MARA sold 23,093 BTC for $1.6 billion over six months: a survival strategy or a bet on liquidity?
From the beginning of January to the end of June, one of the largest public miners — MARA — carried out a massive sell-off of its bitcoin reserves. Over the six months, the company sold 23,093 BTC worth approximately $1.6 billion. This is not a spontaneous decision, but part of a well-thought-out strategy to finance operational activities, support expansion, and manage liquidity in a volatile market.
The average selling price during this period was $70,631 per coin. This figure is notable: it is significantly below current market levels, highlighting the pressure on miners forced to lock in profits at suboptimal moments.
Balance sheet and active operations
As of June 30, MARA's balance sheet held 35,577 BTC, equivalent to $2.08 billion at market valuation. Of this amount, 9,270 BTC were deployed in an asset management strategy: 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral. This approach allows for generating additional returns, but simultaneously carries counterparty obligation risks.
Financial results: revenue falls, losses grow
MARA's revenue for the six months declined to $349.5 million, compared to $452.4 million a year earlier. Income from bitcoin mining itself dropped from $436.5 million to $342.2 million. Notably, mining output even increased during this period — 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 per coin.
The net loss for the half-year amounted to $1.87 billion, compared to a profit of $274.8 million in the same period last year. The main drivers of the losses were the revaluation of digital assets (minus $964.2 million) and losses on bitcoin lent out and pledged as collateral (minus $397.4 million).
Post-quarter steps: new loans 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. 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 — a step that underscores MARA's transformation into an energy company, rather than just a miner.
Recall that for the second quarter, MARA's net loss amounted to $611 million, reflecting the full depth of pressure on the sector amid the market correction.
My analysis: MARA's situation is a mirror of the state of the entire industry. Selling reserves below $71,000 while simultaneously increasing debt backed by BTC is a signal that even major players are experiencing an acute cash shortage. However, the bet on energy assets and credit lines could prove forward-looking: if bitcoin recovers, MARA will gain a double growth lever — from both mining and energy infrastructure. The only question is whether the company will have enough time and liquidity to wait for that moment.