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MARA Loosens Bitcoin Grip: Will MicroStrategy Follow?

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Top Public Companies Holding BTC

MARA Holdings has formally rewritten its Bitcoin playbook, expanding its treasury policy to permit sales of Bitcoin held directly on its balance sheet.

It raises questions about whether Strategy (MicroStrategy) could be next, seeing as MARA is only second to Michael Saylor’s firm among public companies holding BTC.

MARA Opens Door to Selling 53,822 BTC Stockpile in Treasury Pivot After $1.7 Billion Loss

The move, detailed in its annual 10-K filing submitted to the US SEC on March 2, 2026, marks the first time MARA has explicitly authorized liquidation of its accumulated treasury stockpile.

“In the second half of 2025, we changed our digital asset management strategy to permit sales of bitcoin generated from operations, and in 2026, we expanded the strategy to allow for sales of bitcoin held on our balance sheet. Accordingly, we may hold bitcoin for long-term investment purposes and may also buy or sell bitcoin from time to time, subject to market conditions and our capital allocation priorities,” read an excerpt in the filing.

It marks a sharp departure from its prior “full HODL” stance, with the legal framework for liquidating the company’s entire reserve now in effect. Notably, no immediate sales have been announced.

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As of this writing, MARA holds 53,822 BTC, worth $3.59 billion at current rates of $66,565 per BTC. This makes it the second-largest publicly listed corporate Bitcoin holder, trailing only Strategy, which holds 720,737 BTC as of this writing.

Top Public Companies Holding BTC
Top Public Companies Holding BTC. Source: Bitcoin Treasuries

Roughly 72% of MARA’s holdings (38,507 BTC) remain in unrestricted long-term treasury. The remaining 28%, or about 15,315 BTC, has already been “activated” under its digital asset management program.

Of that, 9,377 BTC are loaned out, generating $32.1 million in interest income in 2025, while 5,938 BTC are pledged as collateral for a $350 million credit facility.

Combined with $547 million in cash, MARA controls approximately $5.3 billion in liquid assets.

The more immediate concern, however, is that over 53,000 BTC represents a potential supply overhang in an already fragile market environment. This is particularly concerning if miner stress intensifies.

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From Ideological HODL to Active Management

The shift caps a gradual change, following MARA’s 2024 10-K, which described a strict policy of retaining all mined and purchased Bitcoin “for the foreseeable future.”

In the second half of 2025, the company began selling newly mined BTC to fund operations, offloading 4,076 BTC for $413.1 million in proceeds.

The 2026 expansion now extends that flexibility to the entire balance-sheet reserve. This policy change follows a turbulent fourth quarter.

MARA reported a $1.7 billion net loss in Q4 2025, largely driven by non-cash fair-value adjustments following Bitcoin’s roughly 30% decline in late 2025. The company also recorded $422.2 million in fair-value decreases and impairment losses tied to its digital assets.

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Notably, MARA recently entered a joint venture with Starwood Capital to develop AI and high-performance computing data centers, repurposing its energy infrastructure.

Monetizing Bitcoin could fund that “energy-to-AI” transition without further diluting shareholders through equity issuance.

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Could Strategy Be Next?

Unlike MARA, Strategy continues to describe Bitcoin as its “primary treasury reserve asset” and has recently added to its holdings.

The firm’s executives highlight sales only in extreme liquidity scenarios, not as an opportunistic capital allocation tool.

“We will not be selling. Instead, I believe we will be buying Bitcoin every quarter forever,” Michael Saylor stated in a recent interview.

At Bitcoin’s current price, there is short-term pressure on Strategy, primarily due to unrealized losses on its massive Bitcoin treasury.

MARA’s pivot appears miner-specific rather than industry-wide. Still, the symbolism is significant. Corporate Bitcoin treasuries were once seen as permanent supply sinks.

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MARA’s 10-K signals a maturing approach, one where Bitcoin is not just conviction capital, but a dynamic balance-sheet instrument.

Notwithstanding, markets will now be watching future 8-K and quarterly filings, as well as on-chain flows, for the first real test of that flexibility.

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Binance Coin (BNB) Rallies From Key Support Level as Derivative Markets Show Strength

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BNB PRICE

Key Highlights

  • Binance Coin recovered from a weekend low of $627 to reach approximately $648, driven by renewed positive market momentum.
  • Futures open interest for BNB jumped 6.5% to reach $923 million, while Binance’s long/short ratio exceeded 2.21.
  • Technical analysis shows BNB maintaining position above a critical ascending trendline within a bullish parallel channel pattern.
  • A bullish crossover has formed as the 20-day SMA moved above the 50-day SMA, while BNB remains 53% below its peak price.
  • Market analysts project price targets spanning from $2,000 to $5,000, supported by historical cycle analysis and fundamental on-chain metrics.

Binance Coin experienced a notable recovery from its weekend low of $627, pushing back toward the $648 level by Monday, March 25. This upward movement coincided with improved overall crypto market conditions as geopolitical concerns between the U.S. and Iran showed signs of de-escalation.

