Top Public Bitcoin Miner MARA Opens Door to BTC Treasury Liquidation

MARA Holdings has expanded its 2026 BTC treasury policy to allow potential Bitcoin reserve sales. The move follows a volatile year marked by losses and rising costs.

MARA Holdings, the largest public Bitcoin miner by BTC held, widened its treasury strategy. According to a recent 10-K filing with the U.S. Securities and Exchange Commission, the company is now allowed to sell accumulated Bitcoin reserves. Previous to this, MARA only sold newly mined coins.

MARA Revises BTC Treasury Strategy After $1.71 Billion Q4 Loss

The policy change represents a clear departure from MARA’s long-term holding strategy. Earlier, the company used Bitcoin that was mined as a strategic reserve. The financial pressure, however, changed this approach. In Q4 2025, MARA had a $1.71 billion net loss.

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Most of this loss was a result of a $1.5 billion non-cash impairment charge. But Bitcoin prices plunged from $111,000 to $87,000 in that quarter. As a result, mark-to-market decreases were devastating to financial statements. Therefore, there was a need for liquidity flexibility.

As of December 31, 2025, MARA held 53,822 BTC. These holdings were worth about $4.7 billion. Of interest is the fact that about 28% of this reserve is presently activated. This includes 9,377 BTC that is loaned out for interest income.

On top of this, 5,938 BTC are used as collateral for a $350 million credit facility. This active deployment is a change toward yield production. However, trading losses and volatility decreased the performance. Therefore, management expanded its treasury mandate.

In the past, there were similar trends among peers. Core Scientific was going to sell almost 2,500 BTC in Q1 2026. This industry shift points to changing treasury strategies from public miners.

Rising Mining Costs and AI Pivot Drive Policy Change

Mining economics were also a factor in MARA’s decision, as was the fact that the company has already spent two million dollars on the exploratory work. The price to mine one Bitcoin has increased to $48,611 in Q4 of 2025. This figure was a sharp rise from $31,608 the year before. Therefore, higher operational expenses were a pressure on margins.

At the same time, MARA is moving towards an artificial intelligence infrastructure. The company chose to cooperate with Starwood Digital Ventures in the development of AI-focused data centers. This move is similar to moves by competitors such as Bitdeer, which sold its entire treasury recently.

Moreover, the company holds the second-largest corporate holding of Bitcoins after MicroStrategy. However, the new policy is indicative of a working use of Bitcoin inventory. Rather than static reserves, Bitcoin may now serve the purposes of liquidity and capital.

Importantly, the revised strategy enables sales to be based on market conditions. Management is able to more actively respond to volatility and funding requirements. As a result, MARA gains flexibility through uncertain price cycles.

Overall, the revised treasury policy is a strategic turning point. While MARA still retains substantial holdings in Bitcoin, it is now viewing them as deployable assets. Therefore, 2026 may define a new phase in the public miner capital management.