在第一季度亏损 127 亿美元后，Saylor 表示比特币收益将达到 50 亿美元，因此采取了“出售一些比特币”的策略
Burns Brief
Strategy 报告称，比特币年初的下跌超过了其软件收入，导致第一季度出现巨额亏损，尽管 Michael Saylor 指出，比特币内部指标显示持续上涨……这一消息令市场参与者感到不安，空头希望压低价格，而多头则试图捍卫关键支撑位。观察 $BTC $ETH 的反应 - 高于或低于关键水平的决定性走势将确认下一个趋势。
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. He also said, We'll probably sell some Bitcoin just to inoculate the market. Michael Saylor Executive Chairman • Strategy Share on View Profile 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 ne
Key Takeaways
- The company, formerly known as MicroStrategy, reported a net loss attributable to common stockholders of $12
- 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