MicroStrategy Incorporated最近更名为战略，是比特币的最大公开企业所有者

MicroStrategy Incorporated最近更名为战略，是比特币的最大公开企业所有者，购买了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。最近更名为战略，是比特币的最大公开企业所有者。截至2025年4月，它持有528,185 BTC，平均价格为67,458美元，总收购成本为356.3亿美元。

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.

其比特币持有量的价值估计为413亿美元，最新购买22,048 BTC的价值为3月30日以19.2亿美元的价格购买，每BTC $ 86,969。比特币现在是策略的主要国库券资产，其BTC收益率（用于测量比特币每股比特币的关键绩效指标）在Q1期间使11％的YTD吸引了11％的YTD，旨在每年15％到2027年。

Microstrategy SEC filing

MicroStrategy SEC归档

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申请表明策略的比特币模型带来的波动性。在2025年第1季度，该公司的价格降至77,351美元，造成了59.1亿美元的未实现损失，这被16.9亿美元的税收优惠所抵消。

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.

该公司的资本结构包括自2020年以来以股票和债务形式筹集的86.5亿美元，用于为持续的比特币收购提供资金。亮点是在2025年2月使用零企业敞篷票据筹集了20亿美元，该票据将于2030年到期。战略还以2024年第四季度的优先股（Strk）产品公开，并筹集了5.84亿美元。

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.

尽管有波动性，但该公司的整体比特币持有量仍在获利，未实现的收益为14.62％。它的软件细分市场仍然落后，报告了第4季度2024年收入的1.207亿美元，同比下跌3％，未能产生正面的现金流量。该公司在2024年7月进行了10比1的股票分配以增加股份的可用性，这在很大程度上取决于其运营和比特币收购的融资。

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.

目前包含清算风险。凭借82亿美元的无抵押贷款，没有用于比特币的抵押贷款，战略可以通过以当前市场价格出售其BTC的15％来偿还其所有债务。

Bitcoin through shares

通过股票比特币

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.

执行董事长迈克尔·赛勒（Michael Saylor）的46.8％的投票份额保证了比特币优先战略的继续，他断言，即使比特币价格下跌也不会导致抛售。

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.

策略的股权和债务提供基金的基金转换策略 - 使用股票和票据发行BTC的票据被称为“无限的货币故障”。策略通过溢价发行股票和票据来购买额外的比特币，从而使BTC和MSTR的股票都向上推动。

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.

该模型依靠投资者的信仰并持续对比特币的欣赏。比特币价格的任何扩大下降都可能测试其提高资本或服务义务的能力。

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.

批评者指出，集中化风险，可能征税负担180亿美元未实现的收益，以及诸如SEC等组织的监管关注。同时，该公司的股票在2024年的股票增长了336％，尽管该公司从11月的543美元的高处下降了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.

总而言之，战略的积极性比特币方法继续提供回报，但具有市场波动，债务风险和监管问题的高风险。它的成功将取决于比特币的长期趋势，以及塞勒对“永不出售”咒语的坚持。