MARA Holdings updated its Bitcoin treasury policy on Monday through a 10-K filing with the U.S. Securities and Exchange Commission, allowing potential sales of BTC reserves beginning in 2026. The disclosure confirmed the company may sell Bitcoin held on its balance sheet, not just newly mined coins. The change follows a year of mixed results from its digital asset management strategy and shifting capital needs.
Bitcoin Treasury MARA Revises BTC Reserves Strategy
MARA currently holds 53,822 BTC, making it the second-largest public Bitcoin holder behind Strategy. As per the 10-K filing, the revised policy expands beyond its prior approach of retaining mined Bitcoin for long-term investment. According to the filing, MARA may now buy or sell bitcoin depending on market conditions and capital allocation priorities.
In the second half of 2025, MARA made some changes. At that time, MARA began permitting sales of Bitcoin generated from operations. However, the 2026 update extends flexibility to bitcoin already held in treasury reserves.
The company outlined that its digital asset management program includes treasury holdings, lending, trading activities, and collateralized borrowing. As of Dec. 31, 2025, about 28% of its Bitcoin holdings were deployed under that framework. That allocation included 9,377 BTC loaned to counterparties and 5,938 BTC pledged as collateral.
Lending Income Offset by Trading and Fair-Value Losses
MARA generated $32.1 million in interest income from lending Bitcoin during 2025. However, after accounting for Bitcoin’s price decline, the lending segment recorded an $86.3 million total loss. The company also pursued structured trading strategies during the year.
In the second quarter, MARA placed 2,000 BTC into a separately managed account with Two Prime. That mandate sought structured trading and hedging opportunities. The effort produced a $22.1 million net trading loss, and MARA ended the mandate in December, withdrawing 1,777 BTC.
Including fair-value adjustments, the trading segment recorded a $69.1 million loss for 2025. Across its broader holdings, MARA reported a $301.2 million fair-value decline at year-end. Overall, the company recorded a $422.2 million decrease in the fair value of its bitcoin holdings during 2025.
MARA mined 8,799 BTC in 2025, down from 9,430 BTC in 2024. That production decline coincided with greater balance-sheet exposure to price volatility.
MARA Stock, Borrowing, and Collateral
At the time of writing, the MARA stock was trading at $9.05 in pre-market hours, down by 4.23% or $0.40. The crypto stock has a daily range between $8.44 and $9.84, while its 52-week range spans from $6.66 to $23.45. It has a market cap of $3.57 billion, with an average daily volume of 48.92 million shares and a price-to-earnings ratio of 5.03.
Source: Yahoo Finance
After the Bitcoin price fell below $70,000 this year, MARA repaid $150 million of outstanding credit lines. It also entered a new $150 million facility to adjust its capital structure. Meanwhile, the company continued expanding operations.
Alongside treasury activity, MARA increased collateralized borrowing. As of Dec. 31, it pledged 5,938 BTC to secure $350 million in credit facilities. With Bitcoin priced above $87,000 at year-end, the collateral was valued at roughly $519.6 million.