BNB PRICE
BNB Price

West Texas Intermediate crude oil retreated from $100 to approximately $87 per barrel as international tensions cooled. During this same timeframe, Bitcoin recovered above the $71,000 threshold while Ethereum neared $2,200. Equity markets across Asia, including Japan’s Nikkei 225, Hong Kong’s Hang Seng, and the Shanghai Composite, similarly recorded positive sessions.

According to CoinGlass derivatives data, BNB’s open interest expanded by 6.5% over a 24-hour period, reaching $923 million. On Binance specifically, the long/short ratio climbed above 2.21, indicating that bullish positions significantly outnumber bearish ones among active traders.

Technical Indicators Signal Continued Bullish Momentum

Chart analysis reveals BNB operating within an ascending parallel channel formation on the daily timeframe. The cryptocurrency has successfully maintained its position above the lower boundary of this channel, which has provided reliable dynamic support throughout recent weeks.

Source: TradingView

A significant development has occurred with the 20-day simple moving average (SMA) crossing above the 50-day SMA. This bullish crossover typically indicates strengthening short-term momentum favoring buyers over sellers. Meanwhile, the relative strength index (RSI) is hovering near neutral territory, implying additional upside potential remains available.

The immediate resistance zone to monitor sits at $685, a price level that has previously rejected upward attempts multiple times this month. Successfully breaking through this barrier could pave the way toward the 100-day SMA positioned around $750. Conversely, a decline beneath $600 would challenge the current constructive technical formation.

With BNB currently valued 53% below its historical peak, substantial recovery potential exists assuming market conditions remain favorable.

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Crypto analyst Patel highlighted BNB’s position 53% off its all-time high, referencing historical patterns, ongoing token burn mechanisms, and robust fundamental indicators as justification for ambitious long-term price targets ranging from $2,000 to $5,000 and potentially $10,000, while identifying $300-$420 as an ideal accumulation range.

Token Economics and Network Utility Drive Underlying Value

BNB maintains significant utility across the Binance platform infrastructure. The token serves multiple functions including transaction fee payments, trading fee reductions, and various blockchain-related services, creating consistent organic demand.

Binance implements systematic token burn events that progressively reduce BNB’s circulating supply. These quarterly burns are viewed favorably by market analysts as a deflationary mechanism that complements expanding on-chain usage and network activity.

The previous accumulation range between $300 and $420 has been successfully cleared, and cycle-based projection models now suggest potential price zones between $2,000 and $5,000. These forecasts derive from historical market cycle analysis and structural data patterns.

As of March 26, BNB continues trading near $648 with the critical $600 support level holding firm.

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Fenbushi Co-Founder Offers Bounty to Recover $42M Stolen Crypto

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Fenbushi Co-Founder Offers Bounty to Recover $42M Stolen Crypto

Investigators have frozen about $1.2 million as efforts continue to trace funds lost in a wallet breach linked to a seed phrase compromise.

Bo Shen, the co-founder of venture capital firm Fenbushi Capital, offered a bounty to recover about $42 million in digital assets stolen from his personal wallet in a 2022 hack. 

Shen said Thursday that he was offering a 10%-20% bounty on the recovered amount to any individual or organization that makes a substantial contribution to recovering the assets. Shen said onchain investigators ZachXBT and Taylor “Tayvano” Monahan had already helped freeze about $1.2 million in related assets. He said his team would distribute rewards once the recovery is complete.

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The bounty revives a case Shen first disclosed in November 2022, when he said roughly $42 million in crypto had been drained from his personal wallet. At the time, he said the stolen funds were personal and did not affect Fenbushi-related entities.

Blockchain analytics company SlowMist later said the theft was caused by a compromise of Shen’s mnemonic seed phrase.  Shen said the renewed push comes after investigators developed new leads and a clearer picture of how the stolen assets moved, though any recovery remains uncertain.

Source: Bo Shen

SlowMist said the stolen assets included about $38.2 million in USDC (USDC), 1,607 Ether (ETH), nearly 720,000 USDt (USDT) and 4.13 Bitcoin (BTC). These assets were later moved through exchanges, including ChangeNow and SideShift. 

Shen says improved tracing tools expanded recovery efforts

Shen said onchain tracking and security investigation tools were less developed when the hack occurred in 2022, limiting the ability to trace funds across chains and platforms. 

He said that recent advances in artificial intelligence-driven data analysis and onchain forensics improved the ability of investigators to follow asset flows and identify relevant transaction patterns. 

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Related: Hacked crypto tokens drop 61% on average and rarely recover, Immunefi report says

Shen said the effort could also serve as a test case for how newer tools and coordination methods can support long-running investigations. He said the case highlights how technological progress may expand what is possible in tracing and responding to crypto-related incidents. 

However, any recovery remains uncertain, even with better tracing tools and fresh leads.

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