Cryptocurrency mining company MARA has officially updated its treasury policy to open the Bitcoin assets it holds on its balance sheet for sale. This step shows that MARA, which is behind only Michael Saylor’s Strategy in terms of Bitcoin amount among public companies, has abandoned its long-term holding (HODL) strategy.
Major Transformation in MARA’s Bitcoin Treasury Policy
In its annual 10-K report submitted to the US Securities and Exchange Commission, MARA announced its new asset management strategy, which includes the authority to sell directly to Bitcoins on its balance sheet. This means that the company can officially liquidate the Bitcoin stock it has accumulated so far. The company previously only sold new Bitcoins obtained from its operations for operational needs.
The following statement was included in the details of the new policy:
“In the second half of 2025, we changed our digital asset management strategy to allow the sale of Bitcoins from operations. In 2026, we expanded the strategy to allow the sale of Bitcoins held on our balance sheet. Accordingly, depending on market conditions and our capital allocation priorities, we may keep Bitcoin for long-term investment purposes or buy and sell it from time to time.”
The 53,822 BTC in the company’s possession corresponds to $3.59 billion at the current Bitcoin price. With this amount, MARA is the second company that holds the most Bitcoin among public companies. The largest corporate Bitcoin holder is Strategy company with 720,737 BTC.
Approximately 72% of the Bitcoins owned by MARA (38,507 BTC) are held unrestrictedly as long-term treasury assets. The remaining approximately 15,315 BTC is actively used within the scope of the digital asset management program. Of this, 9,377 BTC has been lent as collateral or income-generating; The remaining 5,938 BTC is blocked as loan collateral.
Apart from these assets, MARA also has $547 million in cash on its balance sheet. In total, the size of the company’s liquid assets reaches 5.3 billion dollars.
Background and Industry Implications of the Change in Strategy
Behind MARA’s policy change is the net loss of 1.7 billion dollars announced in the last quarter of 2025. This loss resulted from the decline in the value of assets and redemption losses following the approximately 30% depreciation of Bitcoin at the end of the year. The company also generated $413.1 million in 2025 by selling 4,076 BTC from newly minted Bitcoins alone.
MARA has recently attracted attention in the market as it has the second largest position in corporate Bitcoin treasury, along with Strategy company. In addition, the company is restructuring its energy infrastructure to develop high-performance artificial intelligence and enterprise data centers in a joint venture with Starwood Capital. According to analysts, the sale of Bitcoin assets could support this transformation of the company and provide capital without issuing new shares.
The announcement of the sales authorization is closely monitored for the possibility of increased supply in the market, especially during sensitive periods. MARA has not yet made any serious Bitcoin sales; Whether the decision will be implemented or not will be followed by financial reports to be announced in the future.
No Signal of Change in Strategy Company Policy
The strategy company currently continues to hold Bitcoin as its main treasury reserve and has been increasing its assets recently. Company executives state that the sale option can only be brought to the agenda in case of extreme liquidity need.
Michael Saylor stated in his evaluation that, “We will not sell, on the contrary, we will continue to buy Bitcoin every quarter.”
The path followed by MARA stands out as a policy change specific to the mining sector. However, the fact that large institutional Bitcoin holdings are now actively managed rather than simply held indicates companies’ response to changing market conditions.
