Bitcoin Treasuries in Crisis: MARA Sells $1.1B, Metaplanet Rises to #3, Coinbase Wins Bank Charter
📋 En bref (TL;DR)
- MARA sells 15,133 BTC ($1.1 billion) to repay convertible debt — the largest corporate sell-off of 2026
- Riot, Empery, Genius Group: the contagion spreads as miners and Bitcoin treasury companies liquidate en masse
- Metaplanet rises to #3 globally: the Japanese firm buys 5,075 BTC in Q1 while American companies sell
- Bhutan sells too: the small kingdom has reduced its reserves by 58% from their peak
- Coinbase wins federal bank charter from OCC: first approval to become a national crypto custodian in the United States
- Bear market: Bitcoin at ~$67,000 (down 47% from ATH), Fear & Greed Index at 8 (extreme fear)
The Bitcoin corporate treasury market is going through its worst crisis since Strategy (formerly MicroStrategy) invented the model. In March 2026, MARA Holdings sold $1.1 billion worth of Bitcoin, followed by Riot Platforms, Empery Digital, and even the government of Bhutan. Meanwhile, Coinbase just secured a historic federal banking charter from the OCC.
Two contradictory signals that sum up a market in full transition.
MARA Holdings: $1.1 Billion in Bitcoin Sold
MARA Holdings, one of the world’s largest Bitcoin miners, sold 15,133 BTC between March 4 and 25 for approximately $1.1 billion, at an average price of $72,700 per bitcoin.
The objective: repay $1 billion in convertible debt. The company repurchased $367.5M in 2030 notes and $633.4M in 2031 notes, capturing an $88 million discount (~9% below par). Its total convertible debt drops from $3.3 billion to $2.3 billion.
The consequences are significant. MARA now holds just 38,689 BTC, down from 53,822 at end of 2025—a 28% reduction. The company had already reported a $1.7 billion net loss in Q4 2025, linked to Bitcoin’s price decline. Layoffs have been ongoing since early April across multiple departments.
CEO Fred Thiel presented the sale as a strategic decision to “strengthen the balance sheet.” But a hedge fund manager quoted by CoinDesk called it a “forced sale.”
Riot, Empery, Genius: The Contagion
Riot Platforms, the second-largest US miner, sold 3,778 BTC in Q1 2026 for $289.5M, while producing only 1,473 BTC over the same period. In late March, Arkham detected an additional 500 BTC transfer (~$34M). Its holdings have dropped from over 19,000 BTC to 15,680 BTC.
Empery Digital liquidated 370 BTC for $24.7M to fully repay its term loan. Genius Group went further: the company sold all its 440 BTC, including the last 84 BTC to repay $8.5M in debt. A complete abandonment of the Bitcoin treasury strategy.
Core Scientific, another major miner, sold ~1,900 BTC ($175M) in January and plans to liquidate nearly all remaining reserves.
Bhutan Is Selling Too
Even sovereign states are offloading. Bhutan, which mined Bitcoin using its hydroelectric power, has reduced its reserves from 13,000 BTC (peak in October 2024) to approximately 5,400 BTC—a 58% decrease. In 2026, the kingdom sold roughly $120 million in Bitcoin, in batches of $5–10M transferred to trading firm QCP Capital.
The funds are financing national infrastructure projects, notably the “Gelephu Mindfulness City,” a special economic zone.
Metaplanet: Japan’s Contrarian Bet
While Americans sell, Metaplanet buys. The Japanese publicly traded company acquired 5,075 BTC for approximately $400 million in Q1 2026, bringing its reserves to 40,177 BTC. It now surpasses MARA to become the 3rd largest corporate Bitcoin holder in the world, behind Strategy (762,099 BTC) and Twenty One Capital (43,514 BTC).
Its target: 100,000 BTC by end of 2026 and 210,000 BTC by end of 2027.
Metaplanet’s secret? Its “Bitcoin Income Business”—options strategies that generated $19.8M in Q1 revenue, reducing its net acquisition cost to roughly $3,900 per bitcoin (vs. a market VWAP of $79,100).
Coinbase Secures Federal Banking Charter
Amid the selling frenzy, a positive development: on April 2, 2026, the OCC (Office of the Comptroller of the Currency) granted Coinbase conditional approval to establish a national trust company—the “Coinbase National Trust Company.”
This charter allows Coinbase to operate as a federal digital asset custodian, replacing its patchwork of state licenses with a single federal regulator. The exchange already custodies over 80% of US spot Bitcoin and Ethereum ETF assets—approximately $245 billion.
