MARA sold $1.6 billion worth of bitcoin over six months: a survival strategy or a bet on liquidity?
Major public miner MARA sold 23,093 BTC in the first six months of 2025, generating approximately $1.6 billion in revenue. These funds were used to cover operational costs, finance expansion, and maintain liquidity. The average sale price was $70,631 per coin, reflecting market pressure on digital gold producers.
As of the end of June, the company's assets totaled 35,577 BTC, valued at $2.08 billion. A significant portion of reserves — 9,270 BTC — is tied up in management schemes: 4,742 BTC were lent to third parties, while 4,528 BTC serve as collateral for obligations.
Financial results: revenue falls, losses grow
MARA's revenue for the half-year declined to $349.5 million, down from $452.4 million a year earlier. Income from mining itself fell from $436.5 million to $342.2 million, although production volume rose slightly — from 4,644 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 reporting period reached $1.87 billion, reversing a profit of $274.8 million for the same period last year. The main drivers were a $964.2 million loss from the fair value remeasurement of digital assets, as well as a negative swing of $397.4 million on coins lent out or pledged as collateral.
Post-quarter moves: new debt and a bet on energy
After the end of the second quarter, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, secured by bitcoin. The company provided 18,750 BTC as initial collateral. Part of the raised funds is planned to be used to finance the purchase of the Long Ridge gas power plant, indicating an ambition to integrate energy assets into the vertical mining chain.
Recall that in the second quarter, MARA's net loss amounted to $611 million, underscoring the volatility of the business in an unstable market environment.
My take: Selling a significant portion of reserves amid falling revenue is a worrying signal, but not a catastrophe. The company is clearly betting on scaling its energy infrastructure, which could lower mining costs in the long run. However, investors should closely monitor the debt burden: using BTC as collateral amid price volatility is a double-edged sword that can both accelerate growth and trigger a cascade of liquidations in the event of a sharp crash.