Michael Saylor 的最新税收策略与 Strategy 2022 年比特币销售相呼应

Disclosure: The author of this story owns shares in Strategy (MSTR).When executive chairman Michael Saylor confirmed on Strategy’s (MSTR) Q1 2026 earnings call on May 6 that the company was prepared to sell bitcoin, it appeared to mark a shift for the world’s largest publicly traded corporate holder of the cryptocurrency.但此举并非史无前例。 In December 2022, Strategy sold bitcoin for tax-loss harvesting purposes — the same rationale the company now appears to be signaling to the market once again.

On Dec. 22, 2022, Strategy sold 704 bitcoin for approximately $11.8 million at $16,776 per coin, but immediately repurchased 810 bitcoin two days later.此次出售的目的是用之前的收益弥补资本损失并产生税收优惠。税收损失收获事件。

"MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit".

2026 年第一季度，比特币价格下跌 23%，从 87,500 美元跌至 67,700 美元。 Under FASB fair value accounting rules adopted Jan 1, 2025, Strategy marks its entire bitcoin holdings to market every quarter, in Q1 posted a $12.54 billion loss which pushed unrealized losses directly through the income statement and generating a $2.2 billion deferred tax asset across its higher cost basis holdings.

According to the MSTR earnings call, assuming an $80,000 bitcoin price, Strategy has purchased over 434,000 BTC above $80,000 generating a $7.6 billion unrealized loss and a $2.2 billion deferred tax asset at a 29% tax rate.

如果比特币复苏并且Strategy出售升值的比特币，那么22亿美元的税收可以抵消未来的收益。

The primary goal for the company is to increase "bitcoin per share" which is the ratio of Strategy's total bitcoin holdings divided by its total diluted shares outstanding.

The use of proceeds from the bitcoin sale is to retire the $8.2 billion in convertible debt, purchase MSTR common stock when the multiple to net asset value falls below 1.22x or fund $1.5 billion in annual dividend obligations from its perpetual preferred stock Stretch (STRC). MSTR 在盘前交易中上涨 1%，而比特币交易价格超过 81,000 美元。