bitcoin.

作為比特幣最大的公司持有人，戰略在2024年以平均每比特幣為85,447美元的策略在2024年獲得了約258,320 BTC。

Despite accumulating significant reserves, the firm did not make additional purchases last week. Notably, its holdings now comprise over 2.2% of Bitcoin's total 21 million supply.

儘管積累了重要的儲量，但該公司上週沒有進行額外購買。值得注意的是，它的持股量佔比特幣總供應量的2.2％以上。

The firm's outstanding debt stands at $7.27 billion, with annual interest expenses of $35.1 million, which are expected to rise under its Bitcoin accumulation strategy.

該公司的未償債務為72.7億美元，年利率為3510萬美元，預計將在其比特幣累積策略下上升。

Despite concerns over profitability and taxation, Strategy's stock price has surged over 350% in the past year, trading at a premium relative to its Bitcoin holdings.

儘管擔心盈利能力和稅收，但在過去的一年中，戰略的股價飆升了350％以上，相對於比特幣持有量以溢價。