MARA Holdings, one of the largest publicly traded Bitcoin miners in the US, has made a significant change to its treasury policy for 2026.
According to the company’s 10-K report submitted to the U.S. Securities and Exchange Commission (SEC), MARA has gained the flexibility to sell its Bitcoin (BTC) reserves held on its balance sheet when necessary.
This step represents a significant departure from the company’s past strategy of “holding the Bitcoins it produces as a long-term investment.”
MARA implemented a strategy change in the second half of 2025, allowing the sale of Bitcoin generated from operations, and approved the inclusion of balance sheet assets in the sale scope starting in 2026. The company stated that it may buy and sell Bitcoin from time to time depending on market conditions and capital allocation priorities.
As of December 31, 2025, MARA holds a total of 53,822 BTC. Approximately 28% of these assets are managed within the framework of an active digital asset management strategy.
9,377 BTC were lent to counterparties, while 5,938 BTC were used as collateral for a $350 million loan. $32.1 million in interest income was earned from the lent Bitcoins.
However, the company also experienced a significant decline in value in 2025. Due to the drop in Bitcoin prices, the fair value of its assets decreased by $422.2 million. Furthermore, the 2,000 BTC account managed at Two Prime recorded a net loss of $22.1 million.
MARA produced 8,799 BTC in 2025, a 7% decrease compared to the previous year. This decline was attributed to the halving in April 2024 and the increased network difficulty.
*This is not investment advice.