MARA sold 23,093 BTC over six months: a survival strategy or a bet on the future?
The largest public miner in the U.S., MARA, has published its financial results for the first half of the year, and the numbers raise questions about the real state of the industry. Over six months, the company sold 23,093 BTC worth approximately $1.6 billion, which became a key source of liquidity to cover operating costs and sustain ambitious growth plans. The average sale price was $70,631 per coin — 23% lower than a year earlier, directly reflecting margin pressure in the current market cycle.
As of the end of June, MARA's balance sheet shows an impressive margin of safety: 35,577 BTC valued at $2.08 billion. However, the structure of these assets is not uniform. Of the total volume, 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral. This indicates that the company is actively using its reserves to generate yield, but at the same time taking on increased counterparty risk.
Financial results: revenue falls, losses grow
MARA's revenue for the first half of the year declined to $349.5 million, compared to $452.4 million in the same period last year. Bitcoin mining revenue fell from $436.5 million to $342.2 million, although production volume even grew slightly — from 4,644 to 4,669 BTC. The reason is obvious: the average price of mined bitcoin dropped by 23% to $73,707, offsetting the growth in production metrics.
The net loss for the half-year amounted to $1.87 billion, sharply contrasting with a profit of $274.8 million a year earlier. The main drivers of the losses were the revaluation of digital assets (minus $964.2 million) and losses on bitcoin lent out and pledged as collateral (minus $397.4 million). This clearly demonstrates how much market volatility affects the reporting of companies using aggressive capital management strategies.
After the end of the second quarter, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. The initial collateral consisted of 18,750 BTC. Part of these funds will be directed toward financing the purchase of the Long Ridge gas power plant, confirming the strategic course toward vertical integration and reducing mining costs.
Recall that in the second quarter, the company's net loss amounted to $611 million, which even then signaled systemic profitability problems.
My analysis: MARA is balancing on the edge between aggressive expansion and financial stability. Selling 23,000 BTC at an average price of $70,631 is a forced measure to maintain liquidity, but it also locks in losses against current prices. In the long term, the bet on energy assets and leverage could pay off, but if bitcoin falls further, the company risks facing a cascade of margin calls. Investors should closely monitor the dynamics of debt burden and the efficiency of new capacity.