Bitcoin miner MARA Holdings disclosed a significant policy shift in its annual report: starting in 2026, the company may sell Bitcoin already held on its balance sheet, not only freshly mined coins. The updated language appears in a Form 10-K filed with the SEC, signaling a departure from the long-term hold approach that previously defined its treasury strategy.
From HODL to Flexibility: What Changed
The filing states that MARA now permits buying or selling Bitcoin across both operational output and existing reserves. As of Dec. 31, 2025, the company owned 53,822 BTC, ranking second among public firms behind Michael Saylor's Strategy. MARA said its digital asset program now encompasses treasury holdings, lending, trading strategies, and collateralized borrowing. Roughly 28% of its Bitcoin stash fell under that program—9,377 BTC loaned out and 5,938 BTC pledged as collateral.
Lending and Trading Losses Mount
Bitcoin lending generated $32.1 million in interest during 2025, but declining prices triggered an $86.3 million net loss in the lending segment. The trading desk also took hits. In the second quarter, MARA allocated 2,000 BTC to a managed account with Two Prime for structured trades, resulting in a $22.1 million loss. By December, it exited the mandate and withdrew 1,777 BTC. Including fair-value adjustments, total trading losses hit $69.1 million. Overall, MARA recorded a $422.2 million decline in Bitcoin fair value for 2025.
Production Drops, Debt Repaid
Mining output slipped to 8,799 BTC in 2025, down from 9,430 BTC a year earlier. After Bitcoin dipped below $70,000, MARA repaid $150 million in credit lines and secured a new $150 million facility. As of year-end, 5,938 BTC backed $350 million in borrowings, valued at $519.6 million. The moves suggest MARA is adjusting to market conditions with a more dynamic balance sheet, trading pure accumulation for active risk management.