MARA sold 23,000 BTC over six months: a survival strategy or a bet on liquidity?
The largest public miner continues to surprise the market with the scale of its bitcoin operations. In the first six months of this year, the company sold 23,093 BTC, generating approximately $1.6 billion. The average sale price was $70,631 per coin — significantly below current market levels, indicating the forced nature of these transactions.
The proceeds were used to cover operating costs, finance growth programs, and maintain liquidity. As of the end of June, MARA held 35,577 BTC on its balance sheet, valued at $2.08 billion. Notably, a significant portion of reserves — 9,270 BTC — is tied up in asset management strategies: 4,742 BTC have been lent to third parties, while 4,528 BTC are used as collateral.
Financial performance: concerning trends
Revenue for the half-year fell to $349.5 million, down from $452.4 million a year earlier. Mining revenue declined from $436.5 million to $342.2 million, although production volume even increased 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 per coin.
Particularly noteworthy is the net loss of $1.87 billion, compared to a profit of $274.8 million in the same period last year. The main drivers of the negative result are a $964.2 million loss from the revaluation of digital assets and $397.4 million in losses on bitcoin lent out and pledged as collateral. This further confirms that aggressive financial strategies using crypto assets carry enormous risks amid market volatility.
New borrowings and energy ambitions
After the reporting period, 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 funds is planned to finance the purchase of the Long Ridge gas power plant — part of its strategy to transform into an energy company.
It is worth recalling that MARA reported a loss of $611 million in the second quarter. Taken together, these figures paint a picture of a company balancing on the edge: on one hand, it is actively scaling its infrastructure; on the other, it is forced to sell off reserves at unfavorable prices. In my view, the current model of financing growth by diluting bitcoin reserves is extremely vulnerable. If the market does not show sustained recovery, MARA could face a cascade of margin calls on its collateral obligations.