MARA Holdings, the leading public company in terms of Bitcoin supply, has expanded its treasury strategy for 2026. Within the scope of the updated policy, it is now possible to sell not only the newly issued Bitcoin but also the existing balances in the reserve. This change comes as the company has been hit by rising costs and large-scale losses after a volatile year.
Transformation in Treasury Strategy and Net Loss Statement
In the past, MARA was known for its long-term savings-oriented approach. However, the net loss of 1.71 billion dollars that the company experienced in the last quarter of 2025 brought a radical change in this policy to the agenda. A significant portion of the announced loss resulted from an impairment loss of $1.5 billion that did not require a cash outflow. During the same period, a significant decrease was observed in Bitcoin prices from 111 thousand dollars to 87 thousand dollars, which had a negative impact on the company’s financial statements.
As of December 31, 2025, MARA holds 53,822 Bitcoins. Approximately a quarter of the total reserves, or 9,377 crypto assets, have been lent out for interest income. Additionally, 5,938 Bitcoins are used as collateral for a $350 million credit limit. Thanks to this active evaluation, the company started to use its reserves to generate returns. However, as trading losses and price fluctuations dragged down performance, management highlighted the need for additional flexibility in treasury management.
Increasing Costs and Artificial Intelligence Breakthrough Have Been Effective
Costs in Bitcoin mining have increased significantly compared to the previous year, with expenses required to mine one unit rising to $48,611 in the last quarter of 2025. In parallel, MARA decided to cooperate with Starwood Digital Ventures to transform its data center infrastructure by focusing on artificial intelligence technologies. The fact that Bitdeer, one of the rival companies, has similarly taken steps to liquidate its BTC reserve, creates a picture compatible with the change in direction in the industry.
The company continues to have one of the largest institutional Bitcoin portfolios after MicroStrategy. However, in line with the new policy, it is reported that Bitcoin assets can be used more actively for liquidity and capital creation purposes, instead of static reserves.
MARA Holdings management emphasized that with the new policy, they will have sales opportunities depending on market conditions. Thus, it was stated that we can act more quickly and flexibly in the face of uncertainty in prices and financing needs.
Additionally, there are signs of similar strategy shifts across the industry. For example, Core Scientific announced its plan to sell 2,500 Bitcoins in the first quarter of 2026. This trend shows that publicly traded mining companies are moving to more dynamic practices in treasury management.
MARA’s strategy update allowed the company to position its Bitcoin assets as a financial instrument that can be quickly utilized when necessary, rather than a classic savings item. Thus, it is aimed to ensure that the company management has more control and room for action during volatile market periods.
