MARA sold 23,093 BTC over six months: revenue of $1.6 billion and a survival strategy amid volatility
Major public miner MARA sold 23,093 BTC worth approximately $1.6 billion in the first half of the year. These funds were used to cover operating costs, support growth programs, and manage liquidity. The average selling price during the reporting period was $70,631 per coin, reflecting the challenging market conditions for miners.
As of June 30, the company's balance sheet held 35,577 BTC, valued at $2.08 billion. Of this amount, 9,270 BTC were deployed in asset management strategies: 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral. This approach indicates MARA's efforts to diversify risks and generate additional returns from its reserves.
Financial results for the half-year were mixed. Revenue declined to $349.5 million, compared to $452.4 million a year earlier. Bitcoin mining revenue fell from $436.5 million to $342.2 million, although mining output increased slightly—from 4,644 BTC to 4,669 BTC. The main reason for the decline was a 23% drop in the average price of mined bitcoin, to $73,707.
The net loss for the six months reached $1.87 billion, compared to a profit of $274.8 million in the same period last year. This result was significantly impacted by a $964.2 million loss from the fair value remeasurement of digital assets, as well as a $397.4 million loss on bitcoin lent out and posted as collateral. These figures highlight how sensitive miners' business models are to price fluctuations.
After the end of the second quarter, MARA raised an additional $600 million through two bitcoin-backed credit facilities from Coinbase and Two Prime. The company provided 18,750 BTC as initial collateral. Part of the raised funds is planned to be used to finance the purchase of the Long Ridge gas power plant, signaling a strategic focus on vertical integration and reducing dependence on external energy resources.
My expert view
Selling a significant portion of reserves in a declining market is a forced but logical measure to sustain operations. However, the active use of collateral mechanisms and credit lines increases risks if prices fall further. If bitcoin continues to decline, MARA could face margin calls, adding pressure to its balance sheet. Investors should closely monitor the company's debt burden in the coming quarters.