MARA Holdings has formally rewritten its Bitcoin playbook, increasing its treasury coverage to allow gross sales of Bitcoin held instantly on its stability 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 firms holding BTC.
The transfer, detailed in its annual 10-Okay submitting submitted to the US SEC on March 2, 2026, marks the first time MARA has explicitly approved liquidation of its gathered treasury stockpile.
“In the second half of 2025, we modified our digital asset administration technique to allow gross sales of bitcoin generated from operations, and in 2026, we expanded the technique to permit for gross sales of bitcoin held on our stability sheet. Accordingly, we could maintain bitcoin for long-term funding functions and may additionally purchase or promote bitcoin occasionally, topic to market circumstances and our capital allocation priorities,” learn an excerpt in the submitting.
It marks a pointy departure from its prior “full HODL” stance, with the authorized framework for liquidating the firm’s whole reserve now in impact. Notably, no speedy gross sales have been introduced.
As of this writing, MARA holds 53,822 BTC, value $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.
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 belongings.
The extra speedy concern, nevertheless, is that over 53,000 BTC represents a possible provide overhang in an already fragile market setting. That is significantly regarding if miner stress intensifies.
The shift caps a gradual change, following MARA’s 2024 10-Okay, which described a strict coverage of retaining all mined and bought Bitcoin “for the foreseeable future.”
In the second half of 2025, the firm 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 the whole balance-sheet reserve. This coverage change follows a turbulent fourth quarter.
