In brief
- MARA sold some Bitcoin it produced in 2025, but it may offload BTC from its balance sheet in 2026.
- The firm sold around $413 million in BTC last year, but holds another $3.6 billion based on Bitcoin’s current price.
- Sales may help fund operations as it extends beyond Bitcoin mining and into AI compute as well.
Publicly traded Bitcoin miner MARA could sell more from its $3.6 billion Bitcoin stash in a strategy shift that could fuel a deeper push into AI, the firm reported in a newly filed 10K form with the SEC.
The firm, which held 53,822 Bitcoin at the close of 2025, sold around $413 million worth of Bitcoin last year, according to the filing. Its new strategy might have it offloading even more this year.
“Historically, we held the Bitcoin we produced as a long-term investment,” the firm wrote. “In the second half of 2025, we made a strategic change to our Bitcoin investment approach and opted to sell a portion of the Bitcoin produced from our mining operations to fund ongoing operating expenses, and continued to sell Bitcoin through the year end.”
“In 2026, we further revised the strategy to allow for the sale of Bitcoin held on our balance sheet, in addition to current production,” it added.
The strategy revision comes amid the firm’s evolution beyond a “pure play Bitcoin miner” and into a "vertically integrated digital infrastructure company.”
“While Bitcoin mining remains the foundation of our platform, we have expanded our footprint in energy generation and are investing in research and development to establish a presence in AI and adjacent markets, creating additional revenue opportunities over the long term,” its 10K filing reads.
The firm posted record-breaking Q3 revenues but saw a “material reduction” in the fair value of its mining rigs during Q4 thanks to Bitcoin’s drawdown, recently around 46% from its October all-time high price of $126,080. Bitcoin was recently trading for $68,468.
And while its focus may be broadening beyond Bitcoin, the firm said it anticipates its holdings of the top crypto asset will go up over time.
“We expect that our future Bitcoin holdings will generally increase but will fluctuate from time to time, both in number of Bitcoin held and fair value in U.S. dollars,” its 10K reads. “We intend to add to our Bitcoin holdings primarily through our production activities and from time to time purchases.”
MARA added around $46 million worth of BTC in October following the record-breaking $19 billion liquidation cascade on October 10.
Shares of MARA are down more than 5% to $8.94 on Tuesday amid a broader market slide as Iran war concerns persist. Shares in the firm have dropped around 43% in the last six months.
Last week, MARA shares briefly spiked as much as 16% after hours when it announced an AI data center deal with Starwood Property Trust.
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