MARA Holdings has moved to treat its Bitcoin reserves as a source of liquidity rather than a balance-sheet asset meant to stay untouched. The US-listed miner sold 4,076 BTC in late 2025 at an average price of about $101,000 per coin, according to the disclosed details. Early 2026 filings with the US Securities and Exchange Commission said the company increasingly views the Bitcoin on its books as assets that can be liquidated quickly.
Only part of MARA’s reserve is immediately saleable
MARA’s Bitcoin reserve is estimated at roughly $3.8 billion. Still, the full amount is not freely available. The company disclosed that 15,315 BTC on its balance sheet has been lent out, pledged as collateral, or restricted for other reasons, leaving only 38,507 BTC readily available for sale. That distinction matters. MARA remains one of the largest public miners by holdings, but its usable reserve is much smaller than the headline figure suggests.
Its financial position helps explain the shift. In 2025, MARA recorded an impairment loss of $422.2 million and posted an operating deficit of $69.1 million. At the same time, it needs substantial capital for AI data centers being developed with Starwood Capital. The company’s stated rationale is straightforward: instead of raising capital through shareholder dilution, it plans to rely on Bitcoin sales as its main source of liquidity.
Halving pressure and debt needs are forcing harder choices
Conditions for miners have become tighter after the latest Bitcoin block reward halving. Revenue has declined, while power costs and debt burdens continue to climb. MARA also faces $350 million in convertible notes due in 2027, adding another layer of pressure to its funding plan. With AI infrastructure spending running alongside its mining business, the company appears to need faster access to cash and more flexibility in treasury management.
That has turned attention to market impact. Analysts cited in the source warn that large reserve sales from a miner of MARA’s size could weigh on Bitcoin prices if they occur during weak liquidity periods. The policy change also points to a broader shift in how miners think about treasury assets. Bitcoin reserves that were once treated as strategic stockpiles are increasingly being managed as assets that can be sold when operating needs rise.
Other public miners are also revisiting reserve policies
The change is not limited to MARA. Publicly listed miners together hold more than 116,000 BTC. Alongside MARA, companies such as Riot Platforms, CleanSpark, and Hut 8 still maintain sizeable reserves. The report says Bitdeer liquidated its entire reserve at the start of 2026, while Core Scientific plans to sell nearly all of its current holdings within the year.
A wider industry pattern is taking shape: miners are becoming more willing to convert treasury Bitcoin into operating capital, especially if AI infrastructure offers better economics than mining. That affects supply entering the market and could influence price formation depending on the scale and speed of sales. MARA’s upcoming first-quarter report is now in focus, as the market looks for clearer numbers on how much Bitcoin has already been sold and whether other major miners will take the same route.