Industry peers have adopted similar dynamic strategies amid rising costs and shifting markets.
MARA Holdings, a leading publicly traded Bitcoin holding company by reserves, has overhauled its treasury strategy for 2026, introducing fresh flexibility to manage its digital assets. Under the updated policy, MARA can now sell not only newly mined Bitcoin but also coins already in its reserves. The pivot comes after a turbulent year in which the company grappled with soaring operational costs and significant financial losses.
A Shift in Treasury Policy Amid Heavy Losses
Traditionally, MARA was known for a long-term accumulation approach, preferring to hold on to mined Bitcoin as a hedge. That philosophy changed dramatically after the company posted a staggering $1.71 billion net loss in the final quarter of 2025. A major part of this figure was a $1.5 billion impairment loss, meaning it did not require an actual cash outflow but reflected declining asset values. The financial hit was intensified by a sharp drop in Bitcoin’s price, which fell steeply from $111,000 to $87,000, further eroding MARA’s balance sheet.
ContentsA Shift in Treasury Policy Amid Heavy LossesRising Mining Costs and an AI-Focused Pivot
At the close of 2025, MARA’s Bitcoin holdings stood at 53,822 coins. About a quarter of this total — 9,377 Bitcoins — was lent out to generate interest income. An additional 5,938 Bitcoins were pledged as collateral for a $350 million line of credit. Through such active asset management, MARA began leveraging its reserves to generate returns. However, trading losses and ongoing market volatility put further pressure on the company’s performance, prompting management to emphasize the need for greater flexibility in treasury operations.
Rising Mining Costs and an AI-Focused Pivot
Bitcoin mining became substantially more expensive toward the end of 2025, with the cost to produce a single coin climbing to $48,611 — markedly higher than the previous year. In response, MARA sought to adapt by restructuring parts of its data center infrastructure in collaboration with Starwood Digital Ventures, aiming to integrate artificial intelligence technologies. This move mirrors a broader industry trend, with competitors like Bitdeer also liquidating portions of their Bitcoin reserves, signaling a sector-wide shift in strategy.
Despite these changes, MARA continues to hold one of the world’s largest institutional Bitcoin portfolios, second only to MicroStrategy. However, under the revised strategy, the company plans to treat its Bitcoin holdings not merely as a dormant reserve but as an asset that can be mobilized to boost liquidity and support capital needs as necessary.
MARA Holdings’ management highlighted that the new policy enables the company to make sales depending on market conditions. The added flexibility, they noted, will help the firm respond more swiftly and effectively both to price swings and changing capital requirements.
A trend toward more agile treasury management is also emerging across the industry. Core Scientific, for example, announced plans to sell 2,500 Bitcoins in the first quarter of 2026, reflecting a move by public mining companies toward more dynamic asset management approaches in the face of uncertainty.
By updating its reserves policy, MARA has repositioned its Bitcoin holdings from a traditional savings instrument to a financial tool that can be swiftly leveraged according to circumstances. This shift is designed to grant management more control and room to maneuver during periods of market turbulence.
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