MARA Holdings, the leading public miner by Bitcoin reserves, updated its treasury policy for 2026 to allow the sale of accumulated assets.
This shift moves away from the previous practice of holding mined Bitcoin as a long-term investment. Last year, active digital asset management brought mixed results. The company earned interest income but incurred trading losses and saw a significant decline in market value.
“Historically, we held our produced Bitcoin as a long-term investment. In the second half of 2025, we started selling Bitcoin to fund operations. In 2026, we plan to continue monetizing Bitcoin based on market conditions to enhance our financial flexibility, including providing liquidity or funding capital projects and other initiatives that we believe will increase long-term shareholder value, depending on market conditions and our capital allocation priorities,” the report states.
MARA's asset management strategy covers treasury holdings, credit agreements, trading operations, and collateralized borrowing.
By December 31, 2025, the company activated about 28% of its 53,822 BTC under this strategy. It loaned 9,377 BTC to counterparties, earning $32.1 M in interest income, and pledged 5,938 BTC against credit lines of $350 M.
Challenges of 2025
MARA's treasury activation faced difficulties in 2025. The company recorded a $422.2 M decrease in the fair value of its Bitcoin holdings caused by a drop in Bitcoin's market price.
A separate managed account with 2,000 BTC at Two Prime, created in the second quarter for structured trading and hedging, generated a net trading loss of $22.1 M. MARA terminated the mandate in December, withdrawing the remaining 1,777 BTC. Factoring in fair value adjustments, the trading segment showed a total loss of $69.1 M for the year.
MARA mined 8,799 BTC in 2025, which is 7% less than the 9,430 BTC mined a year earlier. The company attributed this decline to the April 2024 halving and growing network difficulty, despite an increase in the energized hash rate to 66.4 EH/s.