MARA Holdings Offloads 15,133 Bitcoin for $1.1B to Back AI Push
MARA Holdings, the world's largest Bitcoin miner, has turned into one of the market's biggest sellers. Over the past three weeks, the company sold 15,133 Bitcoin for about $1.1 billion. MARA now holds 38,689 Bitcoin, valued at roughly $2.3 billion.
CEO Fred Thiel said the sales reflect a capital-allocation decision aimed at strengthening the balance sheet and positioning the company for long-term growth. He said the move increases "financial flexibility" as MARA expands beyond "pure-play Bitcoin mining" into digital energy and AI/HPC infrastructure.
Shares of MARA traded at $8.50, up about 3.5% on the day, according to Yahoo Finance. The sale also pushed the company down to third place in the "Bitcoin treasury" trade, with Jack Mallers' Twenty One Capital moving into the No. 2 spot.
MARA is the latest and largest example of a broader pivot by US miners toward artificial intelligence infrastructure as mining economics deteriorate after the most recent halving, Bernstein analysts said. In 2024, the halving—an event that occurs every four years—reduced block rewards to 3.125 Bitcoin per block. At the same time, transaction fees have fallen as more Bitcoin becomes held in exchange-traded funds instead of being moved on-chain.
The combined impact has tightened margins sharply. Operators that could mine profitably at $50,000 per coin are now struggling to break even even at $100,000, while Bitcoin is trading around $69,000. AI customers, by contrast, are seeking power capacity and paying premium rates.
Other miners have already made similar moves. Core Scientific has contracted 590 megawatts to AI cloud provider CoreWeave for 12 years in a deal expected to generate $10 billion in revenue. IREN is targeting more than $500 million in annualised revenue from AI cloud services in 2026. CleanSpark, previously committed to pure Bitcoin mining, appointed a senior vice president for AI data centres in October.
Some investors argue miners are not moving fast enough, though the shift is not risk-free. The AI trade that looked compelling six months ago is drawing more scrutiny, with market watchers questioning whether OpenAI and other hyperscalers can execute and monetise aggressive buildout plans.
That skepticism has spilled over into Bitcoin miners, said Matthew Sigel, head of digital assets research at VanEck. "The once-dominant AI trade has weakened," he said in February, adding that tighter financing conditions alongside Bitcoin weakness have forced many miners to sell more of their holdings to fund the transition.
Pedro Solimano is a markets correspondent with DL News. Tips: psolimano@dlnews.com.
