MARA 宣布新政策，将允许出售其储备的比特币

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MARA Holdings, the largest public bitcoin miner by BTC held, has widened its treasury policy for 2026 to include the potential sale of its accumulated bitcoin reserves, according to a 10-K filing with the SEC on Monday.

The policy revision marks a departure from the company's historical approach of holding mined bitcoin as a long-term investment, and follows a year in which its active digital asset management strategy delivered mixed financial results, generating interest income but also incurring trading losses and significant mark-to-market declines.

"In the second half of 2025, we changed our digital asset management strategy to permit sales of bitcoin generated from operations, and in 2026, we expanded the strategy to allow for sales of bitcoin held on our balance sheet," MARA wrote in the filing. "Accordingly, we may hold bitcoin for long-term investment purposes and may also buy or sell bitcoin from time to time, subject to market conditions and our capital allocation priorities."

According to the 10-K, MARA’s digital asset management strategy comprises treasury holdings, lending arrangements, trading activities, and collateralized borrowing.

As of Dec. 31, 2025, approximately 28% of its 53,822 BTC holdings were activated under that strategy, including 9,377 BTC loaned to counterparties and 5,938 BTC pledged as collateral for $350 million in outstanding credit facilities. The loaned bitcoin generated $32.1 million in interest income.

Notably, MARA's broader push to activate its treasury encountered headwinds in 2025. The company said it recorded a $422.2 million decrease in the fair value of its bitcoin holdings for the year, primarily due to a decline in bitcoin’s market price.

At the same time, a separately managed account funded with 2,000 BTC at Two Prime, established in the second quarter to pursue structured trading and hedging strategies, incurred a net trading loss of $22.1 million.

MARA said it terminated that mandate in December, withdrawing the remaining 1,777 bitcoin. Including fair-value adjustments, the trading segment recorded a total loss of $69.1 million for the year.

MARA mined 8,799 BTC during 2025, a 7% decrease from the 9,430 BTC it produced in the previous year. The company attributed the decline to the April 2024 halving event and increased network difficulty, even as it grew its energized hashrate to 66.4 EH/s.

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