MARA opens door to selling stockpiled bitcoin in new policy shift
MARA Holdings has revised its treasury policy to potentially sell its accumulated bitcoin reserves, moving beyond its long-term holding strategy.Summary
MARA Holdings, the largest public bitcoin miner by BTC held, announced a significant shift in its treasury policy within its 2025 10-K filing, now allowing for the potential sale of its stockpiled bitcoin reserves in 2026. This move departs from its historical stance of holding mined bitcoin as a long-term investment. The company stated it may buy or sell bitcoin subject to market conditions and capital allocation priorities. This policy change follows a year where its digital asset management strategy yielded mixed results, including interest income from lending but also significant trading losses and mark-to-market declines totaling $422.2 million due to falling BTC prices. Furthermore, a structured trading mandate incurred a net trading loss of $22.1 million before being terminated. As of the end of 2025, 28% of its 53,822 BTC holdings were active in strategies like lending and collateralization.
(Source：The Block)