策略警告投资者有关比特币价格波动和变化税收规则

比特币国库公司的战略（以前是MicroStrategy）警告投资者有关比特币价格波动和不断变化的税收规则的潜在获利风险。

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).

比特币（BTC）财政部的战略（以前称为MicroStrategy）警告投资者有关比特币价格波动率的潜在获利风险和在其向美国证券交易委员会（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).

该文件突出了一些问题，包括流动性风险，新的公平价值会计规则以及根据公司替代最低税（CAMT）征收大量税单的可能性。

Here's a summary of the key points:

这是关键点的摘要：

Bitcoin Price Swings Threaten Profitability

比特币价格波动威胁盈利能力

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.

在报告了2024年的净亏损之后，主要是由于17.9亿美元的数字资产障碍，策略表明，恢复盈利能力可能具有挑战性，特别是如果比特币价格大幅下跌。

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.

比特币市值的大幅下降可能会影响公司的流动性，并有可能以不利的价格出售比特币以履行财务义务。

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，战略的企业分析软件业务在2024年没有产生正现金流。这可能导致该公司依靠股权或债务融资，这可能会受到其比特币持有价值的影响。如果比特币价格大幅下跌，获得融资可能会变得更具挑战性，并进一步加剧流动性风险。

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.

公平价值的会计设定为重塑财务报告，要求公司在市场低迷期间标记比特币价值，但不允许将其调整为向上调整，除非出售资产。

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

但是，从2025年1月1日开始，战略将开始使用财务会计标准委员会（FASB）公平价值会计规则。

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.

在这种方法下，未实现的比特币收益和损失将在每个报告期间都在净收入中得到认可。此规则更改将导致对公司保留收益进行127.5亿美元的累计调整。

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.

尽管新的会计方法旨在提供更清晰的财务状况，但它也引入了增加的收入波动。任何主要的比特币价格变动都会直接影响战略报告的财务业绩，这可能会影响投资者的情绪和股票绩效。

Tax Hikes and Regulatory Landscape Add to Uncertainty

加税和监管格局增加了不确定性

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

最后，由于2022年的《降低通货膨胀法》（IRA），战略面临重大税收挑战，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.

该税款适用于三年内平均年度调整后的财务报表收入超过10亿美元的公司。如果策略没有获得豁免，则可能从2026年开始受到CAMT的约束。

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.

该公司对与未实现的比特币收益有关的潜在税收负债表示担忧。如果应用CAMT，它可能会造成重大的经济负担，需要大量现金支付，以影响收入和流动性。

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

此外，多个司法管辖区的税收义务和税法的潜在变化增加了公司的财务不确定性。

Massive Bitcoin Holdings Under Scrutiny

在审查下进行大量比特币持有

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.

作为比特币最大的公司持有人，战略在2024年以平均每比特币为85,447美元的策略在2024年获得了约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.

尽管积累了重要的储量，但该公司上周没有进行额外购买。值得注意的是，它的持股量占比特币总供应量的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.

该公司的未偿债务为72.7亿美元，年利率为3510万美元，预计将在其比特币累积策略下上升。

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.

尽管担心盈利能力和税收，但在过去的一年中，战略的股价飙升了350％以上，相对于比特币持有量以溢价。