MARA sold 23,093 BTC for $1.6 billion over six months: a liquidity strategy or a risk to the balance sheet?
An analysis of the operating activities of one of the largest public miners demonstrates massive pressure on the industry. From January to June, MARA sold 23,093 BTC for approximately $1.6 billion. These funds were used to cover operating costs, finance expansion programs, and maintain liquidity — a standard set of measures for miners in a volatile market.
The average selling price for the half-year was recorded at $70,631 per coin. This is below peak levels, reflecting the overall market correction and rising mining difficulty.
At the end of June, MARA's balance sheet held 35,577 BTC, valued at $2.08 billion. Notably, a significant portion of these assets — 9,270 BTC — was deployed in a capital management strategy: 4,742 BTC were lent to third parties, and 4,528 BTC were used as collateral. This approach increases returns but simultaneously raises the risk of counterparty losses.
Financial results: revenue falls, losses grow
MARA's revenue for the six months declined to $349.5 million, compared to $452.4 million in the same period a year earlier. Bitcoin mining revenue fell from $436.5 million to $342.2 million, although mining output increased slightly — from 4,644 BTC to 4,669 BTC. The key factor behind the decline is a 23% drop in the average price of mined bitcoin, to $73,707.
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 losses are related to the revaluation of digital assets: a $964.2 million loss from changes in fair value and $397.4 million on bitcoin lent out or posted as collateral.
Debt financing and energy ambitions
After the end of the second quarter, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. As initial collateral, the company provided 18,750 BTC. Part of the raised funds is planned to be used to finance the purchase of the Long Ridge gas power plant, confirming the strategy of transforming into an energy company.
It is worth recalling that in the second quarter, MARA's loss amounted to $611 million, highlighting systemic challenges for miners: declining hashprice, rising energy costs, and market volatility.
Expert commentary: Selling 23,000 BTC in six months is not just a tactical move but a signal that even major players are forced to sacrifice long-term holdings for survival. However, the aggressive use of collateral and credit lines creates a closed risk loop: if the bitcoin price falls further, the company could face margin calls, intensifying pressure on the market. Investors should closely monitor MARA's debt-to-reserves ratio in the coming quarters.