MARA sold 23,000 BTC over six months: a survival strategy or a bet on liquidity?
The largest public Bitcoin miner, MARA, sold 23,093 BTC on the market in the first half of 2026, generating approximately $1.6 billion in revenue. This is not a spontaneous decision, but part of a systematic policy to finance operational activities, maintain the pace of capacity expansion, and manage liquidity amid volatility.
The average sale price over the six months was $70,631 per coin. At the end of June, the company held 35,577 BTC on its balance sheet, equivalent to $2.08 billion at the current exchange rate. Notably, a significant portion of these assets is already tied up in active financial schemes: 4,742 BTC have been lent to third parties, and another 4,528 BTC are used as collateral.
Financial Results: A Warning Sign
MARA's revenue for the half-year fell to $349.5 million, compared to $452.4 million a year earlier. Income directly from mining declined from $436.5 million to $342.2 million. At the same time, production volume increased—from 4,644 to 4,669 BTC. This discrepancy is explained by a 23% drop in the average price of mined coins, to $73,707.
The main blow came to the bottom line. The net loss for the reporting period reached $1.87 billion, while 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 losses of $397.4 million related to bitcoins lent out and pledged as collateral.
New Loans and Expansion into Energy
Already after the end of the quarter, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, secured by bitcoins. The initial collateral consisted of 18,750 BTC. Part of these funds will be used to finance the purchase of the Long Ridge gas power plant—a step that confirms the company's transformation into an energy player, rather than just a miner.
For context, MARA's loss for the second quarter alone amounted to $611 million, reflecting systemic pressure on the sector.
My view: Selling 23,000 BTC at an average price below current levels is a forced measure, not a strategic window of opportunity. MARA is, in essence, becoming a hostage to its own debt and capital-intensive expansion. While the company bets on vertical integration into energy, the market will closely watch whether it can reduce its debt burden without further selling off reserves. Otherwise, we risk seeing a classic cycle: expanding capacity to compensate for declining margins, which only worsens the cash gap.