比特币矿工马拉松比赛向美国SEC提交了货架注册，以提供高达20亿美元的普通股。

该产品将允许该公司以主要的市场价格定期发行股票。

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.

比特币矿工马拉松赛已向美国SEC提交了货架注册，以提供高达20亿美元的普通股。

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

该产品将允许该公司以主要的市场价格定期发行股票。

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.

根据马拉松的招股说明书，收益将用于一般公司目的，包括收购比特币，采矿设备，扩展设施或寻求合并和战略投资。

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

ATM结构提供了公司的灵活性，可以在避免固定条款或定价的同时进行机会筹集资金。

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

马拉松赛表示，资本与其长期以来增加其比特币持有和采矿能力的战略保持一致。

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.

该公司在年底上持有超过15,000个BTC和3.56亿美元的现金同等现金等价公司，此前曾利用类似的产品来资助运营增长，包括扩大其Abu Dhabi合资企业，并收购了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.

通过选择提高股权而不是产生额外的债务，马拉松保留了资产负债表的灵活性，并利用其股价来资助扩张。但是，除非收入或资产增长增加，否则发行多达20亿美元的新股可能会稀释现有股东。