MARA sold 23,093 BTC over six months: revenue of $1.6 billion and a survival strategy amid volatility
Analyzing the latest financial metrics of one of the largest public miners, I note the significant liquidity pressure the company faced in the first half of 2026. From January to June, MARA sold 23,093 BTC on the market, raising approximately $1.6 billion. These funds were directed toward covering operational costs, financing growth programs, and maintaining liquidity balance—a step that reflects the harsh reality of the current market cycle.
The average selling price over the six months was $70,631 per coin. This is significantly below peak levels, highlighting the forced nature of the sales: miners often become hostages to price when it comes to sustaining their business.
Balance Sheet and Asset Management Strategy
As of June 30, MARA held 35,577 BTC on its balance sheet, valued at $2.08 billion. Notably, 9,270 BTC are tied up in an active capital management strategy: 4,742 BTC have been lent to third parties, while 4,528 BTC are used as collateral. This approach suggests an attempt to monetize reserves without resorting to direct sales, but it carries additional risks associated with counterparty obligations.
The company's revenue for the half-year fell to $349.5 million, compared to $452.4 million a year earlier. Bitcoin mining revenue dropped from $436.5 million to $342.2 million, although production volume rose slightly—from 4,644 BTC to 4,669 BTC. The key factor behind the decline was a 23% drop in the average price of mined coins, to $73,707. This clearly demonstrates how market volatility directly impacts the financial stability of even major players.
Losses and Post-Quarter Steps
MARA's net loss for the six months reached $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million. The main drivers of the losses were a negative revaluation of digital assets totaling $964.2 million and losses of $397.4 million on bitcoin lent out and pledged as collateral. These figures underscore a dual vulnerability: the decline in the asset's price and the simultaneous depreciation of collateral positions.
Already after the end of the second 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, as I understand it, will be used to finance the purchase of the Long Ridge gas power plant—a step that fits into the strategy of vertical integration and reducing dependence on external energy resources.
Let me remind you that in the second quarter, the company's loss amounted to $611 million, confirming the systemic nature of the problems facing the sector amid a prolonged correction.
My expert view: MARA's actions reflect a general trend among public miners—a shift from accumulation to active reserve management. However, such a strategy is only effective if the price stabilizes. If bitcoin continues to consolidate below $70,000, we will see further pressure on margins and a rise in similar credit schemes, which will increase systemic risks for the entire market.