最近从Microstrategy Incorporated重命名的策略是比特币的最大公开企业所有者

MicroStrategy Incorporated最近更名为策略，是比特币的最大公开企业所有者，其528185 BTC的平均价格为67458美元

MicroStrategy Incorporated, which recently renamed itself as Strategy, stands as the largest publicly traded corporate holder of Bitcoin. To date, the firm has purchased 528,185 BTC at an average price of $67,458, resulting in a total acquisition cost of $35.63 billion.

MicroStrategy Incorporated最近将自己更名为战略，是最大的公开交易比特币公司持有人。迄今为止，该公司以平均价格为67,458美元购买了528,185 BTC，导致收购成本为356.3亿美元。

As of April 2025, its Bitcoin holdings are valued at approximately $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 has now become Strategy’s primary treasury reserve asset, and its BTC Yield—a key performance indicator (KPI) measuring Bitcoin per share—experienced a 11% year-to-date (YTD) increase during Q1, aiming for 15% annually until 2027.

截至2025年4月，其比特币持有量约为413亿美元，最新购买22,048 BTC，3月30日以19.2亿美元的价格购买，每BTC $ 86,969。现在，比特币已成为战略的主要国库券资产，其BTC收益率（KPI）每股衡量比特币的关键绩效指标（KPI），在第1季度的年延期至今（YTD）增长了11％，旨在每年15％直到2027年。

Microstrategy SEC filing

MicroStrategy SEC归档

Recent SEC filings highlight the volatility associated with Strategy’s Bitcoin model. During Q1 2025, the firm incurred a $5.91 billion unrealized loss due to a price decline to $77,351, which was partially offset by a $1.69 billion tax benefit.

最近的SEC文件突出了与策略的比特币模型相关的波动性。在2025年第1季度，该公司因价格下降至77,351美元而产生了59.1亿美元未实现的损失，这部分被16.9亿美元的税收优惠所抵消。

The company’s capital structure involved raising $8.65 billion through equity and debt since 2020 to fund ongoing Bitcoin acquisitions. Notably, the firm secured $2 billion in February 2025 by issuing zero-coupon convertible notes due in 2030. Strategy also went public with a preferred stock (STRK) offering during Q4 2024, raising $584 million.

该公司的资本结构涉及自2020年以来通过股票和债务筹集86.5亿美元，以资助正在进行的比特币收购。值得注意的是，该公司在2025年2月在2030年应发行零息敞篷票据中获得了20亿美元的收入。策略还以2024年第四季度的优先股（Strk）销售公开，筹集了5.84亿美元。

Despite volatility, the firm’s overall Bitcoin holding is still in profit, with an unrealized gain of 14.62%. However, its software segment continues to lag, reporting $120.7 million in Q4 2024 revenue, down 3% year-over-year (YoY), and failing to generate positive operating cash flow. The firm heavily relies on financing for its operations and Bitcoin purchases, having executed 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仍在获利，未实现的收益为14.62％。但是，其软件细分市场继续落后，报告的第4季度2024年收入为1.207亿美元，同比下降3％（YOY），未能产生积极的运营现金流。该公司在2024年7月执行了10比1的股票分配以增加股份的可用性，因此很大程度上依靠其运营和比特币购买融资。

At present, liquidation risk appears contained. 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，清算风险似乎包含。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 ensures the continuation of the Bitcoin-first strategy, and he asserts that even a decline in Bitcoin’s price wouldn’t trigger a selloff.

执行董事长迈克尔·塞勒（Michael Saylor）的46.8％的投票份额确保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触发抛售。

Strategy’s equity and debt offering-based fund conversion strategy—utilising stock and note issuance to purchase BTC—has been described by some as an “infinite money glitch.” Strategy purchases additional Bitcoin by issuing stock and notes at a premium, which in turn drives up both BTC and MSTR’s stock.

策略的股权和债务提供的基金转换策略 - 利用购买BTC的股票和票据发行，有些人将其描述为“无限的货币小故障”。策略通过溢价发行股票和票据来购买额外的比特币，这反过来又推动了BTC和MSTR的股票。

This model is contingent upon investor confidence and sustained appreciation of Bitcoin. Any prolonged decline in Bitcoin’s price may hamper the firm’s ability to raise capital or service its obligations.

该模型取决于投资者的信心和对比特币的持续欣赏。比特币价格长期下降的任何下降都可能会妨碍公司提高资本或履行其义务的能力。

Critics highlight the potential for centralization, considering the firm’s capital gains tax burden of $18 billion and the attention it may draw from regulatory bodies like the SEC. In 2024, the company’s stock experienced a 336% surge, although it later declined by 55% from a high of $543 in November to $250 by February 2025.

考虑到该公司的资本利得税收负担为180亿美元，并且可能从SEC等监管机构中引起的关注，批评者强调了集中化的潜力。 2024年，该公司的股票经历了336％的涨幅，尽管后来从11月的543美元的最高点下降了55％，到2025年2月的250美元。

In essence, Strategy’s aggressive Bitcoin approach continues to yield returns but carries a high risk of exposure to market volatility, debt, and regulatory issues. The success of this strategy will depend on the long-term trend of Bitcoin and Saylor’s unwavering commitment to the “never sell” mantra.

从本质上讲，战略的积极性比特币方法继续产生回报，但承受市场波动，债务和监管问题的高风险。该策略的成功将取决于比特币和塞勒对“永不出售”咒语的坚定承诺的长期趋势。