以比特币为重点的公司战略（以前是微型流浪者）表示，它不希望报告第一季度的利润

策略（以前称为Microstrategy）周一宣布，它不希望报告2025年第一季度的利润。

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（以前称为MicroStrategy）并不期望报告2025年第一季度的利润。该公司将59.1亿美元的未实现的损失视为主要原因。

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.

总部位于弗吉尼亚州泰森一家公司在向美国证券交易委员会提交的文件中披露了此信息。该公司指出，16.9亿美元的税收优惠应部分抵消这些纸张损失。

“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.

申请中的策略说：“我们可能无法在未来的时期内恢复盈利能力，尤其是如果我们造成与数字资产相关的重大未实现的损失。”

Bitcoin Holdings and Recent Purchases

比特币持有和最近的购买

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，战略拥有528,185比特币。目前，这项庞大的加密货币价值约为41.3-418亿美元。

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

在过去一周中，该公司没有购买任何其他比特币。这次停顿是在第一季度积极购买的狂欢之后。

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，战略花费了77亿美元以平均每枚硬币95,000美元的价格收购比特币。仅在3月下旬，该公司以平均价格购买了约22,000比特币。

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年开始其比特币投资策略以来，该公司已在加密货币上花费了356亿美元。所有收购的平均购买价格为每比特币67,485美元。

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

尽管当前的市场状况，但基于当前价格，战略仍比其总比特币投资增长了约16.5％。

Market Conditions and Financial Challenges

市场状况和财务挑战

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

比特币最近面临着具有挑战性的市场状况。加密货币已降至80,000美元的支持水平降至五个月的低点。

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.

在报告时，比特币的交易价格在78,200美元至79,300美元之间。这仅在24小时内下降了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.

最近的市场低迷与美国总统唐纳德·特朗普（Donald Trump）实施的新关税相吻合，后者对加密货币等风险资产产生了负面影响。

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

策略的财务状况引起了人们对投资者的一些担忧。该公司已累积82亿美元的债务，以资助其比特币购买。

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.

该公司已发行了各种金融产品，包括可转换债务和优先股。在其“冲突”和“罢工”产品之间，战略必须支付1.46亿美元的年度股息。

Business Outlook and Strategy

业务前景和策略

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.

在转变为以比特币为重点的公司之前，战略主要以其企业分析软件业务而闻名。但是，近期这种核心业务“尚未产生正现金流”。

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.

该公司警告说，其软件部门可能无法帮助其未来的财务义务。这给其比特币策略的成功带来了额外的压力。

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.

为了履行其财务承诺，战略计划要承担更多债务，发行普通股或进行优先股和可兑换债务的其他产品。

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.

该公司还面临与其比特币持有量未实现的收益有关的约22.8亿美元的税收负债。这些被递延税收资产（例如净营业损失）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季度以来，战略尚未报告盈利季度，当时其每股收益为1.24亿美元的收入为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.

周一，策略股下跌了10.6％，至262美元。虽然高于去年的543美元高峰，但该股票仍高于其选举日价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，战略股票已下跌约7％，截至最近的报告截至279美元。