In a significant shift from the long-standing ‘never sell’ mantra, two major Bitcoin mining companies, MARA Holdings and Core Scientific, are preparing to dip into their Bitcoin reserves to address changing economic conditions and strategic priorities. This move marks a pivotal moment for the industry as miners face tighter margins and seek to diversify their operations.
MARA Holdings, a leading Bitcoin miner, disclosed in its latest annual filing that it would expand its crypto management strategy for 2026 to allow the sale of Bitcoin held on its balance sheet. This new policy builds on the company’s 2025 strategy, which permitted sales only from newly mined Bitcoin, marking a significant departure from the traditional practice of treating mined Bitcoin as a long-term treasury reserve.
MARA’s Strategic Shift
As of December 31, 2025, MARA held 53,822 Bitcoin, valued at approximately $4.7 billion based on a year-end spot price of $87,498. During the year, the company recorded a $422.2 million decrease in the fair value of its holdings due to Bitcoin price fluctuations. About 28% of its Bitcoin was deployed in lending, trading, or collateral arrangements, including 9,377 Bitcoin loaned to counterparties and 5,938 Bitcoin pledged against $350 million in outstanding credit facilities.
These lending activities generated $32.1 million in interest income, according to the filing. The policy revision gives MARA the flexibility to buy or sell Bitcoin based on market conditions and capital allocation priorities. While it does not require immediate liquidation, it introduces a formal framework for tapping into reserves that were once considered untouchable.
Core Scientific Follows Suit
Core Scientific, another prominent Bitcoin miner, has also announced plans to monetize substantially all of its Bitcoin holdings in 2026. In January, the company sold about 1,900 Bitcoin for approximately $175 million, implying an average price of $92,000 per coin. At the end of 2025, it held 2,537 Bitcoin worth $222 million.
Core Scientific has indicated that its mining segment is being maintained primarily to meet power commitments while sites are converted into facilities designed to support artificial intelligence (AI) and high-density colocation services. The company ended 2025 with about $530 million in liquidity and outlined multibillion-dollar financing potential tied to data center contracts.
Economic Pressures and Strategic Diversification
The decision to sell Bitcoin comes as miners face tighter economics. Revenue remains tied to Bitcoin’s market price, while costs such as electricity, infrastructure, and financing remain fixed or rising. Holding large Bitcoin treasuries can amplify gains in bull markets but also magnify balance sheet pressure during downturns.
MARA operates roughly 490,000 mining rigs and reported 66.4 exahashes per second of energized hashrate at the end of 2025. Total energy capacity stood near 1.9 gigawatts, with purchased energy costs reaching $179.0 million during the year. The company mined 8,799 Bitcoin in 2025, down from 9,430 in 2024, reflecting the impact of the April 2024 halving and rising network difficulty.
The move to sell Bitcoin can reduce reliance on equity issuance or additional borrowing, especially in a higher-rate environment. It also provides companies with more cash on hand, which can be crucial for funding strategic initiatives such as the development of AI and high-performance computing data centers. These projects demand significant capital and long-term planning, making treasury monetization an appealing source of funding.
Industry Implications
The industry is adapting to the post-halving economics and rising network competition, with treasury strategy becoming a central focus. The decision to hold, lend, pledge, or sell Bitcoin now sits alongside choices about power procurement, site development, and expansion into adjacent compute markets. As the market continues to evolve, the strategic use of Bitcoin reserves will play a critical role in the financial health and future direction of mining companies.
At the time of writing, Bitcoin is trading below $67,000 after briefly topping $70,000 the previous day. The current price is $66,741.91. The moves by MARA and Core Scientific signal a broader shift in the industry, as miners seek to navigate the challenges and opportunities of a rapidly changing market.
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