MARA is selling off bitcoins: the reserves of the largest miner have plunged by 29%, and losses have reached $611 million
The largest public bitcoin miner, MARA, has published its Q2 2026 report, and the numbers raise questions about the state of the entire industry. The company reduced its holdings of the leading cryptocurrency by 29% year-over-year, to 35,577 BTC. A year earlier, the miner's balance sheet held 49,951 BTC. This is a signal that cannot be ignored: even industry leaders are forced to adapt to new market realities.
Financial metrics have sharply declined
MARA's quarterly revenue totaled $175 million, down 27% from the year-ago figure. The company's net loss reached $611 million, or $1.6 per share, while in Q2 2025 the miner recorded a profit of $808 million ($1.84 per share). Adjusted EBITDA turned negative at $361 million, although a year earlier this figure was positive at $1.2 billion. At the same time, the total value of cash and bitcoins on the company's balance sheet is estimated at approximately $2.5 billion.
Capacity and production have increased
Paradoxically, MARA's operational metrics show growth. Computing power increased by 22% over the year, to 70.3 EH/s versus 57.4 EH/s. Bitcoin production for the quarter rose 3% year-over-year, totaling 2,422 BTC. Daily costs per petahash fell 4%, to $27.7 versus $28.7 a year earlier. The number of blocks mined in the MARA pool grew 1%, reaching 700 versus 694 a year ago.
Of the total reserves, 26,307 BTC are unencumbered, 4,742 BTC have been lent out, and another 4,528 BTC are pledged as collateral. The decline in revenue and coin reserves amid rising capacity reflects overall pressure on the industry. Earlier, one of the world's largest mining pools, Poolin, filed for Chapter 11 bankruptcy with debt of about $173 million. The company is actively selling off mining assets in West Texas, where the starting auction price was $52 million.
My view: MARA's reduction of bitcoin reserves is not panic, but a forced measure to maintain liquidity amid margin compression. However, if the trend continues, we could see cascading pressure on the market from other miners, which would create additional volatility in the short term.