MARA Revises Bitcoin Treasury Strategy, Opens Door To Selling $3.5 Billion In BTC

MARA Holdings, a major Bitcoin mining company, is changing its strategy regarding its Bitcoin reserves. Previously committed to long-term holding, MARA will now consider selling its Bitcoin. The company has amassed 53,822 BTC, valued at approximately $3.59 billion, making it the second-largest corporate holder. This policy shift is driven by concerns over prolonged Bitcoin price weakness, which could impact MARA's financial stability. Declining prices might make it difficult to cover operational costs and meet upcoming financial obligations, such as repurchasing convertible notes in 2027. MARA's current production cost per Bitcoin exceeds the market price, resulting in losses on mined coins. Additionally, the company's significant open-market purchases in 2025 were made at much higher prices. Market analysts are watching closely to see if this policy change leads to actual sales of Bitcoin from MARA's treasury. If substantial outflows occur, especially during a market downturn, it could create significant downward pressure on Bitcoin's price. This potential selling could also trigger scrutiny of other miners with large Bitcoin holdings, leading to a "supply bomb" effect.