Bitcoin pledged as collateral or loaned
Company: Marathon Digital
The claim, verbatim
15,315 of MARA's 53,822 bitcoin holdings were out on loan or pledged as collateral as of 31 December 2025
Source (primary)
Who Is Fred Thiel and Why MARA Still Files His 2021 Employment Agreement - Phemex (-, news_article)
View cached copy (2026-09-22)Live source ↗
Quote: “15,315 of those coins were out on loan or pledged as collateral”
How we checked this
Checked on September 26, 2026. The cited source supports every part of this claim.
The article states that 15,315 of the 53,822 coins held at 31 December 2025 were loaned out or pledged as collateral.
Confirmed in the source:
- 15,315 of MARA's 53,822 bitcoin were out on loan or pledged as collateral as of 31 December 2025
What we did: Read our cached copy of the publisher (https://phemex.com/academy/fred-thiel-mara-2021-employment-agreement) in full (13,922 characters, retrieved September 22, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Who Is Fred Thiel and Why MARA Still Files His 2021 Employment Agreement - Phemex
Quote: “15,315 of those coins were out on loan or pledged as collateral”