Major Bitcoin Miner MARA Considers Selling Holdings as AI Competition Intensifies

MARA Holdings, one of the largest U.S.-based cryptocurrency mining companies, has signaled a potential shift in its Bitcoin accumulation strategy following a regulatory filing indicating the company may sell portions of its BTC holdings. The SEC filing reveals MARA now allows Bitcoin sales under certain market conditions and investment priorities, marking a significant departure from its previous HODL-focused approach. This strategic pivot emerges as major mining companies increasingly redirect computational resources toward artificial intelligence and high-performance computing infrastructure amid escalating competition and profitability challenges. The move follows Riot Platforms' reported $663 million net loss for 2025, attributed partly to declining Bitcoin holdings value, while Core Scientific experienced a 16% revenue decline in Q4 2025 compared to the prior year period. Industry analysts calculate that Bitcoin mining production costs now approximate $87,000 per coin while spot prices trade around $69,000, creating negative margins for miners. The phenomenon represents a fundamental decoupling of Bitcoin production from accumulation, with mining entities pivoting away from holding the asset while non-mining entities like Strategy maintain aggressive acquisition programs. MARA recently acquired a 64% stake in computing infrastructure operator Exaion to strengthen its AI and HPC positioning, with Terawulf similarly projecting 2026 growth driven by AI infrastructure contracts. Bitcoin traded at $67,717 at time of publication, representing a 13% decline over 30 days, with MARA's 53,822 BTC holdings valued at approximately $3.64 billion versus $4.7 billion at year-end 2025 valuations.