MARA Holdings, one of the world’s largest Bitcoin mining companies, rejected claims it plans to sell the majority of its Bitcoin holdings after speculation about a change in its treasury policy.
The clarification came via a post on X from MARA vice president for investor relations Robert Samuels, who said the company has not changed its core Bitcoin (BTC) treasury approach. His remarks responded to SwanDesk adviser Jacob King, who cited SEC filings and claimed MARA had shifted toward a sell-down strategy; King’s post drew widespread attention.
Samuels pointed to MARA’s 2026 10-K, which states the company expanded its policy to allow potential sales of Bitcoin held on its balance sheet. He emphasized the filing authorizes discretionary transactions based on market conditions and capital allocation priorities, rather than mandating a reduction in reserves. The company framed the update as preserving optionality, not committing to a material drawdown of its Bitcoin treasury.
MARA has historically positioned itself as a long-term Bitcoin holder, so any perceived shift in treasury strategy attracted close scrutiny from investors and market participants.
While MARA has broadened its operational footprint, its balance sheet remains heavily tied to Bitcoin. Diversification accelerated recently when MARA acquired a 64% stake in Exaion, a France-based computing infrastructure company focused on high-performance computing and blockchain services. Even so, Bitcoin remains central: MARA holds 53,822 BTC, valued at about $3.7 billion, making it the largest publicly traded Bitcoin miner by treasury size. Among public companies overall, only Michael Saylor’s Strategy holds more, with over 720,000 BTC accumulated to date.
