- MARA Holdings may sell Bitcoin from its balance sheet depending on market conditions, according to a Monday SEC filing.
- The miner’s production cost reportedly sits at $87,000 per coin, significantly above Bitcoin’s current spot price.
- Analysts note that major Bitcoin miners and the largest accumulators, like MicroStrategy, have become distinct entities.
In a significant strategic pivot, U.S. Bitcoin miner MARA Holdings signaled in a Monday SEC filing that it may begin selling its mined cryptocurrency. The company said it would consider selling Bitcoin from its balance sheet “from time to time,” a move driven by shifting market conditions and corporate priorities.
Consequently, this marks a departure from its previous “HODL” strategy, with new flexibility for coin sales starting in 2026. This shift comes as rising mining costs and falling Bitcoin prices squeeze industry margins, forcing difficult financial decisions.
Meanwhile, analyst Shanaka Anslem Perera clarified the dire economics behind the move in a Tuesday X post. “The math [is] forcing the hand. Production cost sits at $87,000 per coin. Spot trades at $69,000. Every block mined loses money.”
He further noted that production and accumulation have fundamentally decoupled in the market. “The entities that mine Bitcoin no longer want to hold it. The entity that holds the most Bitcoin has never mined a single satoshi,” he said, referencing Michael Saylor’s MicroStrategy.
However, mining firms like MARA are actively diversifying their business models beyond cryptocurrency. The company recently acquired a majority stake in computing infrastructure operator Exaion to bolster its high-performance computing and Artificial Intelligence services.
At the time of publication, Bitcoin was trading near $67,717, down over 13% in a month. MARA reported holding 53,822 BTC as of December 31, valued at approximately $3.64 billion at current prices, a decline from its year-end valuation of $4.7 billion.
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