TL;DR:
MARA Holdings, the largest public Bitcoin miner by BTC holdings, amended its treasury policy for 2026 and incorporated the possibility of selling bitcoin reserves accumulated on its balance sheet. The decision was recorded in a Form 10-K filed with the SEC on Monday and marks a sharp departure from the company’s historical strategy, which had until then treated its reserves as a long-term investment.
“In the second half of 2025 we modified our digital asset management strategy to allow sales of bitcoin generated from operations, and in 2026 we expanded that strategy to include sales of bitcoin from our balance sheet,” the company wrote in the filing. The company clarified that it may retain bitcoin for long-term investment purposes, but also buy or sell it based on market conditions and its capital allocation priorities.
As of December 31, 2025, MARA held 53,822 BTC, of which approximately 28% were active within its management strategy. Some 9,377 BTC were loaned to counterparties and 5,938 BTC are pledged as collateral for $350 million credit facilities. The loans generated $32.1 million in interest income.
However, its strategy also produced losses. The company recorded a $422.2 million decline in the fair value of its bitcoin holdings, attributed primarily to the pullback in BTC’s price during 2025.
Additionally, a separate managed account funded with 2,000 BTC at Two Prime — established in the second quarter to execute structured trading and hedging strategies — accumulated a net trading loss of $22.1 million. MARA ended that mandate in December, withdrawing the remaining 1,777 BTC. Accounting for fair value adjustments, that venture recorded a total loss of $69.1 million for the year.
On the production side, MARA mined approximately 8,799 BTC during 2025, 7% less than the 9,430 BTC mined the prior year. The decline was explained by the April 2024 halving and the increase in network difficulty, even as the company grew its hashrate to 66.4 EH/s.
