Marathon Digital, largest publicly traded Bitcoin miner, reports 29% YoY decline in BTC holdings to 35,577 BTC in Q2 despite rising hashrate and production.
Macro & Markets ·
Marathon Digital, identified as the largest publicly traded Bitcoin miner, saw its holdings shrink by 29% year-over-year to 35,577 BTC during the second quarter of 2026. The operator also reported a 27% revenue decline to $175 million alongside a net loss of $611 million and negative adjusted EBITDA of $361 million for the period.
Despite the contraction in holdings, operational metrics moved in the opposite direction. Hash rate capacity expanded 22% to reach 70.3 EH/s, while quarterly Bitcoin output grew 3% to 2,422 units. Unit economics improved modestly, with daily cost per exahash falling 4% to $27.7. The company's combined cash and Bitcoin position was valued at approximately $2.5 billion.
The divergence between declining reserves and rising operational output suggests Marathon either sold or transferred Bitcoin to cover expenses or fund operations. The reasons driving the substantial holdings reduction—whether forced liquidation, strategic deployment, or debt service—remain unspecified in available disclosures. The wider context of mining economics and competitive pressures affecting the decision is not detailed.