在专家担忧下，马拉松将比特币持有量增加至 20,000 BTC

领先的比特币矿业公司 Marathon Digital Holdings 宣布私募发行 2.5 亿美元可转换优先票据。

Marathon Digital Holdings (NASDAQ:MARA), a Bitcoin mining company, announced on Thursday a private offering of $250 million convertible senior notes. This move is part of Marathon's strategy to bolster its Bitcoin holdings over the long term. The notes will mature in September 2031 and can be converted into cash, Marathon's stock, or a combination of the two.

比特币挖矿公司 Marathon Digital Holdings（纳斯达克股票代码：MARA）周四宣布私募发行 2.5 亿美元可转换优先票据。此举是马拉松长期增持比特币战略的一部分。这些票据将于 2031 年 9 月到期，可以转换为现金、马拉松股票或两者的组合。

Marathon Digital stated in a blog post that the offering is being made under the Securities Act of 1933, Section 4(a)(5), and Regulation 144A. Marathon will also give initial purchasers the option to buy up to $375,000 in notes within 13 days of being issued. The notes will be Marathon's unconditional, unsubordinated, and general obligations and will accrue interest semi-annually from March 1, 2025. The company intends to use the cash proceeds from the sale to buy more Bitcoin and for corporate purposes, including business expansion and paying off existing business debts.

Marathon Digital 在一篇博客文章中表示，此次发行是根据 1933 年《证券法》第 4(a)(5) 条和第 144A 条进行的。 Marathon 还将为初始购买者提供在发行后 13 天内购买最多 375,000 美元票据的选择权。这些票据将是 Marathon 的无条件、非次级和一般义务，并将从 2025 年 3 月 1 日起每半年计息一次。该公司打算利用出售所得的现金收益购买更多比特币并用于公司用途，包括业务扩张和支付偿还现有的商业债务。

Marathon Increases Bitcoin Holdings to 20,000 BTC Amid Expert Concerns

在专家担忧下，马拉松将比特币持有量增加至 20,000 BTC

The decision comes after Marathon recently purchased an additional $100 million in Bitcoin, bringing its total BTC holdings to 20,000, valued at about $1.28 billion. Bitcoin mined by Marathon is intended to be held by the company, suggesting that this may be Marathon's long-term strategy for adding to its digital asset holdings.

做出这一决定之前，Marathon 最近额外购买了 1 亿美元的比特币，使其持有的 BTC 总量达到 20,000 枚，价值约 12.8 亿美元。 Marathon 开采的比特币打算由该公司持有，这表明这可能是 Marathon 增加其数字资产持有量的长期战略。

However, some industry experts expressed concerns about Marathon's plans. According to Lumerin's Ryan Condron, Marathon may be putting too much stock in the market, much like Core Scientific did in 2022. He adds that Marathon is likely to face significant risks if market conditions worsen.

然而，一些行业专家对马拉松的计划表示担忧。 Lumerin 的 Ryan Condron 表示，马拉松可能在市场上投入了过多的股票，就像 Core Scientific 在 2022 年所做的那样。他补充说，如果市场状况恶化，马拉松可能会面临重大风险。

Another person cautioning against this move is Alpha Transform Holdings' Wes Levitt. He points out that Marathon's strategy is similar to MicroStrategy's, but the company's low cash generation and reliance on a saturated mining market may make it difficult to service its debt after the next downturn in Bitcoin mining demand.

另一位对此举提出警告的人士是 Alpha Transform Holdings 的韦斯·莱维特 (Wes Levitt)。他指出，Marathon 的战略与 MicroStrategy 类似，但该公司的现金生成能力较低且对饱和的挖矿市场的依赖可能会使其在比特币挖矿需求下一次低迷后难以偿还债务。

Moreover, Marathon has shifted to mining other cryptocurrencies to reduce its reliance on Bitcoin and diversify its revenue stream. According to Levitt, it is crucial to keep investors informed of these strategic changes to avoid any surprises.

此外，马拉松已转向开采其他加密货币，以减少对比特币的依赖并实现收入来源多元化。莱维特表示，让投资者了解这些战略变化以避免出现任何意外至关重要。