Recently, I saw the SEC filings submitted by Marathon Digital, and they have adjusted their Bitcoin asset strategy for 2026. This change is quite noteworthy.

Previously, they only allowed the sale of Bitcoin mined, but now they have relaxed the policy to permit selling Bitcoin holdings on paper. What does this reflect? It could be that they have a new outlook on future Bitcoin price movements or are optimizing their asset allocation.

Looking at the numbers, as of the end of last year, they held over 53k Bitcoin, with a total value of nearly $4.7 billion. Among these, nearly 10k were lent out, and close to 6,000 were used as collateral for loans. This indicates that they are not just holding passively but are utilizing these assets across multiple dimensions.

Interestingly, their Bitcoin holdings' fair value decreased by over $400 million in 2025, and they also terminated a trading mandate with a certain institution. Regarding mining output, they mined over 8,800 coins last year, down 7% from the year before. Considering Bitcoin's price fluctuations over different periods, the story behind these numbers is quite complex.

This policy loosening has sparked some discussion within the industry. Some believe it is preparing for potential Bitcoin price adjustments, while others see it as an increase in strategic flexibility. In any case, the movements of such large holders often reflect market participants' expectations for future trends.

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