MARA Rejects Claims of Major Bitcoin Sell-Off

MARA Holdings, one of the largest Bitcoin miners, pushed back against claims it plans to sell most of its BTC holdings after a filing was widely interpreted as a change in treasury policy. The company’s vice president for investor relations, Robert Samuels, posted on X that MARA has not abandoned its core Bitcoin treasury strategy.

Samuels was responding to a widely shared post by SwanDesk adviser Jacob King, who cited the company’s SEC filings and said MARA appeared to be shifting toward a sell-down approach. Samuels noted the relevant language in MARA’s 2026 10-K, which expands the company’s ability to transact in Bitcoin but does not require a reduction in reserves. According to him, the filing authorizes discretionary sales depending on market conditions and capital allocation priorities, preserving optionality rather than committing to a material drawdown of the treasury.

MARA has long presented itself as a long-term Bitcoin holder, so any perceived change in policy drew investor scrutiny. The company has diversified operations recently, including acquiring a 64% stake in Exaion, a France-based provider of high-performance computing and blockchain services, but its balance sheet remains heavily exposed to Bitcoin.

MARA currently holds 53,822 BTC, worth roughly $3.7 billion, making it the largest publicly traded Bitcoin miner by treasury size. Among all public companies, only MicroStrategy, led by Michael Saylor, holds a larger Bitcoin position, with over 720,000 BTC accumulated to date. The company’s statement underscores that filings can expand flexibility without signaling an immediate shift in strategy.