比特幣礦工馬拉鬆比賽向美國SEC提交了貨架註冊，以提供高達20億美元的普通股。

該產品將允許該公司以主要的市場價格定期發行股票。

Bitcoin miner Marathon has filed a shelf registration with the U.S. SEC for an at-the-market offering of up to $2 billion in common stock.

比特幣礦工馬拉松賽已向美國SEC提交了貨架註冊，以提供高達20億美元的普通股。

The offering will allow the company to issue shares periodically at prevailing market prices.

該產品將允許該公司以主要的市場價格定期發行股票。

According to Marathon’s prospectus, proceeds will be allocated for general corporate purposes, including acquiring Bitcoin, purchasing mining equipment, expanding facilities, or pursuing mergers and strategic investments.

根據馬拉鬆的招股說明書，收益將用於一般公司目的，包括收購比特幣，採礦設備，擴展設施或尋求合併和戰略投資。

The ATM structure offers the company flexibility to raise capital opportunistically while avoiding fixed terms or pricing.

ATM結構提供了公司的靈活性，可以在避免固定條款或定價的同時進行機會籌集資金。

Marathon has indicated that the capital raise aligns with its long-standing strategy of increasing its Bitcoin holdings and mining capacity.

馬拉松賽表示，資本與其長期以來增加其比特幣持有和採礦能力的戰略保持一致。

The firm, which held over 15,000 BTC and $356 million in cash equivalents at year-end, previously utilized similar offerings to fund operational growth, including expanding its Abu Dhabi joint venture and acquiring a 20% stake in the MARA mining pool operator.

該公司在年底上持有超過15,000個BTC和3.56億美元的現金同等現金等價公司，此前曾利用類似的產品來資助運營增長，包括擴大其Abu Dhabi合資企業，並收購了Mara Mining Pool Pool Operator的20％股份。

By opting to raise equity rather than incur additional debt, Marathon retains balance sheet flexibility and leverages its stock price to fund expansion. However, issuing up to $2 billion in new shares could dilute existing shareholders unless offset by increased revenue or asset growth.

通過選擇提高股權而不是產生額外的債務，馬拉松保留了資產負債表的靈活性，並利用其股價來資助擴張。但是，除非收入或資產增長增加，否則發行多達20億美元的新股可能會稀釋現有股東。