比特幣購買策略：與 MARA 和 MSTR 一起乘風破浪

深入了解比特幣積累策略的世界，研究 Strategy 和 Marathon Digital 在不斷變化的加密貨幣環境中的動向。

Bitcoin continues to be a hot topic, with companies like Strategy and Marathon Digital (MARA) making headlines with their unique purchase strategies. Let's break down what's happening and what it means for the future of crypto investing.

比特幣仍然是一個熱門話題，Strategy 和 Marathon Digital (MARA) 等公司以其獨特的購買策略成為頭條新聞。讓我們來分析一下正在發生的事情以及它對加密貨幣投資的未來意味著什麼。

Strategy's Bitcoin Buying Binge: Preferred ATMs to the Rescue

Strategy 的比特幣購買狂潮：首選 ATM 來救援

Strategy, led by Bitcoin evangelist Michael Saylor, isn't slowing down. As of October 2025, they've snagged another 168 BTC for a cool $18.8 million. What's interesting is how they're funding these purchases: preferred ATMs.

由比特幣佈道者 Michael Saylor 領導的策略並沒有放緩。截至 2025 年 10 月，他們又以 1880 萬美元的價格獲得了另外 168 個 BTC。有趣的是他們如何為這些購買提供資金：首選 ATM。

Crypto commentator Adam Livingston pointed out that Strategy is leveraging Series A perpetual preferred instruments like STRF, STRK, and STRD to keep stacking sats. This means no dilution for common shareholders, which is always a good look.

加密貨幣評論員 Adam Livingston 指出，Strategy 正在利用 STRF、STRK 和 STRD 等 A 輪永久首選工具來不斷積累 Sat。這意味著普通股股東不會被稀釋，這總是一個好兆頭。

With over 640,418 BTC in their treasure chest, acquired for around $47.4 billion, Strategy is playing the long game. Their Bitcoin yield is currently sitting pretty at 26% year-to-date, proving that conviction can pay off.

Strategy 的寶箱裡有超過 640,418 比特幣（以約 474 億美元的價格收購），他們正在打一場持久戰。今年迄今為止，他們的比特幣收益率目前約為 26%，證明這種信念能夠得到回報。

MARA's Contrarian Play: Buying the Dip

MARA 的逆勢操作：逢低買入

While Strategy steadily accumulates, Marathon Digital is taking a more opportunistic approach. During a recent dip, MARA scooped up 400 BTC for about $46.3 million. This "buy-the-dip" move is a bold strategy, especially when other miners might be selling to cover costs.

在戰略穩步積累的同時，Marathon Digital 採取了更為機會主義的策略。在最近的下跌中，MARA 以約 4630 萬美元的價格買入了 400 BTC。這種“逢低買入”的舉措是一個大膽的策略，特別是當其他礦商可能會拋售以彌補成本時。

MARA's CEO, Fred Thiel, is confident in Bitcoin's long-term trajectory, and their actions speak louder than words. They're not just mining Bitcoin; they're strategically investing in it.

MARA 的首席執行官 Fred Thiel 對比特幣的長期發展軌跡充滿信心，他們的行動勝於雄辯。他們不只是開採比特幣；他們還開採比特幣。他們正在對此進行戰略投資。

Why These Strategies Matter

為什麼這些策略很重要

Both Strategy and Marathon Digital are showcasing different approaches to Bitcoin accumulation. Strategy is the consistent accumulator, leveraging financial instruments to steadily increase its holdings. Marathon Digital is the savvy opportunist, taking advantage of market volatility to increase its Bitcoin treasury, which now holds an unprecedented inventory of Bitcoin for a miner.

Strategy 和 Marathon Digital 都展示了不同的比特幣積累方法。策略是一貫的累加器，利用金融工具穩步增持。 Marathon Digital 是精明的機會主義者，利用市場波動增加其比特幣庫存，目前該庫存為礦工提供了前所未有的比特幣庫存。

These strategies highlight the growing institutional interest in Bitcoin as a treasury asset. As more companies explore ways to incorporate Bitcoin into their balance sheets, we're likely to see even more innovative approaches emerge.

這些策略凸顯了機構對比特幣作為庫存資產日益增長的興趣。隨著越來越多的公司探索將比特幣納入其資產負債表的方法，我們可能會看到更多創新方法的出現。

The Road Ahead: ETFs and Market Sentiment

未來之路：ETF 和市場情緒

The potential approval of a spot Bitcoin ETF in the U.S. could be a game-changer, unlocking a wave of institutional and mainstream investment. If this happens, companies like Strategy and Marathon Digital, with their significant Bitcoin holdings, are poised to benefit.

美國現貨比特幣 ETF 的潛在批准可能會改變遊戲規則，引發一波機構和主流投資浪潮。如果這種情況發生，Strategy 和 Marathon Digital 等持有大量比特幣的公司將受益。

However, risks remain. The crypto market is known for its volatility, and macroeconomic factors can impact Bitcoin's price. Marathon's fate is largely tied to Bitcoin's trajectory. Still, the company’s sheer scale and treasury give it outsized leverage – and exposure – to Bitcoin’s price movements

然而，風險依然存在。加密市場以其波動性而聞名，宏觀經濟因素可能會影響比特幣的價格。馬拉鬆的命運很大程度上與比特幣的發展軌跡息息相關。儘管如此，該公司的龐大規模和財務狀況使其對比特幣價格走勢具有巨大的槓桿作用和風險敞口

Final Thoughts

最後的想法

So, what's the takeaway? Bitcoin is here to stay, and companies are finding creative ways to incorporate it into their financial strategies. Whether it's through preferred ATMs or contrarian buying, the game is on. Keep your eyes peeled, because the world of Bitcoin is anything but boring. It's a wild ride, but hey, who wants to miss out on the fun?

那麼，要點是什麼？比特幣將繼續存在，公司正在尋找創造性的方法將其納入其財務戰略。無論是通過首選 ATM 機還是逆向購買，遊戲都在進行。請睜大眼睛，因為比特幣的世界一點也不無聊。這是一次瘋狂的旅程，但是嘿，誰想錯過其中的樂趣呢？