MARA Holdings, one of the largest Bitcoin (BTC) mining companies in the world, has revealed a major change in strategy that could have significant implications for the broader BTC market.
Recently offer With the US Securities and Exchange Commission (SEC), the company has disclosed an update to its treasury policy that allows it to sell Bitcoin from its balance sheet – a significant departure from its long-standing commitment to hold the asset as a long-term investment.
Bitcoin Miner MARA can sell resources
Under the new policy, MARA is no longer strictly obligated to hold all Bitcoin mined. Instead, it has opened the door to liquidating some or even all of its shares if circumstances warrant.
MARA currently holds 53,822 BTC, according to its data, making it the second largest corporate holder of Bitcoin. information from BitcoinTreasuries.net.
At current market prices, the company’s stock is worth about $3.59 billion. Michael Saylor’s Strategy, formerly known as MicroStrategy, alone has more than 720,000 BTC.
Related reading
In its filing, MARA acknowledged that a prolonged slowdown in the price of Bitcoin could affect its financial position. If the price remains low or declines further, the value of its shares could decline significantly, weighing on its balance sheet and liquidity.
Since Bitcoin mining represents the company’s main source of income, prolonged price declines may make it harder to cover. operating costsmeet debt obligations or finance strategic initiatives.
The company also pointed to upcoming financial obligations, including the potential need to repurchase convertible notes in 2027. Fulfillment of such obligations requires large cash reserves.
Under these circumstances, including liquidity pressures or adverse market conditions, MARA said it may sell some or all of its Bitcoin holdings.
Potential “supply bomb” devices
Market analyst Shanaka Anslem provided a detailed description of the company’s current challenges. According to According to Anslem, the cost of producing MARA is now around $87,000 per Bitcoin, while the asset is trading around $66,690.
This gap means that the company is effectively losing money on every block it mines. At the same time, the hashprice – a key measure of mining profitability – fell to a record low of $35 per petahash.
Anslem also highlighted MARA’s open market acquisition in 2025. During that year, the company acquired 4,267 BTC at an average price of $111,034 per coin. At much lower current prices, these purchases are now about 38% underwater.
Related reading
Looking ahead, Anslem suggested that blockchain data could provide important clues as to whether MARA policy change turns into real sales.
If the company’s wallets don’t show any significant flow over the next 90 days, he argued, the announcement could be little more than discretionary flexibility, and the oversupply could be deceptive.
However, if a significant transfer begins – especially in a market environment characterized by a Index of fear and greed read 15 and Bitcoin has already fallen by 22% – the psychological impact and the price can be significant.
In this scenario, other miners with large holdings could also come under scrutiny, creating what he described as a potential “supply bomb” effect.
Featured image from OpenArt, chart from TradingView.com
