Marathon Digital sold 23,093 BTC for $1.63B in H1 2026 and secured $600M in loans backed by 18,750 BTC.
Macro & Markets ·
Marathon Digital, the world's largest publicly traded Bitcoin miner, liquidated approximately 23,093 BTC during the first half of 2026, generating $1.63 billion at an average sale price near $70,631 per coin. The company directed proceeds toward operational expenses, expansion initiatives, and meeting liquidity requirements. As of June 30, Marathon maintained a reserve of 35,577 BTC worth roughly $2.08 billion.
In a separate financing move on August 4, Marathon secured $600 million in loans from Coinbase and Two Prime, collateralized by 18,750 BTC. A portion of the borrowed funds supported the Long Ridge acquisition.
The disclosures reveal Marathon's dual approach to capital management: monetizing holdings to fund near-term needs while simultaneously leveraging its Bitcoin reserves to access low-cost debt financing. The specific use of acquired capital beyond Long Ridge funding and the broader strategic rationale for the sales and borrowing remain partially unclear from available information.