MARA Liquidates Bitcoin Reserves Amid Unprofitable Mining

MARA Holdings, a publicly traded Bitcoin miner, has revised its strategy to allow for the sale of existing Bitcoin reserves. This change was disclosed in a recent filing with the U.S. Securities and Exchange Commission.

The company reported holding approximately 53,822 Bitcoin as of December 31, 2025, valued at around $3.64 billion at current prices. However, MARA's cost to mine one Bitcoin is estimated to be $87,000, making it unprofitable in the current market.

Analyst Shanaka Anslem Perera attributed this shift to changing production economics and a decline in hashprice to a record low of $35 per petahash. He noted that miners are no longer interested in holding onto Bitcoin, while accumulators have taken over as the primary holders.