Marathon Digital Holdings (MARA), the largest publicly traded Bitcoin mining company by holdings, reported an $86.3 million loss in its lending segment for 2025, despite earning $32.1 million in interest from lending 9,377 BTC. The loss was attributed to the decline in Bitcoin prices. By the end of 2025, MARA held 53,822 BTC, valued at approximately $4.7 billion, with a fair value decrease of $301 million over the year. In a strategic shift for 2026, MARA has relaxed its policy to allow the sale of Bitcoin from its balance sheet, not just from current mining output, potentially providing more flexibility in managing its assets.