MARA Holdings has formally rewritten its Bitcoin playbook, increasing its treasury coverage to allow gross sales of Bitcoin held straight on its steadiness sheet.
It raises questions on whether or not Technique (MicroStrategy) might be subsequent, seeing as MARA is barely second to Michael Saylor’s agency amongst public corporations holding BTC.
MARA Opens Door to Promoting 53,822 BTC Stockpile in Treasury Pivot After $1.7 Billion Loss
The transfer, detailed in its annual 10-Ok submitting submitted to the US SEC on March 2, 2026, marks the primary time MARA has explicitly licensed liquidation of its gathered 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,” learn an excerpt within the submitting.
It marks a pointy departure from its prior “full HODL” stance, with the authorized framework for liquidating the corporate’s whole reserve now in impact. Notably, no fast gross sales have been introduced.
As of this writing, MARA holds 53,822 BTC, price $3.59 billion at present charges of $66,565 per BTC. This makes it the second-largest publicly listed company Bitcoin holder, trailing solely Technique, which holds 720,737 BTC as of this writing.
High Public Firms Holding BTC. Supply: Bitcoin Treasuries
Roughly 72% of MARA’s holdings (38,507 BTC) stay in unrestricted long-term treasury. The remaining 28%, or about 15,315 BTC, has already been “activated” below its digital asset administration program.
Of that, 9,377 BTC are loaned out, producing $32.1 million in curiosity earnings in 2025, whereas 5,938 BTC are pledged as collateral for a $350 million credit score facility.
Mixed with $547 million in money, MARA controls roughly $5.3 billion in liquid property.
The extra fast concern, nevertheless, is that over 53,000 BTC represents a possible provide overhang in an already fragile market atmosphere. That is significantly regarding if miner stress intensifies.
From Ideological HODL to Energetic Administration
The shift caps a gradual change, following MARA’s 2024 10-Ok, which described a strict coverage of retaining all mined and bought Bitcoin “for the foreseeable future.”
Within the second half of 2025, the corporate started promoting newly mined BTC to fund operations, offloading 4,076 BTC for $413.1 million in proceeds.
The 2026 enlargement now extends that flexibility to all the balance-sheet reserve. This coverage change follows a turbulent fourth quarter.
MARA reported a $1.7 billion web loss in This fall 2025, largely pushed by non-cash fair-value changes following Bitcoin’s roughly 30% decline in late 2025. The corporate additionally recorded $422.2 million in fair-value decreases and impairment losses tied to its digital property.
MARA proclaims a strategic partnership with Starwood Digital Ventures to speed up supply of cutting-edge hyperscale, enterprise, and AI succesful digital infrastructure.
The joint platform is anticipated to ship roughly 1 GW of near-term IT Capability, with a pathway to… pic.twitter.com/9rE8orvUnG
— MARA (@MARA) February 26, 2026
Notably, MARA not too long ago entered a three way partnership with Starwood Capital to develop AI and high-performance computing knowledge facilities, repurposing its power infrastructure.
Monetizing Bitcoin might fund that “energy-to-AI” transition with out additional diluting shareholders by way of fairness issuance.
Might Technique Be Subsequent?
In contrast to MARA, Technique continues to explain Bitcoin as its “primary treasury reserve asset” and has not too long ago added to its holdings.
The agency’s executives spotlight gross sales solely in excessive liquidity situations, not as an opportunistic capital allocation instrument.
“We will not be selling. Instead, I believe we will be buying Bitcoin every quarter forever,” Michael Saylor said in a current interview.
At Bitcoin’s present value, there’s short-term stress on Technique, primarily resulting from unrealized losses on its large Bitcoin treasury.
MARA’s pivot seems miner-specific relatively than industry-wide. Nonetheless, the symbolism is critical. Company Bitcoin treasuries had been as soon as seen as everlasting provide sinks.
MARA’s 10-Ok indicators a maturing method, one the place Bitcoin isn’t just conviction capital, however a dynamic balance-sheet instrument.
However, markets will now be watching future 8-Ok and quarterly filings, in addition to on-chain flows, for the primary actual take a look at of that flexibility.
