Leading Bitcoin Miner MARA Holdings (MARA) expects to continue monetizing its Bitcoin holdings in 2026 as part of its capital allocation and liquidity strategy, the company stated in a recent SEC filing.
MARA said that it is allowed to sell the Bitcoin on its balance sheet in 2026, which covers the addition of newly mined coins.
The company noted that it may sell Bitcoin “from time to time” with monetization decisions based on capital allocation preferences and prevailing market conditions.
MARA revealed last November that it has revised its Bitcoin investment strategy for the 3rd quarter of 2025 and may sell some of the mined Bitcoins to finance ongoing operations.
The company plans to sell Bitcoin in the second half of 2025 after announcing in July 2024 that it will adopt a full HODL policy, holding all mined Bitcoin and selectively buying it on the open market.
After the November update, data on the MARA chain shows that MARA performs a number of Bitcoin transfers to institutional trading venues.
The company had about 53,822 BTC worth about $4.7 billion at the end of 2025, with about 15,315 BTC allocated to various asset management strategies. The revised policy gives the company more flexibility to raise cash as it pursues growth in artificial intelligence and high-performance computing infrastructure.
MARA reported that its mining output fell 7% year-over-year to 8,799 BTC in 2025 after the April 2024 halving, which reduced block rewards to 3,125 BTC. Growing network problems have put even more pressure on production.
Bitcoin has traded in a wide range between $76,000 and $126,000 throughout 2025, before hitting around $60,000 earlier this year, underscoring the asset’s continued volatility. The company noted that prolonged price weakness could force it to idle its mining rigs or reduce operations.
Mara controls approximately 1.9 gigawatts of power capacity and earned approximately $32 million in interest income from lending agreements in 2025, when approximately 9,377 BTC were lent to third parties.
The miner also moved to diversify revenue streams, acquiring a 64% stake in Exaion and partnering with Starwood Capital Group to develop data center capacity targeting hyperscalers and enterprise tenants.
