Marathon’s recently released SEC filing is quite interesting—they’ve adjusted their Bitcoin strategy. Previously, in 2025 they could only sell the coins they mined; now, in 2026, they’re directly allowed to sell their Bitcoin holdings shown on the balance sheet, which is a significant change.



According to the filing, as of the end of last year, they held more than 53,000 Bitcoin, worth $4.7 billion. Of that total, nearly 9,400 were lent out, and more than 5,900 were pledged as collateral for loans. Last year, they mined over 8,800 new coins, but year over year it still fell by 7%. It looks like they’re adjusting the structure of their holdings, possibly also preparing for future asset management.
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