<p>通过同意为 <strong>TeraWulf</strong>（WULF -2.73%）在纽约的数据中心校园提供租赁担保，<strong>Alphabet</strong>（GOOG 1.29%）（GOOGL 1.17%）获得了一些股票认购权，这可能转化为在一家挖掘 <strong>比特币</strong>（BTC -0.79%）的公司中占有重要的股权。</p>
<p>这家互联网搜索巨头并没有直接购买比特币，也没有完全收购一家矿业公司。但在经济层面上，这种曝光仍然足够重要，值得投资者关注，因此我们来详细调查一下发生了什么。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1NTQvZ29sZC1jb2luLXdpdGgtYml0Y29pbi1zeW1ib2wtb24taXQtY3J5cHRvY3VycmVuY3ktYnRjLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1NTQvZ29sZC1jb2luLXdpdGgtYml0Y29pbi1zeW1ib2wtb24taXQtY3J5cHRvY3VycmVuY3ktYnRjLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>不要期待资产负债表有太大变化</h2>
<p>简而言之，Alphabet 的谷歌同意支持与 TeraWulf 在纽约布法罗附近的 Lake Mariner 校园建设相关的长期租赁义务。</p>
<p>作为回报，谷歌获得了股票认购权，如果行使，将使其在 TeraWulf 的股权比例增加到大约 14%，这建立在之前的担保基础上，后者使其获得了如果行使可获得 8% 股权的认购权。Alphabet 与该项目相关的累计担保承诺现在总计约为 32 亿美元。对于这样一家规模庞大的公司来说，截至最近的季度财报，其现金及现金等价物和短期投资超过 950 亿美元，这样的承诺是微不足道的，并不意味着战略上的重大变化。</p>
<p>重要的是，TeraWulf 是一家美国本土的比特币挖矿公司，尽管它还有其他运营部门，包括人工智能（AI）服务和数据中心。因此，Alphabet 并没有在其资产负债表上积累比特币，且如果行使其认购权，也并不意味着它持有或计划购买比特币。如果说有什么的话，它可能在于拥有在提供所需数据和计算基础设施的参与者中拥有股权的选择，而挖矿活动在整体包裹中是附带的。</p>
<p>但通过接受一家比特币矿工发行的认购权，Alphabet 仍然在为以股权为媒介参与比特币经济做好准备，尽管相对于其主要业务而言规模较小。</p>
<p>毕竟，这类矿业公司的价值直接与比特币的价格以及它们能够根据计算能力生产多少比特币相关。</p>
<p>因此，如果比特币的价格大幅上涨，这将增加 TeraWulf 的价值，而 TeraWulf 本身持有并生产该资产，从而提高 Alphabet 的非控股股权的价值，假设它选择行使认购权以在某个时刻实际控制其股权。拥有矿业公司股权而不是直接购买比特币的一个额外优势是，公司可以利用杠杆来增强其回报。</p>
<h2>这对比特币本身意味着什么</h2>
<p>如果你是比特币持有者，Alphabet 接受 TeraWulf 认购权的信号是适度积极的。</p>
<p>一家大型平台公司对通过矿业运营商间接接触资产的涨跌感到舒适。这可以帮助其他大型企业在评估自己的接触路径时，使该资产类别正常化。如果 Alphabet 认为其主要生产的资产毫无价值或将归零，它就不会从矿业公司接受任何认购权。</p>
<p>与此同时，这一事件并不意味着你应该将其视为强烈的买入信号。即使 Alphabet 行使其认购权，它也不会成为比特币挖矿的重要参与者，未来也不太可能成为。</p>
<p>换句话说，这是另一个数据点，表明大型、复杂的公司愿意确保对比特币生态系统的基于股权的曝光，即使它们的股东可能对通过购买和持有资产获得直接曝光感到不满。在这一组数据点中已经有相当多的例子，但总是有更多确认看涨趋势的空间。</p>

