MARA Holdings and Core Scientific, two of the largest publicly traded bitcoin mining operations, have revised their treasury policies to allow bitcoin sales, signaling a strategic shift as mining economics tighten and companies explore diversification into AI infrastructure.
Policy Changes Reflect New Economic Reality
MARA Holdings disclosed in its recent annual filing that it now permits sales of bitcoin from its balance sheet, expanding beyond its 2025 policy that only allowed selling newly mined coins. The company held 53,822 bitcoin valued at approximately $4.7 billion as of December 31, 2025, representing a significant reserve that was previously treated as untouchable treasury assets.
The new framework provides flexibility to sell bitcoin based on market conditions and capital allocation needs, though it doesn't mandate immediate liquidation. Approximately 28% of MARA's holdings are already deployed in lending or collateral arrangements, generating $32.1 million in interest income while supporting $350 million in credit facilities.
Core Scientific has taken a more aggressive approach, announcing plans to monetize substantially all of its bitcoin holdings in 2026. The company sold roughly 1,900 BTC in January for about $175 million and held 2,537 bitcoin worth $222 million at year-end.
Implications for Mining Operations and Workforce
These treasury shifts come as mining companies face post-halving economics and rising operational costs. MARA operates approximately 490,000 mining rigs with 66.4 exahashes per second of energized hashrate, while electricity costs reached $179 million in 2025. The company mined 8,799 bitcoin in 2025, down from 9,430 in 2024.
Both companies are pivoting toward AI and high-performance computing infrastructure, requiring substantial capital investment. Core Scientific specifically cited this transition as justification for bitcoin sales, maintaining mining operations primarily to fulfill power commitments while converting facilities for AI workloads.
For blockchain professionals, this strategic evolution suggests growing opportunities at the intersection of crypto mining and AI infrastructure. Companies are seeking talent with expertise in data center operations, power management, and enterprise-scale computing alongside traditional mining roles. The shift also indicates mining firms may offer more stable business models less directly tied to bitcoin price volatility, potentially affecting compensation structures and long-term career stability in the sector.
