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

Core Viewpoint - MARA Holdings has revised its Bitcoin strategy to allow for the sale of Bitcoin held on its balance sheet, raising questions about whether other companies like MicroStrategy will follow suit [1][2]. Group 1: Treasury Policy Changes - MARA has formally authorized the liquidation of its accumulated Bitcoin treasury stockpile, which includes 53,822 BTC valued at approximately $3.59 billion at current rates [2][4]. - The company’s new policy allows for the sale of Bitcoin generated from operations and Bitcoin held on its balance sheet, indicating a shift from a previous "full HODL" strategy [3][4]. Group 2: Financial Implications - As of now, MARA holds 53,822 BTC, making it the second-largest publicly listed corporate Bitcoin holder, following MicroStrategy, which holds 720,737 BTC [4]. - Approximately 72% of MARA's holdings (38,507 BTC) remain in unrestricted long-term treasury, while 28% (15,315 BTC) has been activated under its digital asset management program [5]. - The company has loaned out 9,377 BTC, generating $32.1 million in interest income in 2025, and has 5,938 BTC pledged as collateral for a $350 million credit facility, alongside $547 million in cash, totaling around $5.3 billion in liquid assets [6]. Group 3: Market Context - The decision to allow sales of Bitcoin comes amid concerns of a potential supply overhang in a fragile market environment, particularly if miner stress increases [6]. - The shift in strategy follows a gradual change from a strict policy of retaining all mined and purchased Bitcoin, as described in MARA's 2024 10-K filing [7].