谷歌-C

WULF

谷歌-A

<p>Alphabet 已同意为 TeraWulf 在纽约的数据中心提供租赁担保，并获得股票认购权证，这可能使其股权比例增加至 14%。这一承诺总额为 32 亿美元，使 Alphabet 能够间接接触比特币挖矿，而无需直接购买该加密货币。尽管这一举动表明对比特币价值的信心，但并不意味着 Alphabet 的战略发生重大转变或在比特币挖矿中扮演重要角色。此发展被视为对比特币持有者的积极信号，暗示大型公司愿意在比特币生态系统中以股权形式进行投资</p>

<p>By agreeing to backstop leases at a New York data center campus run by <strong>TeraWulf</strong>(WULF -2.73%), <strong>Alphabet</strong>(GOOG 1.29%)(GOOGL 1.17%) picked up some stock warrants that could translate into a meaningful equity stake in a company that mines <strong>Bitcoin</strong>(BTC -0.79%).</p>
<div class="lb-trans"><p>通过同意为 <strong>TeraWulf</strong>（WULF -2.73%）在纽约的数据中心校园提供租赁担保，<strong>Alphabet</strong>（GOOG 1.29%）（GOOGL 1.17%）获得了一些股票认购权，这可能转化为在一家挖掘 <strong>比特币</strong>（BTC -0.79%）的公司中占有重要的股权。</p>
</div><p>The internet search giant is not buying coins directly, and it isn't buying a mining company outright. But the economic exposure here is still real enough to matter for investors, so let's investigate what happened in more detail.</p>
<div class="lb-trans"><p>这家互联网搜索巨头并没有直接购买比特币，也没有完全收购一家矿业公司。但在经济层面上，这种曝光仍然足够重要，值得投资者关注，因此我们来详细调查一下发生了什么。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1NTQvZ29sZC1jb2luLXdpdGgtYml0Y29pbi1zeW1ib2wtb24taXQtY3J5cHRvY3VycmVuY3ktYnRjLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830554%2Fgold-coin-with-bitcoin-symbol-on-it-cryptocurrency-btc.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Don't expect the balance sheet to change much</h2>
<div class="lb-trans"><h2>不要期待资产负债表有太大变化</h2>
</div><p>In short, Alphabet's Google agreed to support long-term lease obligations tied to a build-out at TeraWulf's Lake Mariner campus near Buffalo, New York.</p>
<div class="lb-trans"><p>简而言之，Alphabet 的谷歌同意支持与 TeraWulf 在纽约布法罗附近的 Lake Mariner 校园建设相关的长期租赁义务。</p>
</div><p>In return, Google received stock warrants that, if exercised, would increase its equity stake in TeraWulf to roughly 14%, building on a previous backstop that gave it warrants that could give it an 8% stake if exercised. Alphabet's cumulative backstop commitment connected to the project now totals about $3.2 billion. For a company of its enormous size, with more than $95 billion in cash and cash equivalents, and short-term investments on hand as of the most recent quarterly earnings report, such a commitment is minor, and it doesn't signal any sweeping changes in strategy.</p>
<div class="lb-trans"><p>作为回报，谷歌获得了股票认购权，如果行使，将使其在 TeraWulf 的股权比例增加到大约 14%，这建立在之前的担保基础上，后者使其获得了如果行使可获得 8% 股权的认购权。Alphabet 与该项目相关的累计担保承诺现在总计约为 32 亿美元。对于这样一家规模庞大的公司来说，截至最近的季度财报，其现金及现金等价物和短期投资超过 950 亿美元，这样的承诺是微不足道的，并不意味着战略上的重大变化。</p>
</div><p>TeraWulf is, importantly, a U.S.-based Bitcoin mining business, though it has other operating segments as well, including artificial intelligence (AI) services and data centers. Alphabet is therefore not accumulating Bitcoin on its balance sheet, nor would its warrants, if exercised, imply that it holds or plans to buy the coin. If anything, it probably sees an advantage in having the option to own a stake in a player that provides the data and computing infrastructure it needs at industrial scale, with the mining activities being incidental in the context of the overall package.</p>
