MARA Holdings Revises Bitcoin Treasury Policy, Holds 53,822 BTC Valued at $3.6B–$4.7B

MARA Holdings, the largest publicly traded Bitcoin miner, revised its treasury policy in 2025 to allow discretionary sales of Bitcoin reserves for business purposes, according to a recent SEC filing. The company holds 53,822 BTC, worth approximately $4.7 billion at year-end prices of $87,498 per BTC and just over $3.6 billion at current prices, having purchased 4,267 BTC at an average $111,034 and mined 8,799 BTC in 2025 amid post-halving margin pressure and a reported $422.2 million fair-value decline tied to price volatility. MARA deploys 9,377 BTC in loans, 5,938 BTC as collateral and roughly 28% of reserves in lending, trading or collateral arrangements that generated $32.1 million in interest income in 2025, alongside $5.3 billion in cash and cash equivalents. The miner operated about 490,000 machines with 66.4 exahashes per second of hashrate and nearly 1.9 gigawatts of energy capacity at year-end 2025, incurred $179 million in energy costs, and said the updated policy provides flexibility to buy or sell Bitcoin based on market conditions, capital requirements and its expansion into artificial intelligence and high-performance computing.