Marathon Holdings 利用其可转换票据发行收益补充了价值超过 1.5 亿美元的比特币 (BTC)

比特币 (BTC) 基础设施公司 Marathon Holdings 通过 0% 可转换债券筹集了近 20 亿美元，以估计 15.3 亿美元收购了 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.

比特币（BTC）矿业公司马拉松控股公司（Marathon Holdings）披露了另一轮比特币购买活动，透露该公司利用其可转换票据发行的收益来储存更多比特币。 Marathon Holdings 收购了 15,574 枚比特币，根据现行市场价格计算，价值约为 15.3 亿美元，每个比特币的平均收购成本为 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 购买使 Marathon Holdings 的比特币总储备达到 44,394 BTC，考虑到 BTC 的交易价格为 100,151 美元，在披露时价值达到令人难以置信的 44.5 亿美元。该公司还披露了约 2.63 亿美元的票据回购。

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 是一家总部位于美国的比特币矿商，于 2021 年上市，目前是加密货币挖矿领域的主要参与者。该公司在 2022 年一直在积极扩大其采矿业务并储存 BTC。马拉松控股还以其透明度而闻名，定期披露其采矿业绩和财务更新。

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.

该公司于 2022 年底发行了两批 0% 可转换票据，将于 2028 年到期，旨在筹集至多 7.5 亿美元。然而，此次发行获得超额认购，马拉松控股公司最终筹集了近 20 亿美元。这些票据可按照每 30 美元本金兑换 1,000 股的比例转换为 A 类普通股。

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.

马拉松控股公司早些时候披露，票据发行的收益将用于“一般公司用途，包括购买额外的数字资产”。根据 X 上的 Marathon 帖子，剩余的票据销售收益（约 1.32 亿美元）将用于购买更多比特币。

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 在内的几家上市 BTC 挖矿公司都采用了由 MicroStrategy 执行主席、前加密货币怀疑论者、后来成为比特币布道者的 Michael Saylor 倡导的筹款策略。

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.

这一策略被一些人称为“无限货币故障”，它需要通过以有日期的股权形式发行债务来筹集资金，然后用这些债务来积累比特币。随着比特币价格的上涨，这些公司可以报告比特币收益率来展示其投资策略的表现。

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，这种做法也招致了一些分析师的批评，其中包括 Jacob King，他认为 MicroStrategy 的策略不可持续，如果比特币价格急剧下跌，可能会崩溃。

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.

针对这些批评，塞勒普遍认为 BTC 就像早期的纽约房地产。 MicroStrategy 董事长表示，比特币就像纽约房地产一样，将无限期升值，从而允许公司继续发行债务来为进一步购买比特币提供资金。

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 领导的 MicroStrategy 已经购买了超过 135,000 个 BTC，该公司计划继续购买 BTC 直到 2028 年，目标是总共持有 420,000 个 BTC。塞勒还表示，他从未打算出售该公司的比特币储备。