New York, March 4, 2026, 08:35 EST
- MARA has expanded its digital asset policy, now allowing the sale of bitcoin from its balance sheet—not just freshly mined coins.
- Shares dropped roughly 8% early on, with investors eyeing possible supply issues and fresh funding requirements tied to new projects.
- Clear Street slashed its price target to $9, down from $16, and reiterated a Hold rating. The firm pointed to a much weaker EBITDA outlook as the driver.
MARA Holdings, Inc. shares slipped roughly 8% Wednesday morning. The bitcoin miner said it’s expanding its treasury policy, signaling it may start selling some of the bitcoin on its books. 1
This shift is significant. MARA holds a hefty stash of bitcoin, which can serve as both a ready pool of cash and, possibly, a drag on the stock if investors worry about future sales. Right now, miners are scrambling for money to keep expansion plans alive. On top of that, the company is pouring more effort into AI-related data center projects, where spending often outpaces incoming cash.
MARA now has broader options: it’s allowed to sell any coins on its books, not just what it mines this year. That change hands management extra ways out if power, hardware, or funding becomes a problem.
MARA reported holding 53,822 bitcoin as 2025 wrapped up, putting the stash’s value near $4.7 billion based on the Dec. 31 price of $87,498 per bitcoin. About 28% of its bitcoin, the company said, was “activated” via its digital asset management strategy—essentially loaned out or used as collateral.
The company linked the move to swings in its portfolio. For 2025, it logged about $422.2 million in losses tied to changes in the fair value of its bitcoin stash, citing a fall in bitcoin prices.
MARA reported it started selling bitcoin during the back half of 2025 to support operational costs. For 2026, the company plans to keep cashing in bitcoin “opportunistically,” aiming to shore up financial flexibility—whether for liquidity needs or to bankroll capital projects.
Robert Samuels, who handles investor relations for MARA, dismissed talk on social media about a major sell-off, saying the recent filing was just about keeping options open—not a signal the company will start liquidating. “Our 2026 10-K clearly states we expanded our strategy to allow for sales of bitcoin held on our balance sheet,” he said. 2
Clear Street cut its price target on MARA, dropping it to $9 from $16 but still maintaining a Hold. Analyst Brian Dobson described his outlook as “mixed” and trimmed his 2027 EBITDA estimate. EBITDA, a measure of operating profit before interest, taxes, depreciation and amortization, took the hit. 3
Weakness spread across the sector—Riot Platforms dropped roughly 7%, while Core Scientific also slipped 7% early on. Shares of listed bitcoin miners faced renewed pressure, even as bitcoin prices found some footing.
But that policy flexibility isn’t always a plus. Should bitcoin tumble or funding dry up, investors could quickly expect MARA to step up its selling—sentiment can sour well before any actual coins are moved. Adding to the mix, MARA’s approach with lending, collateral, and derivatives introduces its own set of counterparty and liquidity risks if markets freeze.
MARA reported that by year-end, 5,938 bitcoin backed $350 million in loans, with annual interest rates between 8.85% and 10.5%. After the year closed, the company opened a fresh $150 million credit line and paid off $150 million from the earlier balance.
