MARA Allows Sale of 53,822 BTC, Raising Questions Over MicroStrategy’s 720,737 BTC Plan
MARA Holdings rewrote its treasury policy to permit sales of its 53,822 BTC stockpile (worth $3.59B) following a $1.7B loss, abandoning its full HODL stance. The move raises prospects that MicroStrategy could liquidate its 720,737 BTC reserve, creating a significant Bitcoin supply overhang and pressuring its treasury valuation.
1. MARA’s Treasury Policy Change
In its 2026 10-K filing, MARA Holdings updated its digital asset management strategy to allow sales of Bitcoin held directly on its balance sheet for the first time. The company, which holds 53,822 BTC valued at $3.59 billion, shifted from selling only newly mined coins to a broader approach that can liquidate its entire reserve based on market conditions and capital priorities.
2. Implications for MicroStrategy and Market Dynamics
As the second-largest public BTC holder, MARA’s move prompts speculation that MicroStrategy might revisit its full HODL policy on 720,737 BTC. Potential liquidations from MicroStrategy could create a large supply overhang, weigh on Bitcoin prices and alter the valuation of its treasury assets.