比特币购买策略：与 MARA 和 MSTR 一起乘风破浪

深入了解比特币积累策略的世界，研究 Strategy 和 Marathon Digital 在不断变化的加密货币环境中的动向。

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.

比特币仍然是一个热门话题，Strategy 和 Marathon Digital (MARA) 等公司以其独特的购买策略成为头条新闻。让我们来分析一下正在发生的事情以及它对加密货币投资的未来意味着什么。

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

Strategy 的比特币购买狂潮：首选 ATM 来救援

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.

由比特币布道者 Michael Saylor 领导的策略并没有放缓。截至 2025 年 10 月，他们又以 1880 万美元的价格获得了另外 168 个 BTC。有趣的是他们如何为这些购买提供资金：首选 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.

加密货币评论员 Adam Livingston 指出，Strategy 正在利用 STRF、STRK 和 STRD 等 A 轮永久首选工具来不断积累 Sat。这意味着普通股股东不会被稀释，这总是一个好兆头。

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 的宝箱里有超过 640,418 比特币（以约 474 亿美元的价格收购），他们正在打一场持久战。今年迄今为止，他们的比特币收益率目前约为 26%，证明这种信念能够得到回报。

MARA's Contrarian Play: Buying the Dip

MARA 的逆势操作：逢低买入

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.

在战略稳步积累的同时，Marathon Digital 采取了更为机会主义的策略。在最近的下跌中，MARA 以约 4630 万美元的价格买入了 400 BTC。这种“逢低买入”的举措是一个大胆的策略，特别是当其他矿商可能会抛售以弥补成本时。

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 的首席执行官 Fred Thiel 对比特币的长期发展轨迹充满信心，他们的行动胜于雄辩。他们不只是开采比特币；他们还开采比特币。他们正在对此进行战略投资。

Why These Strategies Matter

为什么这些策略很重要

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币积累方法。策略是一贯的累加器，利用金融工具稳步增持。 Marathon Digital 是精明的机会主义者，利用市场波动增加其比特币库存，目前该库存为矿工提供了前所未有的比特币库存。

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.

这些策略凸显了机构对比特币作为库存资产日益增长的兴趣。随着越来越多的公司探索将比特币纳入其资产负债表的方法，我们可能会看到更多创新方法的出现。

The Road Ahead: ETFs and Market Sentiment

未来之路：ETF 和市场情绪

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.

美国现货比特币 ETF 的潜在批准可能会改变游戏规则，引发一波机构和主流投资浪潮。如果这种情况发生，Strategy 和 Marathon Digital 等持有大量比特币的公司将受益。

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，风险依然存在。加密市场以其波动性而闻名，宏观经济因素可能会影响比特币的价格。马拉松的命运很大程度上与比特币的发展轨迹息息相关。尽管如此，该公司的庞大规模和财务状况使其对比特币价格走势具有巨大的杠杆作用和风险敞口

Final Thoughts

最后的想法

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?

那么，要点是什么？比特币将继续存在，公司正在寻找创造性的方法将其纳入其财务战略。无论是通过首选 ATM 机还是逆向购买，游戏都在进行。请睁大眼睛，因为比特币的世界一点也不无聊。这是一次疯狂的旅程，但是嘿，谁想错过其中的乐趣呢？