CMC News

MARA May Liquidate $BTC Reserves To Fund AI Shift

$BTC miner #MARA Holdings has revised its #Bitcoin strategy to permit the sale of coins already held on its balance sheet, a policy change disclosed in a 10K filing submitted to the U.S. Securities and Exchange Commission on Monday.

The company, which reported holding 53,822 $BTC as of Dec. 31, 2025, had previously limited sales to Bitcoin produced through active mining. That change took effect in mid-2025, when MARA began selling mined coins to cover operating costs, generating approximately $413 million in proceeds over the year. The latest update extends that permission to existing reserves, with timing and volume subject to market conditions and internal priorities.

At a $BTC price of approximately $68,000, the company's holdings are currently valued at around $3.64 billion, down from roughly $4.7 billion at year-end when Bitcoin was #trading higher. The company said it still expects its total $BTC position to grow over time through mining output and occasional purchases, though the revised policy introduces the possibility of net reductions.

Analyst Shanaka Anslem Perera cited production economics as the underlying driver of the shift. Writing on X, he noted that MARA's cost to mine 1 $BTC sits at $87,000, while spot prices remain near $69,000, meaning every block produced generates a net loss. He also pointed out that hashprice had #collapsed to a record low of $35 per petahash, compressing margins further across the mining sector.

Perera framed the broader trend as a structural separation between #miners and accumulators. "The entities that mine Bitcoin no longer want to hold it," he wrote. "The entity that holds the most Bitcoin has never mined a single satoshi. Production and accumulation have fully decoupled for the first time in this asset's sixteen-year history."