Bullish (BLSH) vs Marathon Digital (MARA)
Side-by-side Bitcoin treasury comparison: holdings, market cap, mNAV ratio, BTC per share, cost basis, and recent purchases. Numbers refresh every 5 minutes from SEC filings and live market data.
Metric
BLSH
MARA
BTC holdings
24,300
38,689
Market value of BTC
$1.9B
$3.0B
Average cost per BTC
—
$70,069.00
Total cost basis
—
$5.9B
mNAV (market cap ÷ BTC value)
1.05×
1.66×
Sats per share
16.1k
10.2k
Last disclosed purchase
—
3/2/2026
Country
🇺🇸 US
🇺🇸 US
No tracked purchases yet
- 3/2/2026+860$150.0M
- 11/4/2025+860$20.9M
- 4/3/2025+1,226$103.0M
- 3/10/2025+715$62.5M
- 2/3/2025+766$74.9M
BLSH vs MARA: frequently asked
Which company holds more Bitcoin, BLSH or MARA?▾
Marathon Digital (MARA) holds 38,689 BTC, compared to Bullish's (BLSH) 24,300 BTC.
What's the total Bitcoin value on the balance sheets of BLSH and MARA?▾
BLSH holds $1.9B worth of Bitcoin at current market prices. MARA holds $3.0B.
Who has a lower cost basis per Bitcoin, BLSH or MARA?▾
Cost basis disclosure is inconsistent across these two entities; check each company's detail page for per-purchase history.
When did BLSH last buy Bitcoin?▾
BLSH's last BTC purchase isn't in our tracked history yet.
When did MARA last buy Bitcoin?▾
MARA disclosed a 860 BTC purchase on March 2, 2026.