MARA sold a record volume of bitcoins: $1.6 billion for operational needs
The largest public miner MARA (formerly Marathon Digital) sold 23,093 BTC worth about $1.6 billion in the first half of the year. This is an unprecedented sales volume for the company, and the funds were used to cover operating costs, scale the business, and optimize liquidity. The average sale price was $70,631 per coin, reflecting market conditions amid volatility.
As of June 30, MARA's balance sheet held 35,577 BTC, valued at $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 were used as collateral. This strategy allows the company to generate additional returns, but it also carries risks associated with counterparties and market fluctuations.
Financial results: revenue falls, losses grow
MARA's revenue for the six months fell to $349.5 million, compared with $452.4 million a year earlier. Bitcoin mining revenue declined from $436.5 million to $342.2 million, although mining output rose from 4,644 BTC to 4,669 BTC. The company attributes the decline to a 23% drop in the average price of mined bitcoin, to $73,707 per coin.
The net loss for the half-year reached $1.87 billion, versus a profit of $274.8 million last year. Key factors were a $964.2 million loss from the fair value remeasurement of digital assets and a $397.4 million loss on bitcoins lent out or pledged as collateral. These figures highlight how sensitive miners' businesses are to price fluctuations in the leading cryptocurrency.
Debt burden and future plans
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. Part of the funds raised is planned to be used to finance the purchase of the Long Ridge gas power plant — a step that will strengthen the company's energy independence and reduce mining costs.
Recall that MARA's net loss for the second quarter amounted to $611 million, confirming pressure on the sector. However, an aggressive capacity expansion strategy and diversification of capital sources could give the company a competitive advantage in the long term.
My view: the sale of 23,000 BTC is a forced measure amid declining margins, but raising $600 million against assets shows that MARA is betting on bitcoin's future growth. If the price returns to historical highs, these decisions will pay off, but in the short term the company remains vulnerable to further market corrections.