MARA Allows Sales of 53,822 BTC — Could MicroStrategy Follow?

MARA Holdings revised its treasury policy in a 10-K filed on March 2, 2026, expanding its digital asset management strategy to permit sales of bitcoin held on its balance sheet. The move abandons the company’s prior full HODL stance and opens the legal framework for liquidating some or all of its reserve, though no immediate sales have been announced.

MARA holds 53,822 BTC, valued at $3.59 billion at $66,565 per coin, making it the second-largest public corporate holder after Strategy, which holds 720,737 BTC. About 72% of MARA’s holdings (38,507 BTC) remain in unrestricted long-term treasury, while roughly 28% (15,315 BTC) have been activated under its management program.

Of the activated coins, 9,377 BTC are on loan—generating $32.1 million in interest income in 2025—and 5,938 BTC are pledged as collateral for a $350 million credit facility. Together with $547 million in cash, the company controls roughly $5.3 billion in liquid assets; earlier in 2H 2025 it sold 4,076 newly mined BTC for $413.1 million to fund operations.

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