Bitcoin’s Second-Largest Corporate Holder Just Changed the Rules: Is MicroStrategy Next?

MARA Holdings, the second-largest corporate Bitcoin holder after MicroStrategy, has formally changed its treasury policy to permit the sale of Bitcoin held on its balance sheet, as detailed in its March 2, 2026, 10-K filing. This marks a significant pivot from its previous "full HODL" stance, allowing for potential liquidation of its 53,822 BTC stockpile, though no immediate sales were announced. This shift follows MARA reporting a $1.7 billion net loss in Q4 2025, largely due to non-cash fair-value adjustments on its BTC holdings, and coincides with its new joint venture to develop AI data centers, suggesting monetization could fund this transition. In contrast, MicroStrategy continues to aggressively accumulate Bitcoin, with executives stating they plan to buy every quarter forever and only sell in extreme liquidity scenarios. MARA's move signals a maturing view of Bitcoin as a dynamic balance-sheet instrument rather than just a permanent supply sink, leading markets to watch closely for any actual sales.

(Source：BeInCrypto)