<div class="lb-trans"><p>重要的是，TeraWulf 是一家美国本土的比特币挖矿公司，尽管它还有其他运营部门，包括人工智能（AI）服务和数据中心。因此，Alphabet 并没有在其资产负债表上积累比特币，且如果行使其认购权，也并不意味着它持有或计划购买比特币。如果说有什么的话，它可能在于拥有在提供所需数据和计算基础设施的参与者中拥有股权的选择，而挖矿活动在整体包裹中是附带的。</p>
</div><p>But by accepting warrants issued by a Bitcoin miner, Alphabet is nonetheless positioning itself for equity-mediated participation in Bitcoin's economics, though at a small scale relative to its main operations.</p>
<div class="lb-trans"><p>但通过接受一家比特币矿工发行的认购权，Alphabet 仍然在为以股权为媒介参与比特币经济做好准备，尽管相对于其主要业务而言规模较小。</p>
</div><p>After all, the value of such mining companies is tied directly to the price of Bitcoin and how much of it they can produce given their computing power.</p>
<div class="lb-trans"><p>毕竟，这类矿业公司的价值直接与比特币的价格以及它们能够根据计算能力生产多少比特币相关。</p>
</div><p>So if Bitcoin's price went up by a lot, it would thus increase the value of TeraWulf, which itself holds and produces the asset, thereby increasing the value of Alphabet's non-controlling stake, assuming it opts to exercise the warrants to actually gain control of its equity at some point. An added advantage of owning a stake in a mining company rather than just buying Bitcoin directly is that companies can employ leverage to bolster their returns.</p>
<div class="lb-trans"><p>因此，如果比特币的价格大幅上涨，这将增加 TeraWulf 的价值，而 TeraWulf 本身持有并生产该资产，从而提高 Alphabet 的非控股股权的价值，假设它选择行使认购权以在某个时刻实际控制其股权。拥有矿业公司股权而不是直接购买比特币的一个额外优势是，公司可以利用杠杆来增强其回报。</p>
</div><h2>What it means for Bitcoin itself</h2>
<div class="lb-trans"><h2>这对比特币本身意味着什么</h2>
</div><p>If you are a Bitcoin holder, the signal from Alphabet's acceptance of TeraWulf's warrants is modestly positive.</p>
<div class="lb-trans"><p>如果你是比特币持有者，Alphabet 接受 TeraWulf 认购权的信号是适度积极的。</p>
</div><p>A megacap platform company is comfortable with indirect exposure to the asset's ups and downs via a mining operator. That can help normalize the asset class for other big businesses evaluating their own exposure paths. Alphabet wouldn't be taking any warrants from a mining company if it thought the primary asset it produces is worthless or going to zero.</p>
<div class="lb-trans"><p>一家大型平台公司对通过矿业运营商间接接触资产的涨跌感到舒适。这可以帮助其他大型企业在评估自己的接触路径时，使该资产类别正常化。如果 Alphabet 认为其主要生产的资产毫无价值或将归零，它就不会从矿业公司接受任何认购权。</p>
</div><p>At the same time, this event is not something that you should think of as a strong buy signal. Even if Alphabet exercises its warrants, it isn't about to be an important player in Bitcoin mining, nor is it likely to become one in the future.</p>
<div class="lb-trans"><p>与此同时，这一事件并不意味着你应该将其视为强烈的买入信号。即使 Alphabet 行使其认购权，它也不会成为比特币挖矿的重要参与者，未来也不太可能成为。</p>
</div><p>In other words, this is another data point that large, sophisticated companies are comfortable securing equity-based exposure to the Bitcoin ecosystem even if their shareholders might balk at getting direct exposure via buying and holding the asset. There are already quite a few data points in that set, but there's always room for more confirmation of a bullish trend.</p>
<div class="lb-trans"><p>换句话说，这是另一个数据点，表明大型、复杂的公司愿意确保对比特币生态系统的基于股权的曝光，即使它们的股东可能对通过购买和持有资产获得直接曝光感到不满。在这一组数据点中已经有相当多的例子，但总是有更多确认看涨趋势的空间。</p>
</div>

Could Alphabet Be About to Start Mining Bitcoin?

- Alphabet 同意支持 TeraWulf 的长期租赁义务，获得股票认购权。  
- 该承诺总额约为 32 亿美元，可能使其在 TeraWulf 的股权增至 14%。  
- 此举表明大型企业对比特币生态系统的间接投资信心。  

谷歌-A 是否即将开始比特币挖矿？