MARA sold 23,093 BTC worth $1.6 billion over six months — a survival strategy or a bet on liquidity?
From January to June of this year, one of the largest public miners — MARA — carried out a large-scale sell-off of its bitcoin reserves. Over six months, the company sold 23,093 BTC, raising approximately $1.6 billion. The average sale price was $70,631 per coin. These funds were directed toward covering operating costs, financing growth programs, and maintaining liquidity.
At the end of the reporting period, June 30, MARA's balance sheet held 35,577 BTC, equivalent to $2.08 billion. Notably, a significant portion of these assets is already tied up in financial operations: 4,742 BTC have been lent to third parties, and another 4,528 BTC are used as collateral. Thus, the company is actively monetizing its reserves without waiting for a price increase.
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 a year earlier. Bitcoin mining revenue dropped from $436.5 million to $342.2 million, although mining volume even increased slightly — from 4,644 to 4,669 BTC. The company attributes the decline to a 23% decrease in the average price of mined bitcoin, to $73,707 per coin.
The net loss for six months reached $1.87 billion, whereas a year earlier a profit of $274.8 million was recorded. Key factors behind the losses were the revaluation of digital assets (minus $964.2 million) and losses on bitcoin lent out or pledged as collateral (minus $397.4 million). This is a vivid illustration of how market volatility and active asset operations can offset even positive mining dynamics.
Post-Quarter Steps: Aggressive Capital Raising
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 company provided 18,750 BTC as initial collateral. Part of these funds is planned to be used to finance the purchase of the Long Ridge gas power plant, signaling MARA's ambition to transform into a vertically integrated energy company.
It is worth recalling that in the second quarter, MARA's loss amounted to $611 million, underscoring significant margin pressure under current market conditions.
My analysis: Selling 23,093 BTC at an average price significantly below peak levels is a forced measure to maintain cash flow. However, the active use of collateral schemes and credit lines suggests that MARA is betting on capital growth through financial engineering rather than simply holding coins. The question remains whether this strategy will pay off amid further bitcoin volatility.