MSTR stock pulls further ahead of Marathon in Bitcoin holdings

Strategy now holds a Bitcoin reserve that, per the analysis, is roughly an order of magnitude larger than Marathon’s – even after the miner’s late-2025 production and treasury build-up. The study, which compiles figures from company disclosures and widely watched dashboards, pegs Marathon’s balance near 89,000 BTC, while ranking Strategy as the industry’s dominant corporate holder.

The comparison arrives as both companies leaned into divergent playbooks through 2025: Strategy stock (MSTR) continued to use equity and debt raises to add to its treasury on market strength and weakness alike, whereas Marathon lifted self-mined retention and opportunistic purchases to expand its inventory. Earlier filings and investor updates corroborate the broad trend – Strategy disclosed aggressive purchases through late 2024, while Marathon’s operations updates showed a steady climb in coin holdings into year-end 2024 and 2025.

Beyond the headline gap, the report situates corporate piles within the broader Bitcoin landscape, noting that exchange-traded products collectively control a substantial share of circulating supply, led by the largest U.S. spot BTC ETFs. It also flags on-chain signals – hash rate strength and miner revenue – that help explain why miners like Marathon tightened selling and retained more production during periods of higher prices.

Methodology matters for any leaderboard built from multiple sources. The review draws on public company reports, on-chain analytics snapshots and treasury trackers; those inputs update at different cadences and can diverge – particularly around year-end or after large one-off buys – so absolute figures may vary across datasets even when the directional takeaway remains the same. Strategy’s disclosures in late 2024, for example, documented one of its largest single-week additions on record, while Marathon’s year-end update showed its stash had nearly doubled from earlier in the cycle.

Strategy began acquiring Bitcoin as a primary treasury asset in 2020 and has periodically tapped capital markets to expand its MSTR stock position, turning the company into a de facto proxy for BTC exposure among public equities. Marathon, one of the largest North American miners, has toggled between selling and holding production depending on liquidity needs and market conditions, but in recent quarters emphasized retention alongside infrastructure growth to lift future output.

The bottom line: However different the tactics, the latest cross-check underscores a persistent scale advantage for Strategy’s balance sheet versus Marathon’s miner treasury, a gap that has widened through successive accumulation waves and remains salient for investors comparing “BTC-beta” across listed crypto equities.