Bitcoin’s debasement trade is facing a clear contradiction as MARA Holdings sells part of its treasury while JPMorgan frames the asset as a new form of gold.
The split comes as Bitcoin has climbed about 30% over two months, moving from a February low near $62,000 to around $80,621 by May 12.
Bitcoin price chart | Source: Tradingview
The rally has renewed debate over whether Bitcoin can act as a durable hedge during fiscal stress or still trades mainly as a high-risk asset.
MARA Uses Bitcoin to Fund AI Shift
MARA Holdings disclosed in its May 12 earnings report that it sold 20,880 Bitcoin worth $1.5 billion during Q1 2026. The company used $1 billion of those proceeds to retire about 30% of its convertible debt, cutting obligations from $3.3 billion to $2.3 billion.
The sale pushed MARA from second to fourth among public companies holding Bitcoin. It ended the quarter with 35,303 BTC, worth roughly $2.84 billion, while reporting a $1.26 billion net loss.
MARA is using the remaining capital to fund its $1.5 billion Long Ridge Energy and Power campus acquisition in Ohio. The deal includes a 505-megawatt gas-fired plant and 1,600 acres for AI data center development.
Management now expects to repurpose up to 90% of mining capacity for AI workloads. CFO Salman Khan said Bitcoin remains both a reserve asset and a source of strategic financial flexibility.
JPMorgan Keeps Gold Comparison Alive
JPMorgan analysts led by Nikolaos Panigirtzoglou said Bitcoin ETFs recorded inflows for three straight months through May. Meanwhile, gold ETFs continued recovering from March outflows linked to the Iran conflict.
The bank said Bitcoin has been rising at gold’s expense. That view supports the debasement trade, where investors move into scarce assets as fiat currencies weaken over time.
Ray Dalio also reinforced the broader store-of-value argument. He said history shows fiat currencies lose value during such periods, while gold usually strengthens.
Treasury Strategies Move Apart
Strategy remains on the opposite side of MARA’s decision. JPMorgan said the company added 145,834 BTC year to date and could buy $30 billion worth of Bitcoin in 2026 at its current pace.
Strategy now holds 818,334 BTC worth more than $65 billion. MARA, IREN, and DMG are instead redirecting capital toward AI power infrastructure.
The split shows two competing views inside the Bitcoin treasury market. Strategy sees Bitcoin as a long-term shield against currency debasement, while MARA treats it as balance-sheet capital for AI expansion.
Gold still has strong institutional support. Goldman Sachs raised its year-end gold target to $5,400 per ounce, citing lower volatility and central bank demand.
