MARA sold a record volume of bitcoins in half a year: $1.6 billion for operational needs.
Analyzing the latest data from one of the largest public miners, I see a clear signal of a strategy shift amid a volatile market. In the first six months of this year, MARA sold 23,093 BTC for approximately $1.6 billion. These funds were directed toward covering operational costs, scaling the business, and optimizing liquidity.
The average sale price for the period was recorded at $70,631 per coin. This is notable given that bitcoin traded in a wide range during the first half of the year, and the miner managed to monetize assets without a significant discount to peak values.
As of June 30, MARA held 35,577 BTC on its balance sheet, equivalent to $2.08 billion. However, it is important to emphasize that 9,270 BTC of this amount is tied up in an asset management program. Of these, 4,742 BTC were lent to third parties, and another 4,528 BTC are used as collateral. This indicates that the company is actively trying to extract additional yield from its reserves rather than simply holding them.
Financial results: revenue falls, losses grow
MARA's revenue for the half-year declined to $349.5 million, compared with $452.4 million a year earlier. Revenue directly from bitcoin mining fell from $436.5 million to $342.2 million. Notably, mining output even rose slightly during this period—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 amounted to $1.87 billion, versus a profit of $274.8 million in the same period last year. Two factors significantly impacted this result: a $964.2 million loss from the fair value remeasurement of digital assets and $397.4 million in losses related to bitcoin lent out and posted as collateral.
Already after the end of the second quarter, MARA raised an additional $600 million through two bitcoin-collateralized credit lines from Coinbase and Two Prime. The company provided 18,750 BTC as initial collateral. Based on my data, part of these funds will go toward financing the purchase of the Long Ridge gas power plant.
Recall that the company reported a loss of $611 million for the second quarter.
My comment: MARA's situation is a vivid example of how miners are transforming into hybrid energy-financial structures. Selling 23,000 BTC while simultaneously taking out collateralized loans is not panic, but a forced measure to survive amid declining profitability. However, relying on debt financing backed by bitcoin is extremely risky: if the asset's price declines further, the company could face margin calls, which would intensify pressure on the market.