Catenaa, Sunday, March 08, 2026- MARA Holdings, the largest publicly traded bitcoin miner by holdings, updated its 2026 treasury policy to allow potential sales of accumulated bitcoin reserves, according to a recent SEC 10-K filing.
Previously focused on long-term holding, the company’s revised approach permits sales of both newly mined and balance-sheet bitcoin, depending on market conditions and capital priorities.
The strategy follows a 2025 period of mixed results, including trading losses and mark-to-market declines despite interest income from loans and collateralized holdings.
As of December 31, 2025, MARA held 53,822 BTC, of which 28% were actively managed. This included 9,377 BTC loaned to counterparties and 5,938 BTC pledged as collateral for $350 million in credit facilities, generating $32.1 million in interest.
The firm also terminated a separate structured trading mandate in December, closing a 2,000 BTC account at Two Prime after recording a net $22.1 million trading loss.
Overall, the trading segment posted $69.1 million in losses for 2025, compounded by a $422.2 million decline in fair value of bitcoin holdings due to falling market prices.
MARA mined 8,799 BTC in 2025, down 7% from 9,430 BTC in 2024, citing the April 2024 halving event and increased network difficulty, while its energized hashrate rose to 66.4 EH/s.
