<p>通過同意為 <strong>TeraWulf</strong>（WULF -2.73%）在紐約的數據中心校園提供租賃擔保，<strong>Alphabet</strong>（GOOG 1.29%）（GOOGL 1.17%）獲得了一些股票認購權，這可能轉化為在一家挖掘 <strong>比特幣</strong>（BTC -0.79%）的公司中佔有重要的股權。</p>
<p>這家互聯網搜索巨頭並沒有直接購買比特幣，也沒有完全收購一家礦業公司。但在經濟層面上，這種曝光仍然足夠重要，值得投資者關注，因此我們來詳細調查一下發生了什麼。</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>圖片來源：Getty Images。</p>
<h2>不要期待資產負債表有太大變化</h2>
<p>簡而言之，Alphabet 的谷歌同意支持與 TeraWulf 在紐約布法羅附近的 Lake Mariner 校園建設相關的長期租賃義務。</p>
<p>作為回報，谷歌獲得了股票認購權，如果行使，將使其在 TeraWulf 的股權比例增加到大約 14%，這建立在之前的擔保基礎上，後者使其獲得瞭如果行使可獲得 8% 股權的認購權。Alphabet 與該項目相關的累計擔保承諾現在總計約為 32 億美元。對於這樣一家規模龐大的公司來説，截至最近的季度財報，其現金及現金等價物和短期投資超過 950 億美元，這樣的承諾是微不足道的，並不意味着戰略上的重大變化。</p>
<p>重要的是，TeraWulf 是一家美國本土的比特幣挖礦公司，儘管它還有其他運營部門，包括人工智能（AI）服務和數據中心。因此，Alphabet 並沒有在其資產負債表上積累比特幣，且如果行使其認購權，也並不意味着它持有或計劃購買比特幣。如果説有什麼的話，它可能在於擁有在提供所需數據和計算基礎設施的參與者中擁有股權的選擇，而挖礦活動在整體包裹中是附帶的。</p>
<p>但通過接受一家比特幣礦工發行的認購權，Alphabet 仍然在為以股權為媒介參與比特幣經濟做好準備，儘管相對於其主要業務而言規模較小。</p>
<p>畢竟，這類礦業公司的價值直接與比特幣的價格以及它們能夠根據計算能力生產多少比特幣相關。</p>
<p>因此，如果比特幣的價格大幅上漲，這將增加 TeraWulf 的價值，而 TeraWulf 本身持有並生產該資產，從而提高 Alphabet 的非控股股權的價值，假設它選擇行使認購權以在某個時刻實際控制其股權。擁有礦業公司股權而不是直接購買比特幣的一個額外優勢是，公司可以利用槓桿來增強其回報。</p>
<h2>這對比特幣本身意味着什麼</h2>
<p>如果你是比特幣持有者，Alphabet 接受 TeraWulf 認購權的信號是適度積極的。</p>
<p>一家大型平台公司對通過礦業運營商間接接觸資產的漲跌感到舒適。這可以幫助其他大型企業在評估自己的接觸路徑時，使該資產類別正常化。如果 Alphabet 認為其主要生產的資產毫無價值或將歸零，它就不會從礦業公司接受任何認購權。</p>
<p>與此同時，這一事件並不意味着你應該將其視為強烈的買入信號。即使 Alphabet 行使其認購權，它也不會成為比特幣挖礦的重要參與者，未來也不太可能成為。</p>
<p>換句話説，這是另一個數據點，表明大型、複雜的公司願意確保對比特幣生態系統的基於股權的曝光，即使它們的股東可能對通過購買和持有資產獲得直接曝光感到不滿。在這一組數據點中已經有相當多的例子，但總是有更多確認看漲趨勢的空間。</p>

