⟁ DeltaSignal Deep Dive: MARA’s Fragility Was Written in Its SEC Filing

When 69% of your balance sheet is Bitcoin, one Fed speech can wipe billions off your stock.

On July 29, DeltaSignal published its analysis of Marathon Digital’s (MARA) Q2 10-Q. The filing was clear: MARA had crossed a threshold. Nearly 70% of its balance sheet sat in crypto, $1.65B was tied up in receivables from lending and trading, and its liquidity cushion had thinned to 0.54x.

We flagged those numbers as structural risks. They showed a company behaving less like a miner that converts electricity into Bitcoin, and more like a financial institution leveraged to the crypto cycle. In practical terms: if Bitcoin stumbled, MARA’s balance sheet would absorb the hit directly, and the stock would move with it.

That was the foresight. The filing deltas told us MARA had become a leveraged crypto bank, and that fragility would surface the next time macro tightened. On August 19, it did.

The Fragility Written in MARA’s Filing

🔸 Seven Out of Ten Dollars = Bitcoin