MARA 计划在第四季度净亏损 17 亿美元的情况下出售比特币

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Key points:
MARA Holdings revised its 2026 treasury policy on Monday to permit sales of Bitcoin held on its balance sheet.
The company held 53,822 BTC worth $4.7 billion at the end of last year, with portions loaned and pledged.
MARA reported a $1.7 billion Q4 net loss, including a $1.5 billion fair-value loss on digital assets.
Mara Holdings has joined the list of crypto companies selling Bitcoin as part of a new strategy for 2026.

The revision expanded beyond the company’s prior approach of holding mined Bitcoin as a long-term investment and only permitting sales from mining production in 2025. According to the filing, MARA may continue to hold Bitcoin for long-term investment purposes, and it may also buy or sell Bitcoin from time to time, subject to market conditions and capital allocation priorities.

Mara Holdings (MARA) was down by over 5% as of Tuesday morning. On Stocktwits, the retail sentiment around MARA remained in the ‘extremely bullish territory,’ as chatter levels around it remained ‘extremely high’ over the past day.

Treasury Holdings And Q4 Results

MARA held 53,822 BTC worth approximately $4.7 billion at the end of the previous year. About 28% of those holdings were activated under its digital asset management strategy, including 9,377 Bitcoin (BTC) loaned to counterparties and 5,938 BTC pledged as collateral against $350 million in outstanding credit facilities. The loaned Bitcoin generated $32.1 million in interest income during the year.

In its fourth-quarter earnings report, MARA reported a net loss of $1.7 billion, primarily driven by a $1.5 billion loss from changes in the fair value of digital assets. Revenue totaled $202.3 million, down 5.63% year-over-year and below the consensus estimate of $262.0 million. The firm reported a loss per share of $4.52.

Fair Value Of Bitcoin Holdings

MARA recorded a $422.2 million decrease in the fair value of its Bitcoin holdings during 2025. A separately managed account funded with 2,000 BTC incurred a net trading loss of $22.1 million before being terminated in December. Including fair-value adjustments, the trading segment recorded a total loss of $69.1 million for the year.

MARA mined 8,799 BTC in 2025, compared with 9,430 BTC in the prior year, and ended the year with an energized hashrate of 66.4 EH/s.

MARA’s policy update came as other publicly traded miners also planned Bitcoin sales, as reflected in recent earnings filings. Core Scientific also announced on Monday in its annual report and fourth-quarter statement that it sold approximately 1,900 Bitcoin in January for about $175 million and expects to sell its remaining holdings in the first quarter of 2026 to enhance liquidity and fund capital expenditures.
source: https://www.tradingview.com/news/stocktwits:33ae868a3094b:0/