MARA sold 23,000 BTC over six months: $1.6 billion for operational needs
Major public miner MARA sold 23,093 BTC worth approximately $1.6 billion in the first six months of 2026. These funds were used to cover operating costs, finance business expansion, and maintain liquidity. The average sale price was $70,631 per coin—a figure notably below current market levels, reflecting pressure on mining margins.
As of the end of June, the company held 35,577 BTC on its balance sheet, valued at $2.08 billion. Of this amount, 9,270 BTC were tied up in an asset management program: 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral. While this strategy generates additional income, it carries risks associated with bitcoin volatility.
Financial results: revenue falls, losses grow
Revenue for the half-year declined to $349.5 million, compared to $452.4 million in the same period a year earlier. Bitcoin mining revenue dropped from $436.5 million to $342.2 million, despite a slight increase in production volume—from 4,644 to 4,669 BTC. The decline was driven by a 23% drop in the average price of mined bitcoin, to $73,707.
The net loss for the reporting period reached $1.87 billion, contrasting with a profit of $274.8 million a year earlier. Key factors included a $964.2 million loss from the revaluation of digital assets and a $397.4 million loss on bitcoin lent out and posted as collateral. This underscores how sensitive miners' business models are to market fluctuations.
After the quarter ended, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. The company provided 18,750 BTC as initial collateral. Part of these funds is planned to finance the acquisition of the Long Ridge gas power plant—a step that will strengthen the company's energy independence.
It is worth recalling that MARA reported a $611 million loss in the second quarter, which already signaled growing problems.
My view: the mass sale of BTC at an average price of $70,631 is a forced measure, not a strategic choice. The company is effectively liquidating reserves amid declining profitability, which may indicate an overheated debt burden. In the short term, this creates pressure on the market, but in the long term, the question of MARA's business sustainability remains open, especially if the bitcoin price does not recover to levels above $80,000.