MARA disclosed large-scale bitcoin sales: 23,093 BTC over six months and a strategic pivot.
The largest public miner, MARA, sold 23,093 BTC worth approximately $1.6 billion in the first half of the year. This is an unprecedented volume for a company that previously preferred to accumulate mined coins. The average sale price was $70,631 per bitcoin—a level that, given current market volatility, looks quite rational for locking in profits.
As of June 30, MARA's balance sheet held 35,577 BTC, valued at $2.08 billion. However, the structure of these assets is notable: 9,270 BTC are tied up in a capital management strategy, of which 4,742 BTC were lent to third parties and 4,528 BTC are used as collateral. This signals a shift from passive holding to active use of crypto assets as a financial instrument.
Financial Results: Revenue Falls, Losses Grow
Revenue for the six months dropped to $349.5 million, compared to $452.4 million a year earlier. Mining revenue declined from $436.5 million to $342.2 million, although the volume mined rose from 4,644 to 4,669 BTC. The key factor is a 23% drop in the average price of mined bitcoin, to $73,707. The net loss amounted to $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million.
Two factors significantly impacted the financial result: a $964.2 million loss from the fair value remeasurement of digital assets and a $397.4 million loss on bitcoins lent out or pledged as collateral. This demonstrates how sensitive MARA's model is to market fluctuations—even with an increase in mining output in monetary terms, the company proved vulnerable.
Aggressive Expansion and New Loans
After the reporting period, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. The company provided 18,750 BTC as initial collateral. Part of the funds will go toward financing the purchase of the Long Ridge gas power plant—this is part of a strategy to transform into an energy company that could ensure more stable operating costs.
In the second quarter, MARA's loss totaled $611 million, confirming systemic challenges for the mining industry amid falling prices and rising network difficulty.
My comment: Selling 23,093 BTC in six months is not panic, but a pragmatic step. MARA is clearly diversifying risks, using bitcoin as a liquid asset to finance infrastructure projects. However, losses from remeasurement and lending operations show that even major players are not immune to market turbulence. In the long term, the bet on energy independence may pay off, but in the coming quarters, pressure on financial metrics will persist.