MARA Holdings, the largest Nasdaq‑listed public
bitcoin miner by BTC held, has revised its treasury policy for 2026. The update
allows potential sales of its accumulated bitcoin reserves.
In a Form 10-K filed with the U.S. Securities and Exchange
Commission on Monday, the company said it expanded its digital asset management
strategy to include the sale of bitcoin held on its balance sheet. This move
represents a notable shift from MARA’s prior approach of retaining mined
bitcoin as a long-term investment.
MARA’s revision follows a period in which the company
emphasized accumulation. In 2024, it
announced a full-HODL approach to retain mined bitcoin and make
opportunistic purchases. The company later raised substantial capital through
convertible notes, largely aimed at increasing its bitcoin holdings.
Nasdaq Miner Updates Digital Asset Policy
The company wrote: “In the second half of 2025, we changed
our digital asset management strategy to permit sales of bitcoin generated from
operations, and in 2026, we expanded the strategy to allow for sales of bitcoin
held on our balance sheet.”
It added: “Accordingly, we may hold bitcoin for long-term
investment purposes and may also buy or sell bitcoin from time to time, subject
to market conditions and our capital allocation priorities.”
According to the filing, the digital asset management
strategy includes treasury holdings, lending arrangements, trading activities,
and collateralized borrowing.
BREAKING: The largest publicly traded Bitcoin miner, MARA Holdings, is planning to SELL the majority of its Bitcoin reserves.MARA has just updated its treasury policy to allow sales of its accumulated BTC. The company currently holds 53,822 BTC, worth roughly $4.7 billion… pic.twitter.com/OTF7sALn5g
— Jacob King (@JacobKinge) March 3, 2026
Mining Power Increases Despite Output Decline
As of December 31, 2025, MARA held 53,822 BTC. About 28% of
those holdings were deployed under the strategy, including 9,377 BTC loaned to
counterparties and 5,938 BTC pledged as collateral against $350 million in
outstanding credit facilities. The lending activity generated $32.1 million in
interest income.
However, the company’s bitcoin exposure also resulted in
losses during 2025. MARA recorded a $422.2 million decline in the fair value of
its holdings, mainly reflecting a fall in bitcoin’s market price.
MARA mined 8,799 BTC in 2025, a 7% decline from 9,430 BTC in
2024, due primarily to the April 2024 halving event and rising network
difficulty. Despite lower output, it increased its energized hashrate to 66.4
EH/s, a measure of its total mining power.
This article was written by Tareq Sikder at www.financemagnates.com.
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