MARA sold 23,093 BTC for $1.6 billion over six months: a survival strategy or a bet on the future?
Analyzing the latest data from the MARA report, I see a clear signal: the largest miners are adapting to the new market reality. In the first six months of the year, the company sold 23,093 BTC, generating approximately $1.6 billion. The average sale price was $70,631 per coin — a significant discount to current levels, which underscores the pressure on operational activity.
At the end of June, MARA's balance sheet demonstrates a confident position: 35,577 BTC, valued at $2.08 billion. However, the asset structure is notable: 9,270 BTC are tied up in an aggressive capital management strategy. Of these, 4,742 BTC have been lent to third parties, and another 4,528 BTC are used as collateral. This is not just hedging — it is an attempt to monetize assets amid declining profitability.
Financial results: a wake-up call
Revenue for the half-year fell to $349.5 million, compared with $452.4 million a year earlier. Mining revenue declined from $436.5 million to $342.2 million, although production even rose slightly — from 4,644 to 4,669 BTC. The key factor is a 23% drop in the average price of mined bitcoin, to $73,707. This is a classic example of how hash rate growth does not offset market volatility.
The net loss of $1.87 billion looks shocking against a profit of $274.8 million a year earlier. The main drivers are a $964.2 million loss from the revaluation of digital assets and $397.4 million related to bitcoin lent out or posted as collateral. These figures show how fragile a business model dependent on the spot price of the first cryptocurrency can be.
Debt financing and expansion
After the reporting period, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, securing them with 18,750 BTC. Part of the funds will go toward purchasing the Long Ridge gas-fired power plant — an ambitious step toward transforming into an energy company. However, such decisions increase the debt burden, and the market will closely watch the company's ability to service its obligations in the event of a further decline in BTC.
My expert conclusion: MARA's strategy is a high-stakes game. Selling coins at $70,631 while simultaneously raising loans backed by bitcoin shows that the company is betting on long-term growth, sacrificing short-term profit. But if the bearish trend persists, such actions could lead to cascading liquidations. Investors should view these data as an indicator of the overall state of the sector, not as a signal for immediate action.