Marathon Digital Holdings (NASDAQ: MARA) is one of the largest publicly traded Bitcoin mining companies in the world, headquartered in Fort Lauderdale, Florida. Originally incorporated in 2010 as Marathon Patent Group, the company pivoted to Bitcoin mining in 2017 under the leadership of CEO Fred Thiel and has since grown to become a dominant force in the North American mining industry. With approximately 38,689 BTC on its balance sheet, Marathon is also one of the largest corporate holders of Bitcoin globally, second only to Strategy among publicly traded companies focused on BTC accumulation.
Marathon operates one of the largest Bitcoin mining fleets in the world, deploying hundreds of thousands of ASIC mining rigs across multiple facilities in the United States and internationally. The company has consistently expanded its hashrate capacity through both organic growth and acquisitions, targeting locations with access to low-cost and increasingly renewable energy sources. Marathon's mining operations produce a steady stream of newly minted Bitcoin, and the company has adopted a strategy of holding the vast majority of its mined coins rather than selling them on the open market.
Bitcoin Treasury Strategy
Marathon's treasury strategy combines two approaches to Bitcoin accumulation: mining and direct market purchases. The company's mining operations generate thousands of BTC per month, and rather than liquidating these holdings to cover operational expenses, Marathon has historically chosen to hold its mined Bitcoin and fund operations through equity issuances, debt offerings, and other capital market instruments. This approach mirrors the Strategy playbook of using traditional financial markets to accumulate Bitcoin.
In addition to holding mined Bitcoin, Marathon has made direct Bitcoin purchases on the open market. In late 2024 and into 2025, the company announced significant BTC acquisitions funded by convertible note offerings, further accelerating its treasury growth. Marathon's stated goal is to be not just the largest Bitcoin miner by hashrate but also one of the largest Bitcoin holders by total BTC on the balance sheet. As of early 2026, the company holds approximately 38,689 BTC, valued at several billion dollars.
Marathon has also adopted a "full HODL" strategy for extended periods, meaning that all mined Bitcoin is retained without any sales. While the company has occasionally sold BTC to fund operational needs, the overarching trend has been aggressive accumulation. CEO Fred Thiel has publicly stated that Marathon views Bitcoin as a long-term strategic asset and that the company's mining operations are fundamentally a means of accumulating BTC at below-market cost.
Operations and Scale
Marathon's mining operations span multiple states and countries, with a focus on securing access to abundant, low-cost energy. The company has pursued both owned and hosted mining arrangements, partnering with data center operators and energy providers to deploy its mining equipment. Marathon has set ambitious hashrate targets, aiming to reach and exceed 50 exahashes per second (EH/s) of deployed mining capacity, which would represent a significant share of the total Bitcoin network hashrate.
The company has also explored innovative energy sourcing strategies, including partnerships with renewable energy providers and landfill gas-to-energy projects, positioning itself as a mining operator committed to reducing the environmental footprint of Bitcoin mining while maintaining cost competitiveness.