Marathon Digital Authorizes Sales of $3.6B Bitcoin Reserve, Eyes AI Growth
Marathon Digital updated its 10-K to allow sales from its 53,822-BTC stash valued at $3.6 billion, having sold $413 million of newly mined coins in 2025. The firm will use Bitcoin sales to fund operations, expand energy generation and AI initiatives while continuing to grow its holdings over time.
1. Strategy Shift in Bitcoin Sales
Marathon Digital’s 2026 10-K explicitly authorizes sales of both newly mined Bitcoin and its on-balance-sheet reserves, departing from its previous full-hodl policy. In H2 2025 the firm sold 4,076 BTC for $413 million and may liquidate additional holdings this year.
2. BTC Reserves and Liquidity Position
As of December 31, 2025, Marathon Digital held 53,822 BTC valued at approximately $3.6 billion, with 72% in long-term treasury and 28% activated for lending and collateral. The company also controls $547 million in cash and earned $32.1 million in interest from crypto lending in 2025.
3. Diversification into Energy and AI
While maintaining Bitcoin mining as its core business, Marathon Digital is investing in energy generation infrastructure and AI research to create new revenue streams. Proceeds from Bitcoin sales are expected to fund operating expenses and support the development of its vertically integrated digital infrastructure platform.