MARA Revises Bitcoin Treasury Strategy, Opens Door To Selling $3.5 Billion In BTC

MARA Holdings, one of the largest Bitcoin (BTC) mining companies in the world, has signaled a major shift in strategy that could have significant implications for the broader BTC market. 

Under the new policy, MARA is no longer strictly committed to retaining all of the Bitcoin it mines. Instead, it has opened the door to potentially liquidating part or even all of its holdings if circumstances require it.

At current market prices, the company’s reserves are valued at approximately $3.59 billion. Only Michael Saylor’s Strategy — formerly known as MicroStrategy — holds more, with over 720,000 BTC.

In its filing, MARA acknowledged that prolonged weakness in Bitcoin’s price could materially affect its financial position. If the price remains depressed or declines further, the value of its holdings could fall significantly, weighing on its balance sheet and liquidity. 

The company also pointed to upcoming financial obligations, including the potential need to repurchase outstanding convertible senior notes in 2027. Meeting such obligations would require substantial cash resources. 

Under those circumstances — including liquidity pressures or adverse market conditions — MARA said it may decide to sell a portion or the entirety of its Bitcoin reserves.

That gap means the company is effectively losing money on each block it mines. At the same time, hashprice — a key measure of mining profitability — has dropped to a record low of $35 per petahash.

Anslem also highlighted MARA’s 2025 open-market purchases. During that year, the company acquired 4,267 BTC at an average price of $111,034 per coin. With current prices significantly lower, those purchases are now roughly 38% underwater. 

If the company’s wallets show no meaningful outflows over the next 90 days, he argued, the announcement may amount to little more than optional flexibility, and the perceived supply overhang could prove illusory. 

In that scenario, other miners with large treasuries might also come under scrutiny, creating what he described as a potential “supply bomb” effect.

Featured image from OpenArt, chart from TradingView.com