For miners that once championed a ‘never sell’ ethos, the calculus is shifting as MARA Holdings disclosed in its latest annual filing that it would allow the sale of its bitcoin.

MARA said in a filing that they expanded their crypto management strategy for 2026 to permit sales of bitcoin held on its balance sheet. This shift builds on the company’s 2025 policy that allowed sales only from newly mined production, marking a break from the long-standing practice of treating mined bitcoin as a long-term treasury reserve.

As of Dec. 31, 2025, MARA held 53,822 bitcoin valued at about $4.7 billion based on a year-end spot price of $87,498. During the year, the company recorded a…

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