In a Monday SEC filing, the US Bitcoin miner said it would consider selling some of the coins on its balance sheet, depending on market conditions.
US-based cryptocurrency miner MARA Holdings made waves after a regulatory filing signaled that the company could change its HODL strategy.
In a Monday filing with the US Securities and Exchange Commission (SEC), MARA said it was open to selling some of its Bitcoin (BTC) holdings “from time to time” depending on market conditions and its investment priorities. According to the miner, it adjusted its strategy to allow for BTC sales in 2026, while Bitcoin sales generated from mining at the company have been permitted since 2025.
MARA’s strategy shift comes as many crypto mining companies are pivoting some of their infrastructure into artificial intelligence (AI) and high-performance computing (HPC) amid increasing BTC difficulty and associated costs. On Monday, Riot reported a net loss of $663 million for 2025 in part due to the value of its Bitcoin holdings, while Core Scientific said its Q4 2025 revenue was down 16% from the year-earlier period.
“This is not flexibility,” said analyst Shanaka Anslem Perera in a Tuesday X post on MARA’s SEC filing. “This is the math forcing the hand. Production cost sits at $87,000 per coin. Spot trades at $69,000. Every block mined loses money. Hashprice collapsed to a record low of $35 per petahash.”
He added:
“The entities that mine Bitcoin no longer want to hold it. The entity that holds the most Bitcoin [Michael Saylor’s Strategy] has never mined a single satoshi. Production and accumulation have fully decoupled for the first time in this asset’s sixteen-year history.”
MARA announced last month that it had acquired a 64% stake in computing infrastructure operator Exaion, in a move to strengthen its position through HPC and AI. Similarly, digital infrastructure company Terawulf reported last week that it expects additional growth in 2026 fueled by AI and HPC contracts.
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At the time of publication, BTC was trading hands for $67,717, off by more than 13% in the past 30 days. MARA reported holding 53,822 BTC as of Dec. 31, then worth about $4.7 billion. At current price levels, that equates to $3.64 billion.
How the US-Iran conflict is affecting Bitcoin
The military actions taken by the United States and Israel against Iran during the weekend spurred concerns over oil supplies and inflation. The price of Bitcoin failed to stay over $70,000 on Tuesday while even assets like gold experienced some volatility amid concerns of a drawn-out conflict.
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