MARA is NOT planning to sell the majority of its Bitcoin 🚨
Here’s what’s happening:
The biggest misunderstanding is people confusing a policy update with a liquidation plan.
On March 2, 2026, MARA filed its annual 10-K with the SEC.
In that filing, they updated their digital asset management strategy.
The key line says they may buy or sell bitcoin from time to time
Depending on market conditions and capital allocation priorities.
It does not say they will sell.
It does not say they plan to sell most of it.
And most important it does NOT say they are preparing a majority liquidation.
- The Treasury Shift
Previously, MARA mainly sold newly mined bitcoin.
Now, they expanded the policy to also allow sales of bitcoin already held on their balance sheet.
- The Holdings
As of December 31, 2025:
MARA held 53,822 BTC.
Around $4.7 billion at year-end valuation.
28% of those holdings were already being actively managed:
- 9,377 BTC loaned out.
- 5,938 BTC pledged as collateral.
- $32.1 million generated in interest income in 2025.
This was never a pure passive HODL vault.
- The Financial Context
In Q4 2025, MARA reported a $1.71 billion net loss.
About $1.5 billion of that came from non-cash impairment on its bitcoin holdings.
The fair value of their BTC declined by over $400 million for the year.
At the same time, the mining industry is pivoting toward AI and high-performance computing infrastructure.
That requires capital.
Updating the policy gives them the option to use bitcoin as liquidity if needed.
MARA remains the second-largest public holder of bitcoin.
If they were planning to sell the majority of their 53,822 BTC, the filing would clearly state that.
It doesn’t.
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