MicroStrategy (MSTR) held 713,502 Bitcoin (BTC) as of February 1 and achieved a 22.8% BTC Yield in fiscal 2025, making it the world’s largest corporate Bitcoin treasury.
Marathon Digital (MARA) operates at 60.4 EH/s hashrate and holds roughly 50,000 BTC in treasury, with a $10,000 Bitcoin price move driving approximately $530 million in earnings swing for the mining company.
Bitcoin’s 17% monthly rally and acceleration into Wednesday’s trading is amplifying both names because Strategy and Marathon Digital function as leveraged Bitcoin exposure vehicles through equity structures.
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Strategy (NASDAQ:MSTR) shares are up 9% in Wednesday morning trading, climbing from a prior close of $163.97 to around $179. Meanwhile, Marathon Digital Holdings (NASDAQ:MARA) shares are up roughly 6% on the session, rising from $11.23 to nearly $12. Both names are moving hard today, and the reason is the same: Bitcoin (CRYPTO:BTC) is pushing higher, and these two stocks are among the most direct equity plays on BTC price action anywhere in the market.
So, let’s dig into what’s actually driving this move and why Strategy and Marathon Digital tend to amplify Bitcoin’s swings so dramatically. It’s not complicated once you understand what each company actually holds and does. Both are essentially leveraged Bitcoin exposure vehicles wrapped in a publicly traded stock, and on days like today, that structure becomes very visible.
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Bitcoin has risen roughly 17% over the past month, building momentum that appears to be accelerating into Wednesday’s session. Over the past week, BTC is up about 3%, with the broader trend pointing toward recovery after a rough start to the year. That steady grind higher is exactly the kind of environment where high-beta Bitcoin proxies like Strategy and Marathon Digital outperform.
Strategy holds 713,502 BTC as of February 1, 2026, making it the largest corporate Bitcoin treasury in the world. When Bitcoin moves up even modestly, the paper value of that treasury swells by hundreds of millions of dollars. That math drives the stock. Strategy’s BTC Yield reached 22.8% in fiscal year 2025, a metric CEO Phong Le uses to measure how much Bitcoin the company is accumulating on a per-share basis over time.
Marathon Digital approaches Bitcoin from a different angle: it mines it. The company operates with an energized hashrate of 60.4 EH/s as of Q3 2025 and holds roughly 50,000 BTC in its treasury. When Bitcoin’s price rises, Marathon’s mining economics improve immediately. The company has noted that a $10,000 move in Bitcoin’s price drives approximately $530 million in earnings swing. That sensitivity is why MARA shares move so sharply on BTC rallies.
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