谷歌-C

WULF

谷歌-A

<p>Alphabet 已同意為 TeraWulf 在紐約的數據中心提供租賃擔保，並獲得股票認購權證，這可能使其股權比例增加至 14%。這一承諾總額為 32 億美元，使 Alphabet 能夠間接接觸比特幣挖礦，而無需直接購買該加密貨幣。儘管這一舉動表明對比特幣價值的信心，但並不意味着 Alphabet 的戰略發生重大轉變或在比特幣挖礦中扮演重要角色。此發展被視為對比特幣持有者的積極信號，暗示大型公司願意在比特幣生態系統中以股權形式進行投資</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>通過同意為 <strong>TeraWulf</strong>（WULF -2.73%）在紐約的數據中心校園提供租賃擔保，<strong>Alphabet</strong>（GOOG 1.29%）（GOOGL 1.17%）獲得了一些股票認購權，這可能轉化為在一家挖掘 <strong>比特幣</strong>（BTC -0.79%）的公司中佔有重要的股權。</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>這家互聯網搜索巨頭並沒有直接購買比特幣，也沒有完全收購一家礦業公司。但在經濟層面上，這種曝光仍然足夠重要，值得投資者關注，因此我們來詳細調查一下發生了什麼。</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>圖片來源：Getty Images。</p>
</div><h2>Don't expect the balance sheet to change much</h2>
<div class="lb-trans"><h2>不要期待資產負債表有太大變化</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>簡而言之，Alphabet 的谷歌同意支持與 TeraWulf 在紐約布法羅附近的 Lake Mariner 校園建設相關的長期租賃義務。</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>作為回報，谷歌獲得了股票認購權，如果行使，將使其在 TeraWulf 的股權比例增加到大約 14%，這建立在之前的擔保基礎上，後者使其獲得瞭如果行使可獲得 8% 股權的認購權。Alphabet 與該項目相關的累計擔保承諾現在總計約為 32 億美元。對於這樣一家規模龐大的公司來説，截至最近的季度財報，其現金及現金等價物和短期投資超過 950 億美元，這樣的承諾是微不足道的，並不意味着戰略上的重大變化。</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 是一家美國本土的比特幣挖礦公司，儘管它還有其他運營部門，包括人工智能（AI）服務和數據中心。因此，Alphabet 並沒有在其資產負債表上積累比特幣，且如果行使其認購權，也並不意味着它持有或計劃購買比特幣。如果説有什麼的話，它可能在於擁有在提供所需數據和計算基礎設施的參與者中擁有股權的選擇，而挖礦活動在整體包裹中是附帶的。</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>但通過接受一家比特幣礦工發行的認購權，Alphabet 仍然在為以股權為媒介參與比特幣經濟做好準備，儘管相對於其主要業務而言規模較小。</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>畢竟，這類礦業公司的價值直接與比特幣的價格以及它們能夠根據計算能力生產多少比特幣相關。</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，如果比特幣的價格大幅上漲，這將增加 TeraWulf 的價值，而 TeraWulf 本身持有並生產該資產，從而提高 Alphabet 的非控股股權的價值，假設它選擇行使認購權以在某個時刻實際控制其股權。擁有礦業公司股權而不是直接購買比特幣的一個額外優勢是，公司可以利用槓桿來增強其回報。</p>
</div><h2>What it means for Bitcoin itself</h2>
<div class="lb-trans"><h2>這對比特幣本身意味着什麼</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>如果你是比特幣持有者，Alphabet 接受 TeraWulf 認購權的信號是適度積極的。</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>一家大型平台公司對通過礦業運營商間接接觸資產的漲跌感到舒適。這可以幫助其他大型企業在評估自己的接觸路徑時，使該資產類別正常化。如果 Alphabet 認為其主要生產的資產毫無價值或將歸零，它就不會從礦業公司接受任何認購權。</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>與此同時，這一事件並不意味着你應該將其視為強烈的買入信號。即使 Alphabet 行使其認購權，它也不會成為比特幣挖礦的重要參與者，未來也不太可能成為。</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>換句話説，這是另一個數據點，表明大型、複雜的公司願意確保對比特幣生態系統的基於股權的曝光，即使它們的股東可能對通過購買和持有資產獲得直接曝光感到不滿。在這一組數據點中已經有相當多的例子，但總是有更多確認看漲趨勢的空間。</p>
</div>

Could Alphabet Be About to Start Mining Bitcoin?

- Alphabet 同意支持 TeraWulf 的長期租賃義務，獲得股票認購權。  
- 該承諾總額約為 32 億美元，可能使其在 TeraWulf 的股權增至 14%。  
- 此舉表明大型企業對比特幣生態系統的間接投資信心。  

谷歌-A 是否即將開始比特幣挖礦？