Strive and MARA both build Bitcoin positions, but they do so through different businesses. Strive describes itself as a treasury and structured-finance company; MARA’s strategy is built on Bitcoin mining and broader digital infrastructure. Their latest located disclosures also report different things on different dates: Strive reported purchases through August 7, 2026, while MARA reported a 35,577 BTC balance at June 30, 2026, including Bitcoin that was loaned or pledged.
How do Strive and MARA’s business models differ?
Strive: treasury and structured finance
Strive says it uses Bitcoin as a capital-allocation hurdle rate and identifies as a structured-finance company. Its corporate profile describes a goal of disciplined capital allocation and long-term value creation. Strive also says its SATA variable-rate perpetual preferred stock is intended to provide cash flows to investors while allowing the company to capture a spread between SATA’s financing cost and potential long-term Bitcoin returns. That is management’s stated rationale, not a guaranteed spread or investment outcome. Strive corporate profile
MARA: mining-led digital infrastructure
MARA’s model begins with mining Bitcoin and extends into a wider digital-infrastructure strategy. Its 2025 annual report says mining remains the foundation of its 2026 strategy. Unlike a company whose Bitcoin position is primarily a treasury allocation, MARA’s holdings are connected to mining operations as well as purchases, sales, lending and collateral arrangements. MARA 2025 Form 10-K
How much Bitcoin does each company report?
The figures are not directly like-for-like: MARA reported a point-in-time balance for June 30, while Strive’s latest located second-quarter release reported acquisition flows through August 7 without giving a matching total Bitcoin balance for that date.
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| Company | Latest located disclosure | What the figure means |
|---|---|---|
| Strive | 6,236 BTC acquired in Q2 2026; 12,237 BTC acquired in H1 2026; 303 BTC acquired from July 1 through August 7, 2026 | Acquisition flows, not a total BTC balance as of August 7. Strive’s release does not provide that matching total. Strive Q2 2026 results |
| MARA | 35,577 BTC at June 30, 2026 | A dated balance that includes 9,270 BTC loaned or pledged, so it is not all unrestricted. MARA Q2 2026 Form 10-Q |
Do not add Strive’s reported purchases to an older treasury figure and treat the sum as its August 7 balance. Purchases alone do not account for sales or other balance movements.
Are MARA’s Bitcoin holdings unrestricted?
No. In its June 30, 2026 shareholder letter, MARA divided its 35,577 BTC into 26,307 unrestricted BTC, 4,742 loaned BTC and 4,528 BTC pledged as collateral. The loaned and pledged portions total 9,270 BTC, matching the digital-asset-management figure in its filing. MARA Q2 2026 shareholder letter
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That distinction matters when comparing headline holdings: Bitcoin that is loaned or pledged should not be treated as though it were freely available for an immediate sale or other use.
Does MARA sell its Bitcoin?
Yes. MARA’s policy has changed. Its 2025 annual report says the company moved from historically holding mined Bitcoin to permitting sales of some mined BTC in 2025 to fund operating expenses. In 2026, it also allowed sales of Bitcoin already on its balance sheet, subject to market conditions and capital priorities. The company additionally describes using holdings through lending, structured trading arrangements and collateralized financing. These options mean accumulation is only one part of MARA’s Bitcoin strategy. MARA 2025 Form 10-K
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How did MARA’s Bitcoin position change over time?
MARA’s 2025 annual report says it mined 8,799 BTC and acquired 4,267 BTC at an average price of $111,034 during that year. It reported 53,822 BTC at December 31, 2025. Its later balance was 35,577 BTC at June 30, 2026. These are balances at different dates, and the 2025 mining and purchase figures do not by themselves explain the subsequent change; sales, lending, collateralization and other activity also matter. MARA 2025 Form 10-K MARA Q2 2026 Form 10-Q
How does Strive fund its Bitcoin purchases?
Strive’s stated approach combines Bitcoin accumulation with balance-sheet and financing decisions, including its SATA variable-rate perpetual preferred stock. In its August 10, 2026 second-quarter results, Strive reported that it had retired all short- and long-term debt and had no such debt outstanding as of August 7. It also reported $154.9 million in cash and cash equivalents on that date. These figures describe the company’s disclosed position then; the release’s purchase data do not establish a total Bitcoin balance. Strive Q2 2026 results
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The same release reported a $48.0 million fair value for Strive’s position in Strategy Inc. preferred stock (STRC) as of August 7, 2026. STRC is a security issued by another company, not Bitcoin and not a preferred stock issued by Strive.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What else distinguishes Strive’s Bitcoin approach?
Strive announced a Bitcoin Stewardship Commitment on July 22, 2026, with initial support for open-source Bitcoin development through Brink. This is a stewardship initiative, separate from treasury accumulation and financing decisions. Strive Bitcoin Stewardship Commitment
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What is the practical comparison?
- Business exposure: Strive emphasizes treasury management and structured finance; MARA combines Bitcoin mining with digital infrastructure and asset management.
- Accumulation: Strive’s latest located release gives purchase flows through August 7, 2026, not a matching total balance. MARA’s June 30 balance is a point-in-time figure.
- Liquidity and monetization: Strive reported no short- or long-term debt as of August 7. MARA permits Bitcoin sales and reports loaned and pledged holdings.
- Comparability: The dates and metrics differ, and MARA’s total includes Bitcoin that is not unrestricted. Neither headline figure alone captures each company’s strategy or available liquidity.
The latest located disclosures for this comparison were Strive’s August 10, 2026 results, reporting acquisition activity through August 7, and MARA’s August 6, 2026 filing and shareholder letter, reporting holdings as of June 30. Later developments may have changed the figures. This comparison describes the companies’ reported strategies; it does not determine whether either company’s equity or preferred securities suit a particular investor.
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