"MARA Holdings to allow sales of its bitcoin holdings…shifting treasury strategy"

MARA Holdings, a U.S.-listed bitcoin (BTC) mining company, has revised its treasury strategy to allow the sale of bitcoin (BTC) it already holds starting in 2026.

According to The Block, a digital-asset (cryptocurrency) industry publication, MARA disclosed in its 10-K filing with the U.S. Securities and Exchange Commission (SEC) that it changed its previous policy. In 2025, sales were permitted only for coins produced through mining; beginning in 2026, the company expanded the scope to include bitcoin held on its balance sheet.

MARA Holdings said it may either hold bitcoin for the long term or buy and sell it opportunistically depending on market conditions and its capital allocation strategy.

As of Dec. 31, 2025, the company held 53,822 BTC, worth about $4.7 billion at the time. About 28% of the holdings were deployed under its digital-asset management strategy. A total of 9,377 BTC was managed through lending, while 5,938 BTC was pledged as collateral for a $350 million credit facility. The lending generated $32.1 million in interest income.

However, the more active asset-management strategy also came with losses. The company recorded $422.2 million in impairment losses in 2025 due to bitcoin’s price decline. It also posted a net trading loss of $22.1 million in structured transactions and hedge-strategy accounts that used 2,000 BTC. That activity ended in December, and total annual losses were tallied at $69.1 million.

Meanwhile, MARA Holdings mined 8,799 BTC last year, down 7% from the prior year (9,430 BTC), a decline attributed to the April 2024 halving and rising network difficulty.