MARA sold 23,000 BTC over six months: revenue falls, losses grow
Analyzing MARA's latest report, I see a troubling picture: in the first half of the year, the company sold 23,093 BTC for approximately $1.6 billion. The average sale price was $70,631 per coin. These funds were used to cover operating expenses, support the expansion strategy, and manage liquidity. However, this move indicates pressure on the miner's business model in a volatile market.
As of June 30, 35,577 BTC remained on the balance sheet, equivalent to $2.08 billion. Of this amount, 9,270 BTC are involved in an active asset management strategy: 4,742 BTC were lent to third parties, and 4,528 BTC are used as collateral. This is an unconventional approach for a miner, but it reflects an attempt to monetize reserves amid declining profitability.
Financial metrics: worse than expected
Revenue for the half-year fell to $349.5 million, compared to $452.4 million a year earlier. Mining income declined from $436.5 million to $342.2 million, while production volume rose 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. This clearly demonstrates that hash rate growth does not offset price pressure.
The net loss reached $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million. The main losses are related to the revaluation of digital assets—$964.2 million in losses from changes in fair value—as well as $397.4 million on bitcoin lent out and pledged as collateral. These figures highlight the risks of aggressively using the balance sheet as a financial lever.
After the reporting period, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, providing 18,750 BTC as initial collateral. Part of the funds will go toward purchasing the Long Ridge gas power plant, confirming a strategic pivot toward energy infrastructure.
Let me remind you that in the second quarter, the company's loss amounted to $611 million. In my view, the current situation points to a fundamental shift: MARA is transforming from a classic miner into a hybrid structure with features of a lender and an energy company. This may be a forced measure for survival, but investors should closely monitor the debt burden and the effectiveness of the new business lines.