Marathon Digital (MARA) sold roughly 20,880 BTC (~$1.5 billion) in Q1 — including a $1.1 billion block used to repurchase convertible notes — reducing its treasury from 38,689 to 35,303 BTC and dropping its public ranking from second to fourth per Bitcoin Treasuries. Q1 revenue was $174.6M (‑18% YoY) and net loss about $1.3B, driven by a ~$1B negative fair‑value change in crypto holdings. Marathon produced 2,247 BTC and increased energized hashrate 33% to 72.2 EH/s, but management said it will de‑emphasize large ASIC purchases and redirect capital toward power infrastructure and AI/HPC data centers, highlighted by a pending $1.5B purchase of the Long Ridge Energy & Power campus and a partnership with Starwood Capital.

MARA executed large, disclosed sales of ~20,880 BTC (~$1.5B) in Q1 (including a $1.1B block to repurchase convertible notes), reduced its on‑chain treasury from 38,689 to 35,303 BTC, and framed BTC as balance‑sheet ammunition to fund debt reduction and a strategic pivot to power/AI (pending $1.5B Long Ridge purchase). These are concrete, market‑facing actions that increase near‑term supply pressure and reallocate capital away from ASIC purchases.