Marathon Holdings 利用其可轉換票據發行收益補充了價值超過 1.5 億美元的比特幣 (BTC)

比特幣 (BTC) 基礎設施公司 Marathon Holdings 透過 0% 可轉換債券籌集了近 20 億美元，以估計 15.3 億美元收購了 15,574 枚 BTC

Bitcoin (BTC) mining firm Marathon Holdings has disclosed another round of BTC purchases, revealing that the company used proceeds from its convertible note offering to stash more Bitcoin. Marathon Holdings acquired 15,574 BTC, valued at approximately $1.53 billion based on prevailing market prices, with an average acquisition cost of $98,529 per Bitcoin.

比特幣（BTC）礦業公司馬拉松控股公司（Marathon Holdings）披露了另一輪比特幣購買活動，透露該公司利用其可轉換票據發行的收益來儲存更多比特幣。 Marathon Holdings 收購了 15,574 枚比特幣，根據現行市場價格計算，價值約為 15.3 億美元，每個比特幣的平均收購成本為 98,529 美元。

The latest BTC purchase brings Marathon Holdings’ total Bitcoin stash to 44,394 BTC, valued at a mind-boggling $4.45 billion at the time of the disclosure, considering BTC was trading at $100,151. The company also disclosed about $263 million in note buybacks.

最新的 BTC 購買使 Marathon Holdings 的比特幣總儲備達到 44,394 BTC，考慮到 BTC 的交易價格為 100,151 美元，在披露時價值達到令人難以置信的 44.5 億美元。該公司還披露了約 2.63 億美元的票據回購。

Marathon Holdings, a U.S.-based Bitcoin miner that went public in 2021, is now a major player in the crypto mining scene. The company has been aggressively expanding its mining operations and stashing BTC throughout 2022. Marathon Holdings is also known for its transparency, regularly disclosing its mining performance and financial updates.

Marathon Holdings 是一家總部位於美國的比特幣礦商，於 2021 年上市，目前是加密貨幣挖礦領域的主要參與者。該公司在 2022 年一直在積極擴大其採礦業務並儲存 BTC。

The company offered two tranches of 0% convertible notes, due in 2028, in late 2022, aiming to raise up to $750 million. However, the offering was oversubscribed, and Marathon Holdings ended up raising nearly $2 billion. The notes are convertible into Class A common stock at a rate of 1,000 shares per $30 principal amount of the notes.

該公司於 2022 年底發行了兩批 0% 可轉換票據，將於 2028 年到期，旨在籌集至多 7.5 億美元。然而，此次發行獲得超額認購，馬拉松控股公司最終籌集了近 20 億美元。這些票據可依照每 30 美元本金兌換 1,000 股的比例轉換為 A 類普通股。

Marathon Holdings earlier disclosed that the proceeds from the note offering would be used for "general corporate purposes, including the purchase of additional digital assets." According to a Marathon post on X, the remaining note sale proceeds—about $132 million—will be used to buy more Bitcoin.

馬拉松控股公司早些時候披露，票據發行的收益將用於「一般公司用途，包括購買額外的數位資產」。根據 X 上的 Marathon 帖子，剩餘的票據銷售收益（約 1.32 億美元）將用於購買更多比特幣。

Several publicly traded BTC mining companies, including Marathon, Hut 8, and Riot, have adopted a fundraising strategy championed by Michael Saylor, the executive chairman of MicroStrategy and a former crypto skeptic turned Bitcoin evangelist.

包括 Marathon、Hut 8 和 Riot 在內的幾家上市 BTC 挖礦公司都採用了由 MicroStrategy 執行主席、前加密貨幣懷疑論者、後來成為比特幣佈道者的 Michael Saylor 倡導的籌款策略。

The strategy, dubbed the "infinite money glitch" by some, entails raising capital by issuing debt in the form of dated share rights, which are then used to accumulate BTC. As the price of BTC rises, these companies can report BTC yield to showcase the performance of their investment strategy.

這項策略被一些人稱為“無限貨幣故障”，它需要透過以有日期的股權形式發行債務來籌集資金，然後用這些債務來累積比特幣。隨著比特幣價格的上漲，這些公司可以報告比特幣收益率來展示其投資策略的表現。

However, the approach has also drawn criticism from some analysts, including Jacob King, who maintains that MicroStrategy's strategy is unsustainable and could collapse if the price of Bitcoin experiences a sharp downturn.

然而，這種做法也招致了一些分析師的批評，其中包括 Jacob King，他認為 MicroStrategy 的策略不可持續，如果比特幣價格急劇下跌，可能會崩潰。

In response to these critiques, Saylor has generally maintained that BTC is like New York real estate in its early days. According to the MicroStrategy chairman, Bitcoin, like New York property, will appreciate indefinitely, allowing companies to continue issuing debt to finance further BTC purchases.

針對這些批評，塞勒普遍認為 BTC 就像早期的紐約房地產。 MicroStrategy 董事長表示，比特幣就像紐約房地產一樣，將無限期升值，從而允許公司繼續發行債務來為進一步購買比特幣提供資金。

MicroStrategy, led by Saylor, has already acquired over 135,000 BTC, and the company plans to continue buying BTC until 2028, aiming to stash a total of 420,000 BTC. Saylor has also stated that he never intends to sell the company's Bitcoin stash.

Saylor 領導的 MicroStrategy 已經購買了超過 135,000 個 BTC，該公司計劃繼續購買 BTC 直到 2028 年，目標是總共持有 420,000 個 BTC。塞勒也表示，他從未打算出售該公司的比特幣儲備。