In a filing with the SEC on Monday, the US Bitcoin miner indicated it would sell some of the coins it has on its balance sheet, depending on how the market is doing.
MARA Holdings, a cryptocurrency miner based in the US, made headlines after a regulatory filing suggested that the business would shift its HODL strategy.
(BTC) $68,163. MARA told the US Securities and Exchange Commission (SEC) on Monday that it was willing to sell part of its Bitcoin (BTC) $68,163 holdings “from time to time” based on market conditions and its investment goals. The miner says it adjusted its strategy to allow for BTC sales in 2026. However, the company has been able to sell Bitcoin that it mined since 2025.
Mining margins under pressure
MARA is changing its strategy at the same time that a lot of other crypto mining companies are moving some of their infrastructure to artificial intelligence (AI) and high-performance computing (HPC) since BTC mining is getting harder and more expensive. Riot announced on Monday that it lost $663 million in 2025, partly because of the value of its Bitcoin holdings. Core Scientific claimed that its sales for the fourth quarter of 2025 were down 16% from the same time last year.
“This isn’t flexibility,” noted analyst Shanaka Anslem Perera in a commentary on MARA’s SEC filing on Tuesday. “This is the maths that makes it happen. The cost of making each coin is $87,000. The spot price is $69,000. Every block that is mined costs money. Hashprice fell to an all-time low of $35 per petahash.
Last month, MARA said it had bought a 64% share in Exaion, a company that runs computing infrastructure. This was part of its plan to use HPC and AI to improve its position. Terawulf, a business that builds digital infrastructure, also said last week that it expects to grow even more in 2026 thanks to AI and HPC contracts.
Geopolitical tensions weigh on Bitcoin
At the time of writing, BTC was worth $67,717, which is more than 13% less than it was 30 days ago. As of December 31, MARA said it had 53,822 BTC, which was valued at nearly $4.7 billion at the time. That comes out to $3.64 billion at the present pricing.
The US and Israel’s military moves against Iran over the weekend raised worries about oil supplies and inflation. Bitcoin’s price couldn’t hold above $70,000 on Tuesday, and even gold and other assets saw minor price changes because of worries about a long war.