In an SEC filing on Monday, the US Bitcoin miner said it is considering selling some of the coins on its balance sheet depending on market conditions.
American cryptocurrency miner MARA Holdings has made waves after a regulator suggested the company may change its HODL strategy.
In a Monday filing with the US Securities and Exchange Commission (SEC), MARA said it is prepared to sell some of its Bitcoin (BTC) assets “from time to time” depending on market conditions and its investment preferences. According to the miner, it changed its strategy to allow the sale of BTC in 2026, while the sale of Bitcoin from the company’s mining is allowed from 2025.
MARA’s change in strategy comes as many crypto mining companies shift some of their infrastructure to artificial intelligence (AI) and high-performance computing (HPC) in the face of increasing BTC difficulty and associated costs. On Monday, Riot reported a net loss of $663 million for 2025 due in part to the value of its Bitcoin holdings, while Core Scientific said its Q4 2025 revenue was down 16% from the previous period.
“It’s not flexible,” analyst Shanaka Anslem Perera said in a Tuesday X note about the SEC’s MARA filing. “It’s math that forces the hand. Production costs are $87,000 per coin. Spot trading is $69,000. Every block mined is losing money. Hashprice has fallen to a record low of $35 per petahash.”
He added:
“Those who mine bitcoin no longer want to hold it. The organization that holds the most bitcoin (Michael Saylor’s Strategy) has never mined a single satoshi. Production and storage are completely decoupled for the first time in the asset’s sixteen-year history.”
MARA announced last month that it had acquired a 64% stake in computing infrastructure operator Exaion to strengthen its position through HPC and AI. Similarly, digital infrastructure firm Terawulf reported last week that it expects additional growth in 2026, fueled by AI and HPC contracts.
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At the time of publication, BTC was trading at $67,717, down more than 13% in the last 30 days. MARA reported 53,822 BTC as of December 31, after which it was worth about $4.7 billion. At current price levels, that equates to $3.64 billion.
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