MARA Holdings, the largest Nasdaq‑listed public bitcoin miner by BTC held, has revised its treasury policy for 2026. The update allows potential sales of its accumulated bitcoin reserves.

In a Form 10-K filed with the U.S. Securities and Exchange Commission on Monday, the company said it expanded its digital asset management strategy to include the sale of bitcoin held on its balance sheet. This move represents a notable shift from MARA’s prior approach of retaining mined bitcoin as a long-term investment.

MARA’s revision follows a period in which the company emphasized accumulation. In 2024, it announced a full-HODL approach to retain mined bitcoin and make opportunistic purchases. The company later raised substantial capital through convertible notes, largely aimed at increasing its bitcoin holdings.

Nasdaq Miner Updates Digital Asset Policy

The company wrote: “In the second half of 2025, we changed our digital asset management strategy to permit sales of bitcoin generated from operations, and in 2026, we expanded the strategy to allow for sales of bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term held on our balance sheet.”

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It added: “Accordingly, we may hold bitcoin for long-term investment purposes and may also buy or sell bitcoin from time to time, subject to market conditions and our capital allocation priorities.”

According to the filing, the digital asset management strategy includes treasury holdings, lending arrangements, trading activities, and collateralized borrowing.

BREAKING: The largest publicly traded Bitcoin miner, MARA Holdings, is planning to SELL the majority of its Bitcoin reserves.

MARA has just updated its treasury policy to allow sales of its accumulated BTC.

The company currently holds 53,822 BTC, worth roughly $4.7 billion… pic.twitter.com/OTF7sALn5g

— Jacob King (@JacobKinge) March 3, 2026

Mining Power Increases Despite Output Decline

As of December 31, 2025, MARA held 53,822 BTC. About 28% of those holdings were deployed under the strategy, including 9,377 BTC loaned to counterparties and 5,938 BTC pledged as collateral against $350 million in outstanding credit facilities. The lending activity generated $32.1 million in interest income.

However, the company’s bitcoin exposure also resulted in losses during 2025. MARA recorded a $422.2 million decline in the fair value of its holdings, mainly reflecting a fall in bitcoin’s market price.

MARA mined 8,799 BTC in 2025, a 7% decline from 9,430 BTC in 2024, due primarily to the April 2024 halving event and rising network difficulty. Despite lower output, it increased its energized hashrate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term to 66.4 EH/s, a measure of its total mining power.