Two of the largest publicly traded Bitcoin mining firms in the United States, MARA Holdings and Core Scientific, have unveiled major changes to their treasury strategies, moving away from long-term holding toward cashing out reserves. MARA's latest annual report reveals it will broaden its Bitcoin disposition policy for 2026, no longer restricting sales to newly mined coins. By the end of 2025, MARA held 53,822 BTC, which recorded a fair value loss of $422.2 million over the year. Roughly 28% of its Bitcoin has been used in loans, trading, or as collateral; some coins backed a credit line while a sizeable portion was lent out, generating $32.1 million in interest revenue.
MARA's Mining Output and Hashrate in 2025
Operating a fleet of 490,000 mining units with a combined hashrate of 66.4 EH/s, MARA mined only 8,799 Bitcoin in 2025 — a drop from previous years due to the 2024 block reward halving and rising network difficulty. Total energy capacity reached 1.9 GW, with annual electricity costs climbing to $179 million. The revised policy aims to inject flexibility into capital management amid volatile market conditions. MARA continues to invest heavily in energy-intensive data centers for AI and high-performance computing, which require significant long-term capital, making Bitcoin liquidations critical for future funding.
Core Scientific Plans Full Bitcoin Sell-Off, Pivots to AI Infrastructure
Core Scientific has also announced plans to liquidate nearly all its Bitcoin holdings over the coming year. The company sold approximately 1,900 BTC in January, realizing $175 million in proceeds, and ended the year with a balance of 2,537 BTC. Amid restructuring, mining operations largely continue under energy supply agreements, but the firm is shifting focus toward building data centers for AI and high-density computing. Year-end cash and equivalents totaled $530 million. Large-scale data center projects open the door to potential billion-dollar financing; converting Bitcoin reserves into cash reduces reliance on loans or equity issuance, strengthening liquidity. The trade-off: losing direct exposure to any potential Bitcoin price rallies. These treasury, energy, and technology decisions highlight the increasingly intertwined factors shaping the crypto mining sector.