MARA Holdings sparked concern after its latest 10-K filing revealed it had updated its Bitcoin treasury policy to allow potential sales of BTC held on its balance sheet. Some outlets quickly framed the move as the end of MARA’s long-standing “HODL” strategy.
But according to MARA Vice President Robert Samuels, that interpretation is incorrect:
From Pure HODL to Flexible Treasury
Previously, MARA held nearly all mined Bitcoin as a long-term balance sheet asset. In 2025, it began selling newly mined BTC to fund operations. Now, in 2026, it has expanded that flexibility to include coins already held on its balance sheet. That’s a meaningful policy shift – but not a liquidation plan.
The updated framework simply gives management the option to buy or sell depending on market conditions and capital needs. As of year-end 2025, MARA held 53,822 BTC, making it the second-largest public corporate Bitcoin holder after Strategy.
Read also: How Low Would Bitcoin Have to Go for Strategy to Sell?
Why the Shift Now?
The change comes amid tighter mining economics and expansion into AI and high-performance computing. Bitcoin’s price has fallen significantly from late-2025 highs, while post-halving mining margins remain compressed. At the same time, MARA is investing heavily in AI infrastructure, including data center acquisitions and partnerships.
Roughly 28% of MARA’s BTC is already involved in lending or collateral arrangements. The company earned $32 million in interest income from BTC lending in 2025, though volatility still led to sizable paper losses.
At current prices near $67,000, MARA’s treasury is worth roughly $3.6 billion. For now, there is no schedule or announcement of large-scale sales. The company emphasized that digital assets remain core to its strategy – it just wants more flexibility in uncertain environment.
Read also: 5 Stocks Closely Tied to Crypto Trends
A Broader Trend Among Miners
It’s also worth mentioning that MARA isn’t alone. Riot, Core Scientific, and others are pivoting infrastructure toward AI and HPC as mining becomes more capital intensive.
It’s important to note that unlike Strategy, which frames Bitcoin as a permanent treasury reserve, miners face operational costs directly tied to hashprice and energy expenses. That difference may increasingly define corporate Bitcoin strategies going forward, requiring more flexibility – but it does not mean that the long-term confidence in the asset has changed.
