Top Bitcoin miner MARA open to selling entire $3.8 billion BTC stash creating a new liquidity test
Bitcoin miner MARA Holdings is now open to selling its entire 53,822 BTC treasury to fund capital-intensive AI data center projects.Summary
MARA Holdings has reversed its previous policy of retaining all mined and purchased Bitcoin, authorizing balance-sheet sales of its entire 53,822 BTC treasury, valued around $3.8 billion at previous highs, to serve as a readily convertible source of liquidity. This shift is driven by three main factors: balance sheet pressure following the halving, significant capital expenditure needs for its partnership with Starwood Capital to develop AI data centers, and deteriorating market microstructure with thin liquidity. The company's 53,822 BTC holdings include 15,315 BTC pledged as collateral, leaving 38,507 BTC unrestricted. This move signals a potential structural regime shift where miner treasuries transition from strategic reserves to actively managed capital, potentially creating a significant supply overhang if other miners follow suit. The market is awaiting MARA's Q1 earnings report in mid-May for clarity on the scale and cadence of these potential sales, which could test Bitcoin's liquidity and sentiment.
(Source：CryptoSlate)