MARA Signals Possible Bitcoin Sales After Treasury Policy Shift

• MARA’s revised policy allows sales of existing Bitcoin reserves, not just newly mined BTC, starting in 2026.
• Lending earned $32.1M but volatility drove $86.3M segment losses and $69.1M in trading losses.
• Firm holds 53,822 BTC, repaid $150M credit lines, and pledged 5,938 BTC against $350M borrowings.

MARA Holdings disclosed a policy change allowing potential sales of its Bitcoin reserves starting in 2026. The update appeared in a Form 10-K filing with the U.S. Securities and Exchange Commission, citing evolving capital needs and market conditions.

Treasury Policy Expands Beyond Newly Mined Bitcoin

According to the filing, MARA now permits buying or selling Bitcoin held on its balance sheet, not only newly mined coins. Previously, the company focused on long-term retention of mined Bitcoin. However, the revised framework broadens flexibility across treasury management decisions.

As of December 31, 2025, MARA held 53,822 BTC, ranking second among public companies, behind Strategy led by Michael Saylor. Notably, MARA already adjusted its approach in mid-2025 by allowing sales of operational Bitcoin. The new policy extends that flexibility to existing reserves.

The company stated its digital asset program now includes treasury holdings, lending, trading strategies, and collateralized borrowing. By year-end, roughly 28% of Bitcoin holdings fell under that program. This included 9,377 BTC loaned to counterparties and 5,938 BTC pledged as collateral.

Losses Offset Lending Income Amid Price Volatility

During 2025, MARA earned $32.1 million in Bitcoin lending interest. However, declining Bitcoin prices drove an $86.3 million net loss in the lending segment. Meanwhile, trading strategies added further pressure.

In the second quarter, MARA allocated 2,000 BTC to a managed account with Two Prime for structured trading. That effort produced a $22.1 million trading loss. MARA exited the mandate in December, withdrawing 1,777 BTC.

Including fair-value adjustments, trading losses reached $69.1 million. Overall, MARA reported a $422.2 million decline in Bitcoin fair value for 2025. Production also slipped, with 8,799 BTC mined, down from 9,430 BTC in 2024.

Following Bitcoin’s drop below $70,000, MARA repaid $150 million in credit lines. It also secured a new $150 million facility. As of year-end, 5,938 BTC backed $350 million in borrowings, valued at $519.6 million.