Brian Armstrong clarified on X: “This isn’t a bank—it’s a trust company. We won’t take deposits or practice fractional reserve banking. We’re bringing crypto infrastructure under federal oversight.”
Coinbase joins a group of 11 companies that received OCC charters in just 83 days under the Trump administration: Ripple, Circle, BitGo, Fidelity Digital Assets, Paxos, Bridge (Stripe), Protego, and Crypto.com preceded it.
Context: Bear Market and Convertible Debt
These sales are no coincidence. Bitcoin is trading around $67,000, down 47% from its all-time high of ~$125,900 in October 2025. The Fear & Greed Index stands at 8—extreme fear.
The real problem is structural: companies that accumulated Bitcoin on credit through convertible notes are caught in a squeeze. MARA carried $3.3 billion in debt. Riot, Core Scientific, and others face the same pressures. The “buy Bitcoin on credit” strategy—popularized by Michael Saylor—works in a bull market but becomes a trap when prices fall.
Strategy itself remains committed (762,099 BTC, target 1 million), but paused purchases for the first time in March after 13 consecutive weeks of buying.
The current corporate Bitcoin treasury rankings:
- Strategy — 762,099 BTC
- Twenty One Capital — 43,514 BTC
- Metaplanet — 40,177 BTC
- MARA — 38,689 BTC
- Riot — 15,680 BTC
📚 Glossary
- Bitcoin (BTC): the first and largest cryptocurrency, created in 2009, used as a store of value by companies and governments.
- Strategy (formerly MicroStrategy): Michael Saylor’s company holding the most Bitcoin worldwide (762,099 BTC), pioneer of the Bitcoin treasury model.
- Convertible debt: bonds that can be converted into company shares. Bitcoin miners issue these to fund BTC purchases—a risky strategy when prices drop.
- OCC (Office of the Comptroller of the Currency): the US federal regulator overseeing national banks and issuing banking charters.
- ETF (Exchange-Traded Fund): a listed fund that tracks an asset’s price (Bitcoin, Ethereum), accessible to traditional investors.
- Fear & Greed Index: a crypto market sentiment indicator ranging from 0 (extreme fear) to 100 (extreme greed). A score of 8 signals widespread panic.
Frequently Asked Questions
Why did MARA sell $1.1 billion worth of Bitcoin?
MARA sold 15,133 BTC to repurchase $1 billion in convertible debt (2030 and 2031 notes) at a 9% discount. The company is deleveraging amid a bear market, with Bitcoin down 47% from its all-time high.
Who is Metaplanet and why are they buying Bitcoin?
Metaplanet is a Japanese publicly traded company applying Michael Saylor’s strategy: accumulating Bitcoin as a reserve asset. With 40,177 BTC, it’s now the 3rd largest corporate holder worldwide. It funds purchases through options strategies that reduce its net cost basis.
What does the OCC banking charter mean for Coinbase?
The OCC’s conditional approval allows Coinbase to become a federal digital asset custodian, replacing its multiple state licenses with a single federal regulator. It’s not a commercial bank—Coinbase won’t take deposits or make loans.
Is the Bitcoin treasury strategy dead?
No, but it’s going through a maturation crisis. Strategy continues buying (762,099 BTC), and Metaplanet is accelerating. But companies that borrowed without margin (MARA, Riot, Genius) are forced to sell. The model works with strong cash flow, not excessive leverage.
Can Bitcoin drop further?
Key support sits around $67,000. The Fear & Greed Index at 8 (extreme fear) suggests deeply negative sentiment, but historically, such levels have often marked turning points. Fundamentals (institutional adoption, ETFs, OCC charter) remain positive for the medium term.
📰 Sources
This article is based on the following sources:
- MARA Holdings — Official Press Release – Sale and debt repurchase announcement, March 2026
- CoinDesk — The Bitcoin Treasury Boom Is Unwinding – Analysis of the global sell-off
- CryptoBriefing — Metaplanet Hits 40,177 Bitcoin – Q1 2026 acquisition details
- CoinDesk — Coinbase Wins Initial OCC Nod for Trust Charter – OCC charter details
- Bitcoin Magazine — Bitcoin Treasuries Are Cracking – Corporate sell-off analysis
How to cite this article: Fibo Crypto. (2026). Bitcoin Treasuries in Crisis: MARA Sells $1.1B, Metaplanet Rises to #3, Coinbase Wins Bank Charter. Retrieved April 3, 2026, from https://fibo-crypto.fr
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