Marathon Digital Holdings (MARA), the largest public Bitcoin miner by BTC holdings, has fundamentally revised its treasury management strategy, signaling a potential shift from a pure accumulation model to a more flexible approach that includes selling its stockpiled Bitcoin. The policy change was disclosed in the company's annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) on Monday, March 3, 2026.
The new policy explicitly states that the company "may hold bitcoin for long-term investment purposes and may also buy or sell bitcoin from time to time, subject to market conditions and our capital allocation priorities." This marks a departure from its historical stance of holding mined Bitcoin as a long-term investment. The shift began in the second half of 2025 when MARA first permitted sales of Bitcoin generated from operations, and was expanded in 2026 to include sales of Bitcoin already held on its balance sheet.
The company's digital asset management strategy, which encompasses treasury holdings, lending, trading, and collateralized borrowing, had already been activated for approximately 28% of its total holdings as of December 31, 2025. At that time, MARA held 53,822 BTC. Of this, 9,377 BTC were loaned to counterparties, generating $32.1 million in interest income, and 5,938 BTC were pledged as collateral for $350 million in outstanding credit facilities.
However, MARA's foray into active asset management faced significant headwinds in 2025. The company recorded a substantial $422.2 million decrease in the fair value of its Bitcoin holdings for the year, primarily due to the decline in Bitcoin's market price. A separately managed trading account with Two Prime, funded with 2,000 BTC, incurred a net trading loss of $22.1 million, leading MARA to terminate the mandate in December and withdraw the remaining 1,777 BTC. Including fair-value adjustments, the trading segment recorded a total loss of $69.1 million for 2025.
Operationally, MARA mined 8,799 BTC during 2025, a 7% decrease from the 9,430 BTC produced in 2024. The company attributed the decline to the April 2024 Bitcoin halving event and increased network difficulty, despite growing its energized hashrate to 66.4 exahashes per second (EH/s).
