MARA sold 23,093 BTC over six months: miner balances between liquidity and accumulation strategy
The largest public bitcoin miner MARA continues to actively monetize its mining output, and the figures for the first half of 2026 are telling. From January to June, the company sold 23,093 BTC, generating approximately $1.6 billion in revenue. The average sale price was $70,631 per coin — a solid level given the market volatility during this period.
The primary motive behind these actions is clear: financing operational activities, supporting growth programs, and managing liquidity. However, despite the large-scale sales, MARA's balance sheet as of June 30 still held 35,577 BTC, equivalent to $2.08 billion at current prices. This suggests the company is not offloading its reserves but rather optimizing its portfolio.
Particular attention should be paid to the asset management strategy. Of the total volume, 9,270 BTC are involved in active operations: 4,742 BTC have been lent to third parties, and 4,528 BTC are used as collateral. This approach allows the company to extract additional returns from idle reserves, but it also carries risks that have already impacted financial results.
Financial results: revenue declines, losses grow
MARA's revenue for the six months fell to $349.5 million, compared with $452.4 million a year earlier. Revenue from direct bitcoin mining dropped from $436.5 million to $342.2 million. Notably, mining output actually increased slightly — from 4,644 to 4,669 BTC. The key factor behind the decline was a 23% drop in the average price of mined bitcoin, to $73,707.
The net loss for the half-year reached $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million. The main write-downs are related to the revaluation of digital assets — a $964.2 million loss from changes in fair value, as well as a $397.4 million loss on bitcoins lent out and pledged as collateral. This is a clear illustration of how aggressive financial strategies can amplify reporting volatility.
After the end of the quarter, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, secured by bitcoin. The company provided 18,750 BTC as initial collateral. Part of these funds will be used to finance the purchase of the Long Ridge gas power plant — a step that strengthens the business's vertical integration and reduces dependence on external energy resources.
My comment: MARA's actions reflect a broader trend among public miners — a shift from simple accumulation to active capital management. However, current losses show that such a strategy requires high precision in forecasting market cycles. In the long term, the bet on energy independence and revenue diversification looks reasonable, but in the short term, the company remains vulnerable to further declines in the price of the leading cryptocurrency.