Nasdaq-listed Bitcoin miner MARA Holdings has sold another 726 BTC, worth approximately $46 million at current prices, trimming its treasury down to 35,577 BTC. The sale continues a pattern of periodic disposals that has run through much of 2026, even as MARA remains one of the largest corporate holders of Bitcoin in the world with a portfolio still valued at roughly $2.3 billion.
The latest sale has pushed MARA down the leaderboard of corporate Bitcoin holders, dropping the company from second to fourth place. It now sits behind Michael Saylor's Strategy, which holds 842,138 BTC, Twenty One Capital at 43,514 BTC, and Japan's Metaplanet at roughly 43,000 BTC — with MARA's 35,577 BTC just ahead of Bitcoin Standard Treasury Company's 30,021 BTC in fifth.
Part of a Deliberate Shift Away From Full HODL
The 726 BTC sale is small relative to MARA's most significant move this year: a sale of more than 15,000 BTC earlier in 2026 that raised over $1 billion, which the company used to repurchase its own convertible notes at a discount. Specifically, MARA bought back $367.5 million of its 2030 notes for $322.9 million and $633.4 million of its 2031 notes for $589.9 million — purchases made roughly 9% below par that generated an estimated $88.1 million in value and cut total outstanding convertible debt by around 30%, from about $3.3 billion to $2.3 billion. That transaction marked a clear break from MARA's earlier full-HODL posture, in which the company retained essentially all Bitcoin it mined or acquired, and coincided with a broader strategic pivot toward artificial intelligence and high-performance computing infrastructure alongside its core mining business.
Other Miners Have Made Similar Moves
MARA is not alone among public miners in trimming Bitcoin reserves this year. Riot Platforms liquidated approximately 3,778 BTC in the first quarter, while Core Scientific reduced its holdings by nearly 2,000 BTC over a similar period. The pattern reflects the financial pressures many mining companies have faced in 2026, balancing the cost of maintaining large Bitcoin treasuries against debt obligations and the capital needs of expanding into AI and data-center infrastructure — a shift that has reshaped how the market values what were once treated as pure Bitcoin-accumulation vehicles.
Related: MARA and Riot Send More BTC to NYDIG in Continued Sell Signal
With MARA continuing to signal it will sell Bitcoin "from time to time" as part of its ongoing capital strategy, investors are likely to keep watching its treasury disclosures closely for signs of whether the recent sales represent routine liquidity management or a more sustained drawdown.
