"MARA said in a filing that they expanded their crypto management strategy for 2026 to permit sales of bitcoin held on its balance sheet. This shift builds on the company's 2025 policy that allowed sales only from newly mined production, marking a break from the long-standing practice of treating mined bitcoin as a long-term treasury reserve."
"The filing shows that about 28% of its bitcoin was deployed in lending, trading, or collateral arrangements, including 9,377 bitcoin loaned to counterparties and 5,938 bitcoin pledged against $350 million in outstanding credit facilities. Those lending activities generated $32.1 million in interest income, according to the filing."
"The policy revision gives MARA flexibility to buy or sell BTC depending on market conditions and capital allocation priorities. It does not require immediate liquidation, but it introduces a formal framework for tapping reserves that were once considered untouchable."
Marathon Digital Holdings announced a significant policy change allowing sales of bitcoin held on its balance sheet, moving away from its historical practice of treating mined bitcoin as untouchable treasury reserves. As of December 31, 2025, the company held 53,822 bitcoin valued at approximately $4.7 billion. The new strategy provides flexibility to buy or sell bitcoin based on market conditions and capital allocation priorities. Approximately 28% of holdings were deployed in lending, trading, or collateral arrangements, generating $32.1 million in interest income. The company operates roughly 490,000 mining rigs with 1.9 gigawatts of energy capacity. Mining output declined to 8,799 bitcoin in 2025 from 9,430 in 2024, reflecting the April 2024 halving and increased network difficulty.
#bitcoin-mining-strategy #marathon-digital-holdings #cryptocurrency-treasury-management #mining-economics #bitcoin-lending
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