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MARA Holdings has officially rewritten its Bitcoin book, expanding its treasury policy to allow the sale of Bitcoin held directly on its balance sheet.
This raises questions about whether a “mini-strategy” could be next, given that MARA is second only to Michael Saylor’s company among public companies that own Bitcoin (BTC).
MARA Opens Door to Sell 53,822 Bitcoin Stock in Treasuries Shift After $1.7 Billion Loss
This step, which is detailed in His schedule The annual 10-K filed with the SEC on March 2, 2026, represents the first time that MARA has explicitly allowed the liquidation of its accumulated treasury.
“In the second half of 2025, we changed our digital asset management strategy to allow the sale of bitcoin generated by operations, and in 2026, we expanded the strategy to allow the sale of bitcoin held on our balance sheet. Therefore, we can hold bitcoin for long-term investment purposes, and we can buy or sell bitcoin from time to time, depending on the prior market conditions and our capital allocation.”
This represents a strong departure from its previous “HODL full” stance, with the legal framework applied to liquidate the company’s entire reserve. It should be noted that no immediate sale has been announced.
At the time of writing, MARA holds 53,822 BTC worth $3.59 billion. At current prices of $66,565 per Bitcoin. This makes it the second largest Bitcoin holder among publicly traded companies, after Stratiki.com She owns 720,737 Bitcoin as of writing this Text.
About 72% of MARA shares (38,507 BTC) will remain in Treasuries for the long term without restrictions. The remaining 28%, about 15,315 Bitcoin (BTC), has already been “activated” in their digital asset management software.
Of this, 9,377 Bitcoin (BTC) were lent, generating interest income of $32.1 million in 2025, while 5,938 BTC were pledged as collateral for a $350 million credit facility.
With $547 million in cash, MARA controls about $5.3 billion in cash.
But the most pressing concern is that more than 53,000 bitcoins represent a potential supply shift in… An already fragile market environment. This is particularly worrying if it increases The pressure of the miners .
From ideological HODL to active management
This shift poses a gradual change, after Mara’s 2024 10-K report, which a description A strict policy of keeping all elected and purchased Bitcoins “for the foreseeable future”.
In the second half of 2025, the company started Selling Bitcoin again to finance operationswhere 4,076 bitcoins were sold for $413.1 million in proceeds.
The 2026 expansion extends this flexibility to the entire budget reserve. This policy change comes after a tumultuous fourth quarter.
MARA reported a net loss of $1.7 billion in the fourth quarter of 2025driven largely by non-cash fair value adjustments following Bitcoin’s nearly 30% decline by the end of 2025. The company also recorded $422.2 million in fair value losses and impairment losses associated with its digital assets.
It is worth noting that MARA recently entered into a joint venture with Starwood Capital to develop data centers for artificial intelligence and high-performance computing, while reusing the energy infrastructure behind it.
Bitcoin monetization could fund this “energy to AI” transition without further shareholder dilution through the issuance of shares.
Could this be the next strategy?
In contrast to MARA, Strategy continues to describe Bitcoin as its “primary reserve asset” and has recently added to its holdings.
Company leaders highlight Only highlight sales in extreme liquidity scenariosand not as an opportunistic tool for capital allocation.
“We will not sell. Instead, I think we will buy Bitcoin every quarter forever,” He said Michael Saylor in a recent interview.
At the current price of Bitcoin, there is short pressure on Strategy, mainly due to unrealized losses on its massive Bitcoin security.
The MARA change appears to be more specific to mining companies than the industry. However, symbolism is important. Bitcoin corporate bonds were considered first Constant display sources.
MARA’s Form 10-K indicates a mature approach, where Bitcoin is not just a capital of conviction, but a dynamic balance sheet tool.
However, the markets will have to follow the future 8-K orders and each quarter, as well as chain flows, to get the first real test of this resistance.
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