Major Update: MARA Holdings Allows Bitcoin Sales, Holds $3.7B in BTC

Summary: The largest publicly traded Bitcoin miner, MARA Holdings, has revised its treasury policy to permit the sale of a portion of its Bitcoin holdings. This move indicates a significant strategic shift as the company pivots towards artificial intelligence (AI) and high-performance computing. As of now, MARA holds 53,822 Bitcoin valued at approximately $3.6 billion.

Key Takeaways

MARA Holdings has changed its crypto treasury policy to allow for selective Bitcoin sales.
The company currently possesses 53,822 BTC, valued at around $3.6 billion, ranking second among public Bitcoin holders.
In 2025, MARA purchased 4,267 BTC and mined 8,799 BTC despite facing challenges from a recent Bitcoin halving.
About 28% of its Bitcoin reserves are engaged in lending and trading activities, generating significant interest income.
The company is also expanding into AI and high-performance computing to create new revenue sources.

Bitcoin BTC Mining

MARA Holdings’ Bitcoin Holdings and Strategy

MARA Holdings holds a substantial 53,822 Bitcoin valued at roughly $4.7 billion based on a recent year-end price of $87,498 per coin. This positions MARA as the second-largest publicly traded corporate holder of Bitcoin, only behind Strategy. However, the current value of its Bitcoin holdings stands at about $3.6 billion.

In the year 2025, MARA acquired 4,267 BTC at an average price of $111,034 and mined an additional 8,799 BTC. The fluctuating price of Bitcoin contributed to a $422.2 million reduction in the reported value of its holdings throughout the year. Presently, Bitcoin's trading price is about $66,800, below the brief rise past $70,000 earlier.

Funding Strategies: Lending and Trading

MARA's strategy encompasses more than merely holding Bitcoin. By the end of the year, the company had loaned out 9,377 BTC, earning yield from these transactions. Notably, 5,938 BTC were used as collateral for loans. This strategy means that almost 28% of its Bitcoin reserves are involved in lending, trading, or collateral agreements.

These financial activities resulted in $32.1 million in interest income for MARA in 2025. Additionally, the company reported $5.3 billion in cash and cash equivalents, exclusive of restricted cash and digital assets. While the updated policy enables MARA to sell Bitcoin when necessary, it does not imply immediate sales; rather, it provides flexibility based on market dynamics and capital requirements.

The Impact of Bitcoin Halving on Mining Economics

MARA operates around 490,000 mining machines, with a hashrate of 66.4 exahashes per second by the end of 2025, backed by nearly 1.9 gigawatts of energy capacity. The total energy costs for the company amounted to $179 million that year.

The firm mined 8,799 BTC in 2025, a decrease from 9,430 BTC in 2024, largely due to the April 2024 Bitcoin halving and increased network difficulty.

Snapshot of MARA Holdings Revenue Numbers

As mining profitability tightens post-halving, holding sizable Bitcoin reserves can support the company during market booms while also heightening risks during downturns. MARA's new treasury policy aims to help the company navigate this balance.

Expansion into AI and High-Performance Computing

Beyond its mining operations, MARA is venturing into the realms of artificial intelligence and high-performance computing. The company plans to leverage its energy resources and infrastructure to meet the increasing demand for data centers.

These new ventures require significant capital investment, making potential Bitcoin sales a viable source of funding. MARA isn’t alone in this shift; Core Scientific recently announced its intention to sell most of its Bitcoin holdings in 2026 as it transitions towards AI-driven infrastructure. Earlier, in January, Core Scientific divested around 1,900 BTC for approximately $175 million.

Overall, these changes signify a clear departure from the past “never sell” mindset traditionally maintained by many miners. At present, MARA still retains 53,822 BTC, but its amended policy now officially opens the door for substantial Bitcoin sales.

Disclaimer: This article is for informational purposes only and should not be viewed as financial advice. The opinions expressed herein are solely those of the author and do not reflect the views of The Crypto Basic. Readers should conduct thorough research before making any investment decisions, and The Crypto Basic assumes no responsibility for financial losses.