由於特斯拉麵臨罕見的收入失誤，其對比特幣的近10億美元下注仍然是其財務戰略中的高風險錨點。

這家電動汽車巨頭公佈的第一季度收入報告了193.4億美元，少於華爾街的213.7億美元預測，但其加密貨幣控股產生了陰謀。

As Tesla grapples with a rare earnings miss, its nearly $1 billion wager on Bitcoin stands as a high-stakes anchor in its evolving financial strategy.

特斯拉（Tesla）努力應對罕見的收入遺失，其在比特幣上的近10億美元下注是其不斷發展的財務戰略中的高風險錨點。

The electric vehicle giant reported $19.34 billion in first-quarter revenue, falling short of Wall Street’s $21.37 billion forecast. However, its crypto holdings continue to spark intrigue. Despite Bitcoin’s rollercoaster value, Tesla didn’t sell a single coin this quarter.

這家電動汽車巨頭報告的第一季度收入為193.4億美元，距離華爾街的213.7億美元預報均未達到。但是，其加密貨幣持續的持續引起了陰謀。儘管比特幣的過山車價值，但特斯拉本季度沒有出售一枚硬幣。

Here’s a closer look at what’s unfolding under the hood.

這是仔細研究引擎蓋下發生的事情。

Tesla’s Bitcoin Stash: A Billion-Dollar Brick

特斯拉的比特幣藏匿處：十億美元的磚塊

Tesla’s latest earnings disclosed $951 million in digital assets as of March 31, a decrease from $1,076 billion three months ago. The entirety of this dip is attributed to Bitcoin’s 12% price drop during Q1, not to any sales by Tesla.

截至3月31日，特斯拉的最新收入披露了9.51億美元的數字資產，從三個月前的1076億美元減少。全部蘸醬歸因於第1季度比特幣的價格下跌12％，而不是特斯拉的任何銷售。

As confirmed by blockchain tracker Arkham Intelligence, Tesla did not engage in any transactions, leaving its 11,509 BTC untouched. Moreover, Bitcoin’s rebound to around $93,000 by late April has already pushed Tesla’s holdings above the $1 billion mark once again.

正如區塊鏈追踪器Arkham Intelligence所證實的那樣，特斯拉沒有進行任何交易，而其11,509 BTC未受觸及。此外，到4月下旬到4月下旬，比特幣的反彈已經達到了93,000美元，已經將特斯拉的持股量再次超過了10億美元的大關。

“The company’s crypto strategy mirrors its long-game approach to innovation,” remarked one analyst, highlighting Tesla’s firm stance despite market turbulence.

一位分析師說：“該公司的加密戰略反映了其長期創新的方法。”儘管市場動盪，但仍強調了特斯拉的堅定立場。

New Accounting Rules Impact Tesla’s Bottom Line

新的會計規則影響特斯拉的底線

A pivotal shift in financial reporting now impacts how companies like Tesla present their balance sheet. The Financial Accounting Standards Board (FASB) now mandates quarterly “mark-to-market” adjustments for crypto holdings, forcing companies to reflect the assets’ real-time values.

現在，財務報告的關鍵轉變會影響像特斯拉這樣的公司如何展示資產負債表。現在，財務會計標準委員會（FASB）要求對加密貨幣持有的季度“標記市場”調整，從而迫使公司反映資產的實時價值。

Previously, firms only logged losses if they sold assets. This change saw Tesla report a $600 million unrealised gain in late 2023, a stark contrast to Q1’s $125 million decline.

以前，公司只有在出售資產時才會記錄損失。這一變化使特斯拉報告說，2023年底的6億美元未實現的收益與第一季度的1.25億美元下降形成了鮮明對比。

“The rules add transparency but also volatility to earnings,” notes a Wall Street insider, highlighting that Tesla’s numbers will swing in tandem with Bitcoin’s price.

華爾街內部人士指出：“規則增加了透明度，但也使收入波動增加了。

Tesla’s Cryptocurrency Journey

特斯拉的加密貨幣之旅

Tesla first ventured into crypto in February 2021, investing $1.5 billion in Bitcoin and briefly accepting it as payment, a move that sent shockwaves through the markets.

特斯拉於2021年2月首次冒險進入加密貨幣，投資了15億美元的比特幣，並將其簡要接受為付款，此舉使Shockwavave通過市場引起了衝擊波。

However, by mid-2022, the company sold 75% of its stash, roughly 30,000 BTC, to shore up cash during China’s COVID lockdowns and to balance the cryptocurrency's risks with its clean-energy mission.

