MARA Adjusts Bitcoin Treasury Strategy, Considering Selling $3.5 Billion in BTC

MARA Holdings, a leading player in the Bitcoin (BTC) mining sector, is making a significant change in its approach that could greatly impact the wider BTC market. In a recent filing with the U.S. Securities and Exchange Commission (SEC), the company revealed a revision to its treasury policy that now permits the sale of Bitcoin from its balance sheet, moving away from its previous long-term holding strategy.

Key Takeaways

MARA Holdings has updated its treasury strategy to potentially allow the sale of Bitcoin, which may impact the BTC market.
The company currently holds 53,822 BTC, valued at approximately $3.59 billion.
Prolonged Bitcoin price declines could jeopardize MARA's financial stability and operational costs.
Market analysts suggest that the change could signal substantial Bitcoin sales, influencing market conditions.

MARA

MARA May Liquidate Bitcoin Reserves

With the new policy in place, MARA is not obligated to keep all Bitcoins it mines. This opens the possibility for the company to sell part or all of its Bitcoin holdings if necessary. As of now, MARA holds an impressive 53,822 BTC, making it the second-largest publicly traded corporate Bitcoin holder, according to BitcoinTreasuries.net. The current market value of these holdings is around $3.59 billion, with only Michael Saylor’s Strategy (formerly MicroStrategy) holding more, exceeding 720,000 BTC.

In its SEC filing, MARA acknowledged that a sustained drop in Bitcoin prices could seriously impact its financial health. Should the prices stay low or continue to decline, the value of its Bitcoin holdings could diminish significantly, affecting its balance sheet and liquidity. Since Bitcoin mining is the company’s primary revenue source, continuous price declines could hinder its ability to cover operational expenses, meet debt obligations, or pursue new growth initiatives.

Additionally, MARA pointed out upcoming financial commitments, such as the potential repurchase of outstanding convertible senior notes in 2027. To fulfill these obligations, the company would need substantial cash reserves. In light of these challenges, MARA stated that it may opt to sell a portion or all of its Bitcoin assets if liquidity pressures or unfavorable market conditions arise.

Possible 'Supply Bomb' on the Horizon

Market analyst Shanaka Anslem provided insight into MARA’s current predicament, indicating its production cost has risen to around $87,000 per Bitcoin, while the currency trades at about $66,690. This discrepancy means the company is currently losing money on each Bitcoin mined. Meanwhile, the "hashprice," an essential indicator of mining profitability, has plummeted to an unprecedented low of $35 per petahash.

Anslem also pointed to MARA’s 2025 market purchases, where the company bought 4,267 BTC at an average cost of $111,034 per coin. With prices now significantly lower, those acquisitions are approximately 38% below water.

Looking forward, Anslem noted that blockchain data will be critical in determining if MARA’s strategic shift results in actual Bitcoin sales. Should the company’s wallets show little to no outflows over the next three months, he claims this announcement may just represent optional flexibility, and the notion of a supply surplus could be misleading.

Conversely, if significant transfers occur—particularly in a market characterized by a Fear and Greed Index reading of 15, with Bitcoin down 22% year-to-date—the psychological and price impacts could be considerable. In such a case, other miners with considerable Bitcoin reserves may also face increased scrutiny, leading to what Anslem describes as a potential "supply bomb" effect.

MARA The 1D chart shows BTC’s consolidation between $62,000 and $68,000 over the past month. Source: BTCUSDT on TradingView.com
Featured image from OpenArt, chart from TradingView.com