由于 Saylor 指出比特币收益达 50 亿美元，Strategy 第一季度亏损 127 亿美元

Strategy reported a massive first-quarter loss after Bitcoin’s early-year drawdown overwhelmed its software revenue, even as Michael Saylor pointed to internal Bitcoin metrics showing continued gains in shareholder exposure. The company, formerly known as MicroStrategy, reported a net loss attributable to common stockholders of $12.77 billion, or $38.25 per diluted share, for the first quarter. Revenue rose 11.9% year over year to $124.3 million, but the result was dominated by a $14.46 billion unrealized loss on digital assets under fair-value accounting. That outcome confirms the central tension around Strategy’s model. The company can show rising Bitcoin-per-share metrics while its reported earnings are reshaped by the market price of a single volatile asset. Saylor’s preferred scorecard shows a company accumulating Bitcoin faster than dilution erodes shareholder exposure. Traditional accounting shows a business whose bottom line can swing by billions of dollars in a single quarter. Bitcoin yield becomes Saylor’s main scorecard Strategy said its BTC Yield reached 9.4% year to date. The metric measures the change in Bitcoin holdings per diluted share, providing a way to assess whether the company is increasing Bitcoin exposure for shareholders even as it issues securities to fund purchases. BTC Gain takes that percentage and turns it into a Bitcoin number. By Strategy’s calculation, the year-to-date increase equals 63,410 BTC. The company also reported BTC $ Gain of $4.97 billion, a dollar-denominated version of the same internal measure. Strategy's Bitcoin Holdings Key Metrics (Source: Strategy) For Saylor and his supporters, the figures are evidence that the company’s capital markets strategy is still producing incremental Bitcoin exposure for shareholders. However, the measure is narrower than earnings, cash flow, or net income. It does not show whether Strategy’s software business is improving, whether dividend obligations are becoming harder to service, or wh