MARA sold 23,093 BTC for $1.6 billion over six months: a survival strategy or a bet on growth?
Major public miner MARA conducted a large-scale sell-off of its bitcoin reserves in the first half of 2026, realizing 23,093 BTC worth approximately $1.6 billion. As I see it, this decision was driven by the need to support operational activities and ensure liquidity in a volatile market. The average sale price was $70,631 per coin, reflecting the challenging market conditions for miners.
As of June 30, the company's balance sheet held 35,577 BTC, valued at $2.08 billion. Notably, a significant portion of these assets—9,270 BTC—is tied up in capital management strategies. Of these, 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral. This indicates that MARA is actively diversifying risks and seeking additional sources of yield beyond pure mining operations.
Financial Results: Pressure on Margins
Revenue for the six months fell to $349.5 million, compared with $452.4 million in the same period last year. Income directly from mining dropped from $436.5 million to $342.2 million, although production volume even increased slightly—from 4,644 to 4,669 BTC. The key factor behind this discrepancy is a 23% decline in the average sale price of mined bitcoin, to $73,707. This is a classic example of how a drop in the asset's price offsets growth in production metrics.
The company's financial position appears strained: the net loss for the half-year reached $1.87 billion, versus 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 or posted as collateral (minus $397.4 million).
Post-Quarter Steps and Outlook
After the reporting period, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime, providing 18,750 BTC as collateral. According to my data, part of these funds will go toward financing the purchase of the Long Ridge gas power plant—a step that strengthens the company's vertical integration and reduces its dependence on external energy resources.
Let me remind you that in the second quarter alone, MARA's loss amounted to $611 million, underscoring systemic problems in the sector. In my understanding, MARA's current strategy is a survival game with an eye on future growth. Selling coins at current prices is painful, but raising debt capital backed by BTC and investing in its own energy infrastructure could give the company a competitive edge when the market turns upward. However, investors should closely monitor the debt burden and the company's ability to service these obligations amid a further bitcoin correction.