由于特斯拉面临罕见的收入失误，其对比特币的近10亿美元下注仍然是其财务战略中的高风险锚点。

这家电动汽车巨头公布的第一季度收入报告了193.4亿美元，少于华尔街的213.7亿美元预测，但其加密货币控股产生了阴谋。

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）努力应对罕见的收入遗失，其在比特币上的近10亿美元下注是其不断发展的财务战略中的高风险锚点。

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.

这家电动汽车巨头报告的第一季度收入为193.4亿美元，距离华尔街的213.7亿美元预报均未达到。但是，其加密货币持续的持续引起了阴谋。尽管比特币的过山车价值，但特斯拉本季度没有出售一枚硬币。

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

这是仔细研究引擎盖下发生的事情。

Tesla’s Bitcoin Stash: A Billion-Dollar Brick

特斯拉的比特币藏匿处：十亿美元的砖块

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9.51亿美元的数字资产，从三个月前的1076亿美元减少。全部蘸酱归因于第1季度比特币的价格下跌12％，而不是特斯拉的任何销售。

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.

正如区块链追踪器Arkham Intelligence所证实的那样，特斯拉没有进行任何交易，而其11,509 BTC未受触及。此外，到4月下旬到4月下旬，比特币的反弹已经达到了93,000美元，已经将特斯拉的持股量再次超过了10亿美元的大关。

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

一位分析师说：“该公司的加密战略反映了其长期创新的方法。”尽管市场动荡，但仍强调了特斯拉的坚定立场。

New Accounting Rules Impact Tesla’s Bottom Line

新的会计规则影响特斯拉的底线

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.

现在，财务报告的关键转变会影响像特斯拉这样的公司如何展示资产负债表。现在，财务会计标准委员会（FASB）要求对加密货币持有的季度“标记市场”调整，从而迫使公司反映资产的实时价值。

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，公司只有在出售资产时才会记录损失。这一变化使特斯拉报告说，2023年底的6亿美元未实现的收益与第一季度的1.25亿美元下降形成了鲜明对比。

“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.

华尔街内部人士指出：“规则增加了透明度，但也使收入波动增加了。

Tesla’s Cryptocurrency Journey

特斯拉的加密货币之旅

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.

特斯拉于2021年2月首次冒险进入加密货币，投资了15亿美元的比特币，并将其简要接受为付款，此举使Shockwavave通过市场引起了冲击波。

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，该公司将其藏匿处的75％（约30,000 BTC）卖给了中国的Covid锁定期间的现金，以平衡加密货币的风险与其清洁能源任务。

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，其剩余的11,509 BTC，重新登陆后价值超过10亿美元，这暗示了谨慎的乐观情绪。如果特斯拉保持其最初的43,200 BTC，现在其持股量将超过30亿美元。

Investors Split on Tesla's Priorities

投资者分配特斯拉的优先事项

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

尽管在比特币储备中排名第四，但特斯拉的加密货币股份不到其7050亿美元市值的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，它的影响可以说是更大的。首席执行官埃隆·马斯克（Elon Musk）的信任推文和联系，以使特斯拉（Tesla）保持在数字资产范围内。去年10月，尽管没有确认销售额，但耗资7.65亿美元的BTC转移到未知钱包中引发了人们的猜测。

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

一位交易员说：“特斯拉在加密货币市场中的转动。” “当他们举行时，其他人会注意到。”

Earnings Miss Overshadows Bitcoin Resilience

收入小姐掩盖比特币的弹性

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挣扎扩展到了比特币之外。收入同比9％，而调整后的每股收益达到0.27美元，远低于0.41美元的预测。

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.

供应链的头痛和柔软的电动汽车需求导致低迷。尽管如此，由于马斯克吹捧“长期供应链的弹性”，股票在宣布后近5％，并暗示了关税优势。

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

投资者似乎分裂了：一些鼓掌的特斯拉的加密之手；其他人警告其核心业务需要更加重点。

The Bigger Picture: Volatility vs. Vision

大局：波动率与视觉

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

特斯拉的加密传奇强调了更广泛的公司趋势。当监管机构澄清数字资产规则时，越来越多的公司可能会遵循其领先地位。

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，比特币的野外价格波动，在第一季度的12％下降和4月份的激增中很明显，仍然是一场赌博。对于特斯拉来说，赌注是象征性的，将马斯克的破坏性精神与经济实用主义融合在一起。

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

一位市场策略师说：“加密不会消失。” “但是对于特斯拉来说，这仍然是他们能量目标的侧面。”

Holding the Line in a Shifting Landscape

在不断变化的景观中握住线条

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9.51亿美元加密赌注至少在其收入比目鱼中至少提供了一个稳定点，这反映了对波动性的估计拥抱。

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

尽管比特币的下降将在每个季度继续淹没特斯拉的数字，但任何篮板都会提供赎回。现在FASB规则正在发挥作用，特斯拉的资产负债表将会