MARA Holdings has hinted at selling some of its treasury, potentially creating an overhang of 53,822 BTC. After adding mined rewards for years, MARA may be the biggest treasury to be divested.
MARA Holdings may be the biggest seller after years of accumulating its treasury. The miner stands just behind Strategy with a treasury of 53,822 BTC and has been adamant about being a long-term holder.
Yet the recent market downturn and the pressures of mining led MARA Holdings to reconsider its strategy. The company used its latest 10-K SEC filing to announce the changes in its treasury policy. MARA Holdings admitted it had used BTC as a long-term investment, but more selling may come this year.
‘In the second half of 2025, we began selling bitcoin to fund operations. In 2026, we expect to continue to monetize bitcoin opportunistically to enhance our financial flexibility, including to provide liquidity or to fund capital projects and other initiatives that we believe enhance long-term shareholder value, subject to market conditions and our capital allocation priorities,’ explained the company.
MARA Holdings thus joined Core Scientific, Bitdeer, and other miners in tapping the value of BTC. The miners sold at a lower range, while also liquidating some of the holdings near peak valuations.
MARA Holdings uses BTC for passive income
In the past year, MARA Holdings still made use of BTC without selling. The company expanded its treasury by 20% based on its core operations. At the end of 2025, around 15,315 BTC were deposited for passive income, generating $32.1M in annualized interest.
The lending and other tools to tap BTC value may also mean MARA Holdings is not preparing to liquidate its entire treasury. The possibility of a large overhang or rapid selling remains, though MARA Holdings may opt for a more gradual divestment.
In addition to its mining operations, in 2025, MARA Holdings added 4,267 BTC at an average price of $111,034 and retained 8,799 BTC from mining. As of December 31, when BTC traded at $87,498, the treasury was valued at $4.7B, and its current price is around $3.6B.
Will MARA Holdings put pressure on BTC?
There is still no consensus on whether MARA Holdings would create a real overhang. One option would be to sell the BTC in OTC deals. Additionally, some of the BTC is engaged in lending and may remain as part of the treasury unless the loan is liquidated.
MARA has also stated in previous calls that selling is an option, though the treasury kept growing. For some analysts, MARA Holdings is just preserving its options instead of playing into the ‘diamond hands’ narrative.
MARA is currently one of the few mining companies to trade at a one-year low. The company stock was at $8.89, with a limited boost from the news of expanding data center capacity. MARA Holdings warned in its annual filing that the AI data center space has grown competitive, and its returns are not guaranteed. Miner wallets have also recently switched to liquidating some BTC, but recently the selling diminished due to exhaustion and expectations of a market recovery.
