MARA sold 23,093 BTC over six months: a survival strategy or preparation for expansion?
Leading public miner MARA continues to aggressively monetize its reserves in the first half of 2026. From January to June, the company sold 23,093 BTC, generating approximately $1.6 billion. As I see it, these funds were allocated toward three key goals: operational financing, infrastructure scaling, and maintaining liquidity in a volatile market.
The average sale price was $70,631 per coin. At the end of June, MARA held 35,577 BTC on its balance sheet, equivalent to $2.08 billion. Notably, a significant portion of these assets — 9,270 BTC — is tied up in yield programs: 4,742 BTC has been lent to third parties, while 4,528 BTC is used as collateral.
Financial results: revenue declines, losses grow
Operating metrics show a troubling trend. Revenue for the six months fell to $349.5 million, compared with $452.4 million a year earlier. Mining revenue dropped from $436.5 million to $342.2 million, although production volume rose slightly — from 4,644 to 4,669 BTC. The company attributes the decline to the lower value of mined bitcoin: the average sale price fell by 23% to $73,707.
Particularly noteworthy is the net loss of $1.87 billion, versus a profit of $274.8 million last year. Key drivers were a $964.2 million loss from the revaluation of digital assets and $397.4 million in losses on bitcoin lent out or posted as collateral. This underscores the risks of aggressively using the balance sheet as a collateral base.
Post-quarter moves: raising $600 million and betting 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 initial collateral was 18,750 BTC. Based on my information, part of these funds will be used to finance the purchase of the Long Ridge gas power plant — a step that turns the miner into a full-fledged player in the energy sector.
For context, the company posted a loss of $611 million in the second quarter, confirming systemic pressure on margins.
My analysis: MARA's strategy is a classic example of balancing between preserving assets and the need for cash flow. However, the active use of collateral and credit makes the company extremely sensitive to fluctuations in the price of the leading cryptocurrency. If bitcoin continues to consolidate below $70,000, we could see further reserve reductions or new debt initiatives. In the long term, the bet on self-owned power generation looks reasonable, but current financial metrics show that the transition period will be painful.