MARA Holdings Updates Bitcoin Strategy: Will MicroStrategy Follow Suit?
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MARA Holdings has revised its strategy regarding Bitcoin, allowing for the possibility of selling some of its holdings. This significant change raises questions about whether MicroStrategy, the top corporate Bitcoin holder, might soon make a similar pivot.
In a recent filing with the US Securities and Exchange Commission, MARA detailed its updated treasury policy, which now explicitly includes provisions for liquidating Bitcoin from its balance sheet. This marks a notable shift from its previous stance of holding all mined assets.
The filing, made on March 2, 2026, highlights the company’s efforts to adapt to market conditions. They expressed that the flexibility to both hold and sell Bitcoin is now part of their strategy. MARA indicated that it might hold Bitcoin with long-term investment goals while also engaging in buying or selling activities depending on market dynamics and capital allocation needs.
Currently, MARA possesses 53,822 BTC, valued at approximately $3.59 billion at the current price of $66,565 per Bitcoin. This positions them as the second-largest publicly traded company in terms of Bitcoin holdings, trailing only MicroStrategy, which holds 720,737 BTC.
Approximately 72% of MARA’s assets, equating to 38,507 BTC, are still classified as long-term treasury, while 28% has already been utilized within their digital asset management strategy. Out of this, 9,377 BTC have been loaned, generating substantial interest income.
The company reported a staggering $1.7 billion loss in the fourth quarter of 2025, primarily due to declines in Bitcoin value. This financial pressing has likely influenced MARA’s decision to permit the sale of Bitcoin holdings, especially in light of the overall market fragility.
MARA’s shift in policy marks a distinct departure from its earlier commitment to a strict hold philosophy. Previously, the company had committed to retaining all mined and purchased Bitcoin for the foreseeable future, and recent measures to sell newly mined BTC began in the second half of 2025.
This change in strategy signifies a broader trend wherein companies now view Bitcoin not merely as a long-term asset but as a liquid financial instrument that can be actively managed in response to market conditions.
Meanwhile, MicroStrategy maintains a different approach, continuing to characterize Bitcoin as its primary asset and has been actively acquiring more of it. The company’s executives assert that they do not intend to sell their holdings unless faced with extreme liquidity challenges.
Despite current pressures due to unrealized losses, MicroStrategy’s leadership remains committed to expanding their Bitcoin reserves. This contrasting stance between MARA and MicroStrategy reflects the evolving nature of corporate Bitcoin strategies in a rapidly changing market landscape.
MARA’s new approach could serve as a bellwether for other companies in the sector, hinting at a potential evolution of how corporate treasury strategies incorporate cryptocurrency. As the market watches closely, future updates from both MARA and MicroStrategy will provide insight into the direction of corporate Bitcoin holdings.
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