MARA Holdings, recognized as the largest public bitcoin miner by total Bitcoin held, has significantly adjusted its treasury policy for 2026, now permitting the potential sale of its bitcoin reserves accumulated over time. This revision was detailed in a recent 10-K filing submitted to the Securities and Exchange Commission (SEC) on Monday.
Historically, the company has adhered to a strategy of holding mined bitcoins as a long-term investment. However, this change comes on the heels of a year characterized by a mixed performance in MARA’s digital asset management efforts. While these strategies have generated interest income, they have also led to trading losses and substantial declines in the market value of its holdings.
The updated policy indicates a strategic shift. “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,” MARA explained in the filing. The company notes it may continue to hold bitcoin for long-term purposes while also conducting buying and selling operations based on market conditions and capital priorities.
As reported in the 10-K, MARA’s digital asset management approach includes a combination of treasury holdings, lending arrangements, trading activities, and collateralized borrowing. As of December 31, 2025, about 28% of its substantial 53,822 BTC holdings were activated under this strategy. This encompasses 9,377 BTC loaned to various counterparties and 5,938 BTC utilized as collateral for $350 million in outstanding credit facilities. The loaned bitcoin notably generated $32.1 million in interest income.
Despite this proactive strategy, MARA faced significant challenges in 2025. The company reported a striking $422.2 million reduction in the fair value of its bitcoin holdings, primarily attributed to a drop in the market price of bitcoin.
Additionally, a separately managed trading account that was funded with 2,000 BTC at Two Prime—established in the second quarter with the aim of employing structured trading and hedging strategies—suffered a net trading loss amounting to $22.1 million. Subsequently, MARA decided to terminate this trading mandate in December and withdrew the remaining 1,777 bitcoins. In total, including fair-value adjustments, the trading segment incurred losses of $69.1 million for the year.
Throughout 2025, MARA managed to mine 8,799 BTC, witnessing a 7% decrease compared to the 9,430 BTC mined in the previous year. The company attributed this decline to the halving event that took place in April 2024, as well as increased network difficulty. Concurrently, it enhanced its energized hashrate to 66.4 EH/s.
MARA’s evolving treasury policy and challenging market conditions reflect the complexities of operating in the ever-changing landscape of digital assets.
