MARA sold over 23,000 BTC in half a year: a survival strategy or preparation for expansion?
The largest public bitcoin miner, MARA (formerly Marathon Digital), sold 23,093 BTC on the market in the first six months of 2025, generating approximately $1.6 billion. This is an unprecedented sales volume for the company in such a short period, signaling a radical reassessment of reserve management approaches.
The average selling price was $70,631 per coin. At the end of June, MARA held 35,577 BTC on its balance sheet, valued at $2.08 billion. Notably, a significant portion of these assets is no longer a "pure" reserve: 4,742 BTC have been lent to third parties, and another 4,528 BTC are used as collateral. Thus, the company is actively using its digital assets as a tool to obtain fiat liquidity rather than simply holding them.
Revenue for the half-year fell to $349.5 million, compared to $452.4 million a year earlier. Income from mining itself dropped from $436.5 million to $342.2 million, although production volume even increased slightly—from 4,644 to 4,669 BTC. The key factor is a 23% decline in the average price of mined bitcoin, to $73,707. This reflects pressure on miners' economics amid market volatility.
The financial result was deeply negative: the net loss for the half-year reached $1.87 billion, compared to a profit of $274.8 million a year earlier. The main write-downs are related to the revaluation of digital assets ($964.2 million loss) and losses on bitcoin lent out or pledged as collateral ($397.4 million). Clearly, the aggressive balance sheet management strategy carries not only opportunities but also serious risks.
After the reporting period, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, providing 18,750 BTC as collateral. Part of these funds will finance the purchase of the Long Ridge gas power plant. This confirms the company's transformation into an energy player, which could reduce production costs in the long term.
My analysis: Selling 23,093 BTC at the peak of a correction looks like a risky move, but raising borrowed funds against coins instead of selling them outright indicates that MARA believes in the asset's long-term growth. The company is deliberately sacrificing current profits to scale its infrastructure. If the halving and rising difficulty continue to pressure margins, such a strategy could become the industry standard, but for shareholders, this is an extremely volatile story.