MARA sold 23,093 BTC over six months: revenue of $1.6 billion and a survival strategy
Major public miner MARA sold 23,093 BTC worth approximately $1.6 billion in the first six months of 2025. These funds were directed toward covering operational costs, financing expansion, and optimizing liquidity. The average sale price was $70,631 per coin — notably lower than current market levels, highlighting the pressure on producers due to volatility.
Balance and Assets: What Remains in the Treasury
At the end of June, MARA's balance sheet held 35,577 BTC, equivalent to $2.08 billion. Of these, 9,270 BTC are involved in the asset management program: 4,742 BTC were lent to third parties, and 4,528 BTC are used as collateral. This indicates that the company is actively seeking additional sources of income beyond traditional mining — a trend I also observe among other players in the sector.
Financial Results: Revenue Decline and Losses
MARA's revenue for the half-year fell to $349.5 million from $452.4 million a year earlier. Bitcoin mining revenue dropped from $436.5 million to $342.2 million, although mining output rose from 4,644 BTC to 4,669 BTC. The reason is a 23% decline in the average price of mined bitcoin, to $73,707. The net loss amounted to $1.87 billion, compared to a profit of $274.8 million in the same period last year. The results were impacted by a $964.2 million loss from the revaluation of digital assets and $397.4 million related to bitcoin lent out or posted as collateral.
Next Steps: Loans and 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 is 18,750 BTC. Part of the funds will go toward purchasing the Long Ridge gas power plant, which fits the strategy of transforming the company into an energy operator. I should note that MARA posted a loss of $611 million for the second quarter.
My take: Selling a significant portion of reserves at prices below peak levels is a forced move amid declining mining profitability and rising competition. However, the active use of collateral and credit lines indicates that MARA is betting on long-term diversification rather than simple hodling. The question is whether the company can maintain a balance between liquidity and BTC accumulation if the market declines further.