MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and a strategic maneuver
Major public miner MARA sold 23,093 BTC worth approximately $1.6 billion in the first half of 2025. These funds were used to cover operating expenses, finance expansion, and optimize liquidity. The average sale price was $70,631 per coin—an important marker reflecting market conditions amid volatility.
As of June 30, the company held 35,577 BTC on its balance sheet, valued at $2.08 billion. Of this amount, 9,270 BTC were allocated to an asset management program: 4,742 BTC were lent to third parties, and 4,528 BTC were used as collateral. This strategy demonstrates MARA's ambition to generate returns from its reserves rather than simply holding them.
Financial results: pressure on revenue and losses
Revenue for the six months fell to $349.5 million, compared with $452.4 million a year earlier. Bitcoin mining revenue dropped from $436.5 million to $342.2 million, although mining output rose slightly—from 4,644 BTC to 4,669 BTC. The key factor behind the decline was a 23% drop in the average price of mined bitcoin, to $73,707. This vividly illustrates how the asset's price dynamics directly impact the sector's profitability.
The net loss for the half-year amounted to $1.87 billion, versus a profit of $274.8 million in the same period last year. The main drivers of the losses were the revaluation of digital assets ($964.2 million loss) and losses on bitcoins lent out or pledged as collateral ($397.4 million). These figures underscore the risks of aggressive financial strategies, especially during a market correction.
Post-quarter steps and plans
After the end of the second quarter, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. Initial collateral amounted to 18,750 BTC. Part of these funds will be used to acquire the Long Ridge gas power plant—a step that fits into the company's strategy of transforming into an energy player and reducing dependence on external electricity suppliers.
It is worth recalling that the company posted a loss of $611 million in the second quarter, increasing pressure on management to strike a balance between growth and financial stability.
Expert comment: Selling 23,093 BTC at an average price of $70,631 looks like a pragmatic but risky move. On the one hand, MARA secures liquidity amid uncertainty; on the other, it locks in positions below current peaks, which could limit upside potential in the event of a new rally. Further dynamics will depend on the company's ability to monetize energy assets and reduce debt burdens without harming its mining capacity.