Bitcoin’s Second-Largest Corporate Holder Just Changed the Rules: Is MicroStrategy Next?
MARA Holdings has formally rewritten its Bitcoin playbook, expanding its treasury policy to permit sales of Bitcoin held directly on its balance sheet.
It raises questions about whether Strategy (MicroStrategy) could be next, seeing as MARA is only second to Michael Saylor’s firm among public companies holding BTC.
MARA Opens Door to Selling 53,822 BTC Stockpile in Treasury Pivot After $1.7 Billion Loss
The move, detailed in its annual 10-K filing submitted to the US SEC on March 2, 2026, marks the first time MARA has explicitly authorized liquidation of its accumulated treasury stockpile.
“In the second half of 2025, we changed our digital asset management strategy to permit sales of bitcoin generated from operations, and in 2026, we expanded the strategy to allow for sales of bitcoin held on our balance sheet. Accordingly, we may hold bitcoin for long-term investment purposes and may also buy or sell bitcoin from time to time, subject to market conditions and our capital allocation priorities,” read an excerpt in the filing.
It marks a sharp departure from its prior “full HODL” stance, with the legal framework for liquidating the company’s entire reserve now in effect. Notably, no immediate sales have been announced.
As of this writing, MARA holds 53,822 BTC, worth $3.59 billion at current rates of $66,565 per BTC. This makes it the second-largest publicly listed corporate Bitcoin holder, trailing only Strategy, which holds 720,737 BTC as of this writing.
Roughly 72% of MARA’s holdings (38,507 BTC) remain in unrestricted long-term treasury. The remaining 28%, or about 15,315 BTC, has already been “activated” under its digital asset management program.
Of that, 9,377 BTC are loaned out, generating $32.1 million in interest income in 2025, while 5,938 BTC are pledged as collateral for a $350 million credit facility.
Combined with $547 million in cash, MARA controls approximately $5.3 billion in liquid assets.
The more immediate concern, however, is that over 53,000 BTC represents a potential supply overhang in an already fragile market environment. This is particularly concerning if miner stress intensifies.
From Ideological HODL to Active Management
The shift caps a gradual change, following MARA’s 2024 10-K, which described a strict policy of retaining all mined and purchased Bitcoin “for the foreseeable future.”
In the second half of 2025, the company began selling newly mined BTC to fund operations, offloading 4,076 BTC for $413.1 million in proceeds.
The 2026 expansion now extends that flexibility to the entire balance-sheet reserve. This policy change follows a turbulent fourth quarter.
MARA reported a $1.7 billion net loss in Q4 2025, largely driven by non-cash fair-value adjustments following Bitcoin’s roughly 30% decline in late 2025. The company also recorded $422.2 million in fair-value decreases and impairment losses tied to its digital assets.
Notably, MARA recently entered a joint venture with Starwood Capital to develop AI and high-performance computing data centers, repurposing its energy infrastructure.
Monetizing Bitcoin could fund that “energy-to-AI” transition without further diluting shareholders through equity issuance.
Could Strategy Be Next?
Unlike MARA, Strategy continues to describe Bitcoin as its “primary treasury reserve asset” and has recently added to its holdings.
The firm’s executives highlight sales only in extreme liquidity scenarios, not as an opportunistic capital allocation tool.
“We will not be selling. Instead, I believe we will be buying Bitcoin every quarter forever,” Michael Saylor stated in a recent interview.
At Bitcoin’s current price, there is short-term pressure on Strategy, primarily due to unrealized losses on its massive Bitcoin treasury.
MARA’s pivot appears miner-specific rather than industry-wide. Still, the symbolism is significant. Corporate Bitcoin treasuries were once seen as permanent supply sinks.
MARA’s 10-K signals a maturing approach, one where Bitcoin is not just conviction capital, but a dynamic balance-sheet instrument.
Notwithstanding, markets will now be watching future 8-K and quarterly filings, as well as on-chain flows, for the first real test of that flexibility.
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