但是，到2022年中，該公司將其藏匿處的75％（約30,000 BTC）賣給了中國的Covid鎖定期間的現金，以平衡加密貨幣的風險與其清潔能源任務。

Today, its remaining 11,509 BTC, valued at over $1 billion post-rebound, hints at cautious optimism. Had Tesla kept its original 43,200 BTC, its holdings would now exceed $3 billion.

如今，其剩餘的11,509 BTC，重新登陸後價值超過10億美元，這暗示了謹慎的樂觀情緒。如果特斯拉保持其最初的43,200 BTC，現在其持股量將超過30億美元。

Investors Split on Tesla's Priorities

投資者分配特斯拉的優先事項

Despite ranking fourth among U.S. firms in Bitcoin reserves, Tesla’s crypto stake represents less than 1% of its $705 billion market cap.

儘管在比特幣儲備中排名第四，但特斯拉的加密貨幣股份不到其7050億美元市值的1％。

However, its influence is arguably greater. CEO Elon Musk’s cryptic tweets and ties to pro-crypto politicians keep Tesla in the digital-asset spotlight. Last October, a $765 million BTC transfer to unknown wallets fueled speculation, though sales weren’t confirmed.

但是，它的影響可以說是更大的。首席執行官埃隆·馬斯克（Elon Musk）的信任推文和聯繫，以使特斯拉（Tesla）保持在數字資產範圍內。去年10月，儘管沒有確認銷售額，但耗資7.65億美元的BTC轉移到未知錢包中引發了人們的猜測。

“Tesla’s moves ripple through crypto markets,” says a trader. "When they hold, others take notice."

一位交易員說：“特斯拉在加密貨幣市場中的轉動。” “當他們舉行時，其他人會注意到。”

Earnings Miss Overshadows Bitcoin Resilience

收入小姐掩蓋比特幣的彈性

Tesla’s Q1 struggles extended beyond Bitcoin. Revenue slid 9% year-over-year, while adjusted earnings per share hit $0.27, well below the $0.41 forecast.

特斯拉的Q1掙扎擴展到了比特幣之外。收入同比9％，而調整後的每股收益達到0.27美元，遠低於0.41美元的預測。

Supply chain headaches and softening EV demand contributed to the slump. Still, shares climbed nearly 5% post-announcement as Musk touted “long-term supply chain resilience” and hinted at tariff advantages.

供應鏈的頭痛和柔軟的電動汽車需求導致低迷。儘管如此，由於馬斯克吹捧“長期供應鏈的彈性”，股票在宣布後近5％，並暗示了關稅優勢。

Investors seem split: Some applaud Tesla’s steady crypto hand; others warn its core business needs sharper focus.

投資者似乎分裂了：一些鼓掌的特斯拉的加密之手；其他人警告其核心業務需要更加重點。

The Bigger Picture: Volatility vs. Vision

大局：波動率與視覺

Tesla’s crypto saga underscores a broader corporate trend. As regulators clarify digital asset rules, more companies may follow its lead.

特斯拉的加密傳奇強調了更廣泛的公司趨勢。當監管機構澄清數字資產規則時，越來越多的公司可能會遵循其領先地位。

Yet Bitcoin’s wild price swings, evident in Q1’s 12% drop and April’s 6% surge, remain a gamble. For Tesla, the stakes are symbolic, blending Musk’s disruptive ethos with financial pragmatism.

然而，比特幣的野外價格波動，在第一季度的12％下降和4月份的激增中很明顯，仍然是一場賭博。對於特斯拉來說，賭注是像徵性的，將馬斯克的破壞性精神與經濟實用主義融合在一起。

“Crypto isn’t going away,” asserts a market strategist. “But for Tesla, it’s still a sideshow to their energy goals.”

一位市場策略師說：“加密不會消失。” “但是對於特斯拉來說，這仍然是他們能量目標的側面。”

Holding the Line in a Shifting Landscape

在不斷變化的景觀中握住線條

Tesla’s $951 million crypto bet at least offers a point of stability as its earnings flounder, reflecting a calculated embrace of volatility.

特斯拉（Tesla）的9.51億美元加密賭注至少在其收入比目魚中至少提供了一個穩定點，這反映了對波動性的估計擁抱。

While Bitcoin’s dips will continue to dent Tesla’s numbers each quarter, any rebounds will offer redemption. Now that FASB rules are in play, Tesla’s balance sheet will

儘管比特幣的下降將在每個季度繼續淹沒特斯拉的數字，但任何籃板都會提供贖回。現在FASB規則正在發揮作用，特斯拉的資產負債表將會