MARA disclosed large-scale bitcoin sales: 23,093 BTC and a survival strategy amid volatility
Analyzing the latest report from one of the largest public miners, I noticed a remarkable pattern: in the first half of the year, MARA sold 23,093 BTC, generating about $1.6 billion. These are not just numbers — this is a clear signal of how leading players are adapting to the current market environment, using their reserves to finance operations and maintain liquidity.
The average sale price was $70,631 per coin, reflecting a cautious approach to sales in a volatile market. At the end of June, MARA held 35,577 BTC on its balance sheet, valued at $2.08 billion. Notably, the company is actively diversifying its assets: 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral. This indicates mature capital management aimed at generating additional returns.
Financial results: margin pressure
Revenue for the six months fell to $349.5 million, compared with $452.4 million a year earlier. 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 was a 23% decline in the average price of mined bitcoin, to $73,707. This is a classic example of how rising hash rate and competition offset positive production dynamics.
The net loss reached $1.87 billion, compared with a profit of $274.8 million last year. The main drivers were a $964.2 million loss from the revaluation of digital assets and $397.4 million related to bitcoin lent out and used as collateral. These figures highlight the high sensitivity of miners to volatility in the leading cryptocurrency.
Strategic moves after the reporting period
Already after the end of the second quarter, MARA raised $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime, providing 18,750 BTC as collateral. Part of the funds will be used to purchase the Long Ridge gas power plant — this is part of an ambitious plan to transform into an energy company.
For the second quarter, the loss amounted to $611 million, confirming systemic pressure on the sector.
My conclusion: MARA demonstrates a pragmatic approach, turning its reserves into a tool for financing and growth. However, such large-scale sales create additional supply in the market, which could intensify downward pressure on the bitcoin price in the medium term.