Publicly traded Bitcoin miner Marathon Digital Holdings (MARA) may sell portions of its $3.6 billion Bitcoin treasury in 2026 to fund operations and expansion. The firm revealed the strategic shift in a newly filed form with the SEC. It reported selling approximately $413 million worth of Bitcoin mined in 2025. This move aligns with the company’s broader evolution beyond pure Bitcoin mining into energy and AI compute markets.
Publicly traded Bitcoin miner Marathon Digital Holdings (MARA) may sell Bitcoin from its balance sheet this year, according to a new SEC filing. The company holds 53,822 Bitcoin, worth about $3.6 billion at current prices.
The firm’s 10K form states it sold roughly $413 million of Bitcoin last year. “In 2026, we further revised the strategy to allow for the sale of Bitcoin held on our balance sheet, in addition to current production,” the filing reads.
This represents a shift from its historical approach of holding mined Bitcoin long-term. “In the second half of 2025, we made a strategic change…to sell a portion of the Bitcoin produced…to fund ongoing operating expenses,” the company stated.
The strategy revision supports its transition from a pure-play miner into a “vertically integrated digital infrastructure company.” MARA said it is investing to establish a presence in AI and adjacent markets for long-term revenue.
The firm posted record Q3 revenues but saw a material reduction in its mining rigs’ value during Q4. This was due to Bitcoin’s price dropping roughly 46% from its October all-time high of $126,080.
Despite potential sales, the company expects its Bitcoin holdings will generally increase over time through production and occasional purchases. MARA added about $46 million in Bitcoin last October following a major market liquidation event.
The company’s shares fell more than 5% to $8.94 amid broader market concerns. Its stock has declined approximately 43% over the past six months.
Last week, MARA shares briefly spiked after it announced an AI data center deal with Starwood Property Trust.
