MARA Holdings considers selling Bitcoin amid mining losses

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Highlights

MARA may sell Bitcoin reserves depending on market conditions.
The company holds 52,850 BTC worth over $3.6 billion.
Mining production costs exceed BTC spot price, pressuring margins.

Selling pressure on BTC is growing

U.S.-based cryptocurrency miner MARA Holdings has stirred the crypto market after stating in a regulatory filing that it may revise its long-standing HODL strategy. In a filing with the U.S. Securities and Exchange Commission (SEC), MARA said it may sell portions of its Bitcoin holdings “from time to time” depending on market conditions and investment priorities.

The document states that since 2025, MARA shareholders have authorized the sale of BTC mined by the company. However, in 2026 the policy was expanded to allow the sale of Bitcoin from the company’s treasury reserves.

The announcement sparked significant attention, as MARA leads all public miners by a wide margin in BTC holdings. According to BITBO data, the company held 52,850 BTC as of January 21, 2026. At the current price of $68,400, those holdings are worth more than $3.6 billion. Its closest competitors hold significantly less: Riot owns 18,005 BTC, while Hut 8 Corp holds 13,696 BTC.

Cointelegraph reported that MARA’s strategic shift comes amid declining revenues and mounting losses across the Bitcoin mining sector. This week, Riot reported a net loss of $663 million for 2025, while Core Scientific announced a 16% year-over-year revenue decline in the fourth quarter.

Rising energy costs linked to U.S. and Israeli military actions against Iran have further intensified concerns about electricity prices and additional pressure on Bitcoin. As a result, many mining companies that previously diversified into data center services and AI infrastructure are expected to accelerate this strategy.

“Companies that mine Bitcoin no longer want to hold it. The company that holds the most Bitcoin (Michael Saylor’s Strategy) has never mined a single satoshi. For the first time in this asset’s sixteen-year history, production and accumulation have fully diverged,” commented analyst Shanaka Anselm Perera.

He added that simple economics are forcing miners to sell, as the production cost of $87,000 per coin exceeds the spot price below $69,000 — meaning every mined block generates a loss.

A forced reset could strengthen the market

MARA’s potential pivot may signal a structural shift in the industry. If the largest public miner begins treating BTC not as a strategic reserve but as a liquid asset for cash flow management, it could reshape how investors assess mining company balance sheets.

In the short term, such moves may increase selling pressure, as miners have traditionally been viewed as natural long-term holders. However, over the longer horizon, this financial discipline could strengthen the sector by reducing debt burdens and lowering bankruptcy risks during prolonged bear markets.

Moreover, flexible selling strategies reflect the maturation of the mining industry. After multiple halving events, profitability has become critically dependent on electricity costs, hardware efficiency, and financial management.

Under these conditions, miners are evolving from ideological HODL players into operational energy-tech companies, where liquidity management and revenue diversification — including AI infrastructure — are becoming more important than simply accumulating BTC.

As we reported, MARA acquires 64% of Exaion to expand into AI and cloud infrastructure

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