比特币矿商 MARA 股价因 15 亿美元比特币抛售而承压

MARA Holdings 的金库中仍有 35,303 枚比特币，价值约 28.4 亿美元，使其成为全球第四大企业比特币持有者。 But that position comes after the company sold a significant chunk of its reserves — and investors took notice.

从数字来看，这个季度的情况很艰难

MARA’s stock dropped 5% during Tuesday’s trading session, touching an intraday low of $11.74 before closing around $12.65. After-hours trading brought another 1.85% decline.

此次抛售是在该公司发布 2026 年第一季度财报后发生的，该财报显示净亏损 12.6 亿美元，是去年同期亏损 5.33 亿美元的两倍多。 Revenue came in at $175 million, down 18% from a year ago, partly due to falling Bitcoin prices.

During the quarter, MARA sold 20,880 $BTC worth nearly $1.5 billion.其中很大一部分销售额（3 月 4 日至 3 月 25 日期间以约 10 亿美元的价格出售了 15,133 美元的 BTC）用于回购可转换票据。

其中约 10 亿美元的收益用于将公司的可转换债务负担从 33 亿美元减少到 23 亿美元，减少了约 30%。 That transaction generated a $71 million gain from debt extinguishment.

BTCUSD 目前交易价格为 80,479 美元。图表：TradingView

远离采矿业

MARA is making a clear move away from aggressive Bitcoin mining. Officials said the company does not plan to make large-scale purchases of ASIC mining hardware going forward.

About 90% of its non-hosted mining capacity can reportedly be converted into AI and IT infrastructure.该公司表示，其战略重点是将新的基础设施与现有的比特币挖矿业务放在一起，使其能够从电力资产中获得收入，同时利用其挖矿运营经验。

The company is also cutting 15% of its workforce, a move expected to save $12 million annually.

The biggest move, though, is the acquisition of Long Ridge Energy from FTAI Infrastructure. The deal is valued at close to $1.5 billion, including about $785 million in debt, and marks the largest acquisition in MARA’s history.

Long Ridge operates a 505-megawatt combined-cycle gas power plant in Ohio and sits on more than 1,600 contiguous acres. MARA projects $144 million in annualized EBITDA from the asset.

背景下的股票表现

Despite Tuesday’s drop, MARA shares are up 30% over the past month.最大的企业比特币持有者 Strategy 继续买入，而 MARA 则卖出并重组——这一对比反映了该领域的公司对当前环境的处理方式有多么不同。

Featured image from Unsplash, chart from TradingView