比特幣礦業公司Mara Holdings正在推出新的20億美元公共股票，以購買更多比特幣。

這一舉動延續了該公司通過加薪將BTC進入公開市場的策略，同時遵守其“ HODL”議程。

Bitcoin mining company MARA Holdings is introducing a new $2 billion public stock offering to buy more Bitcoin.

比特幣礦業公司Mara Holdings正在推出新的20億美元公共股票，以購買更多比特幣。

According to a Form 8-K and latest prospectus filed with the U.S. Securities and Exchange Commission (SEC) on Monday, MARA (NYSE: MARA) has entered into an at-the-market (ATM) equity program with a group of investment banks.

根據周一向美國證券交易委員會（SEC）提交的8-K和最新招股說明書，Mara（NYSE：MARA）已與一組投資銀行一起簽署了一項在市場上（ATM）權益計劃。

The banks, acting as agents, are Barclays, BMO Capital Markets, BTIG, and Cantor Fitzgerald. Together, they will be selling shares of MARA Holdings from time to time at the company’s discretion.

銀行充當代理商，是巴克萊，BMO資本市場，BTIG和Cantor Fitzgerald。他們將共同酌情出售Mara Holdings的股票。

The proceeds of the offering will be used mainly for the acquisition of Bitcoin in the open market.

發行的收益將主要用於在公開市場上收購比特幣。

“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of Bitcoin and for working capital,” MARA said in its prospectus.

瑪拉在其招股說明書中說：“我們目前打算將此產品的淨收益用於一般公司目的，包括收購比特幣和營運資金。”

The company, which specializes in finance services and has a market capitalization of $4.7 billion, maintains a strong liquidity position with a current ratio of 4.94, indicating its ability to meet short-term obligations.

該公司專門從事金融服務，市值為47億美元，其流動性地位保持較強，目前的比率為4.94，表明其能夠履行短期義務。

The shares’ sale will be conducted through methods deemed to be an “at the market offering” or through other methods upon agreement. The agents are entitled to a commission of up to 3% of the gross proceeds from each sale.

股票的銷售將通過被認為是“市場產品”的方法或通過協議時的其他方法進行。代理商有權從每次銷售中獲得多達3％的總收益的佣金。

Simultaneously, MARA Holdings has revoked its at-the-market offering agreement dated October 24, 2023, which authorized the sale of up to $1.5 billion in common stock. No additional sales will take place under the previous agreement or its related prospectus supplement.

同時，瑪拉·控股（Mara Holdings）撤銷了2023年10月24日的在市場上的商定協議，該協議授權出售高達15億美元的普通股。根據先前的協議或其相關招股說明書補充劑，不會進行額外的銷售。

The firm has made it clear that this filing does not constitute an offer to sell the shares, and no sales will occur in states where such an offer or sale would be unlawful prior to registration or qualification under the securities laws of such state.

該公司明確表示，該文件不構成出售股票的要約，並且根據該州的證券法，在註冊或資格之前將在此類要約或銷售的州不會發生任何銷售。

MARA’s current moves follow Michael Saylor’s playbook of issuing equity and convertible bonds to accumulate Bitcoin in the open market. The miner now has 46,376 BTC in its treasury—the second most among publicly listed firms, only behind MicroStrategy’s 506,137 BTC.

瑪拉（Mara）目前的舉動遵循邁克爾·塞勒（Michael Saylor）的發行股權和可轉換債券的劇本，以在公開市場中累積比特幣。該礦工現在擁有46,376個BTC的財政部，這是公開上市的第二大公司，僅次於Microstrategy的506,137 BTC。

Despite being a Bitcoin miner, MARA has increasingly relied on buying Bitcoin on the open market. The company adopted this strategy last year amid recognition that mining BTC at a discount to the spot price was becoming increasingly difficult.

儘管是比特幣礦工，但瑪拉越來越依賴在公開市場上購買比特幣。該公司去年採取了這一戰略，因為人們認識到以折扣現貨價格銷售BTC變得越來越困難。

The industry has come under tremendous pressure following the latest Bitcoin halving event, which halved the rewards for mining and pressured profit margins against surging operational costs. This means that acquiring Bitcoin from the open market has become a comparatively better strategy for miners.

在最新的比特幣減半事件之後，該行業承受著巨大的壓力，這使採礦和壓力的利潤率減半了，以至於不利於運營成本。這意味著，從公開市場中獲取比特幣已成為礦工的相對更好的策略。

MARA’s action comes at a time when Bitcoin has been subject to increased volatility but ever-strong institutional interest. The last five years have seen MARA Holdings deliver a very large total shareholder return of 2881.63%, reflecting significant strides in transforming its business strategy.

瑪拉（Mara）的行動是在比特幣受到波動增加但機構興趣增加的時候。在過去的五年中，Mara Holdings的總股東回報率為2881.63％，這反映了改變其業務戰略的重大進展。