マイクロストラテジー社が、4月に13億ドル相当の「ビットコインによる利益」を報告したが、それは本当に実際の利益なのか？?

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MicroStrategy Executive Chairman Michael Saylor said the firm generated 17,585 BTC Gain during the first two weeks of April, a figure he valued at roughly $1.3 billion.

The announcement places quarter-to-date BTC Yield at 2.3% and year-to-date yield at 5.6%, or 37,339 BTC worth approximately $2.8 billion.

What BTC Gain Actually Measures

BTC Gain is a proprietary, non-GAAP metric that tracks the net increase in Bitcoin per diluted share. It factors in new purchases minus the dilutive effect of issuing equity to fund those buys.

Saylor called it “the closest analog to Net Income on the Bitcoin Standard.”

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That framing omits significant context. Under GAAP fair-value accounting, MicroStrategy reported a $14.46 billion unrealized loss on its Bitcoin holdings for Q1 2026 and missed analyst estimates by a wide margin.

How the Gain Was Generated

Strategy acquired roughly 18,798 BTC in the first two weeks of April through at-the-market common stock sales and its STRC preferred share program.

The lower BTC Gain figure of 17,585 reflects the dilution adjustment after new shares entered circulation.

Total holdings now sit at approximately 780,897 BTC, purchased for $59 billion at an average cost of roughly $75,580 per coin.

With BTC trading near $73,954, the portfolio remains slightly underwater on a cost-basis measure. Positive BTC Yield does not guarantee positive returns for shareholders.

It measures Bitcoin accumulation efficiency, not cash flow, earnings quality, or the rising dividend obligations on preferred stock.

Whether the market continues to reward that trade depends on sustained capital market access and BTC price appreciation.

Meanwhile, MicroStrategy co-CEO Phong Le, says that STRC, the firm’s perpetual preferred stock, has seen its liquidity double every month.

“Record date dynamics are interesting,” he stated.

The surging liquidity and retail interest in this yield-focused Bitcoin exposure vehicle. However, it is worth noting that STRC holders will never capture a Bitcoin moonshot as the price is engineered to stay near $100.
source: https://www.tradingview.com/news/beincrypto:8c0d34f62094b:0-microstrategy-reports-1-3-billion-bitcoin-gain-in-april-but-is-it-actual-profit/