MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and a strategic maneuver
The largest public miner, MARA, continues to aggressively monetize its mined assets. In the first six months of 2024, the company sold 23,093 BTC for approximately $1.6 billion. This is not just profit-taking—the funds were directed toward financing operational activities, scaling capacity, and maintaining liquidity in a volatile market.
The average sale price for the reporting period was $70,631 per coin. This is significantly below current market levels, indicating either forced sales or strategic risk hedging. As of June 30, the company's balance sheet held 35,577 BTC, valued at $2.08 billion.
Assets under management: loans and collateral
The structure of reserve usage is of particular interest. Of the total volume, 9,270 BTC were deployed in the asset management program: 4,742 BTC were lent to third parties, and 4,528 BTC were used as collateral. Such operations carry both additional income and increased risks, which has already impacted financial performance.
MARA's revenue for the half-year fell to $349.5 million, compared to $452.4 million a year earlier. Mining revenue declined from $436.5 million to $342.2 million, although mining volume even grew slightly—from 4,644 BTC to 4,669 BTC. The reason for the decline is obvious: the average price of mined bitcoin fell by 23% to $73,707.
Losses and new borrowings
The net loss for six months reached $1.87 billion, contrasting with a profit of $274.8 million a year earlier. Key factors included a $964.2 million loss from the revaluation of digital assets and another $397.4 million in losses on bitcoins lent out or used as collateral.
After the quarter ended, 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 will be used to finance the purchase of the Long Ridge gas power plant, confirming the strategic course toward transforming into an energy company.
Recall that in the second quarter, the miner's loss amounted to $611 million.
My comment: MARA demonstrates the classic dilemma of miners in the post-halving period: margin pressure forces reserve sales, while attempts to diversify risks through credit operations add volatility to reporting. In the short term, such actions may weaken the company's position, but the long-term bet on energy infrastructure looks like a logical step to reduce dependence on the price of bitcoin.