MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and a strategic maneuver
The largest public bitcoin miner MARA (formerly Marathon Digital) sold 23,093 BTC worth approximately $1.6 billion in the first half of 2026. This large-scale asset distribution, as I see it, was directed toward three key fronts: financing current operations, supporting ambitious growth programs, and fine-tuning liquidity in a volatile market.
The average sale price for the reporting period was $70,631 per coin. As of June 30, the company held 35,577 BTC on its balance sheet, equivalent to $2.08 billion. Notably, 9,270 BTC of this amount were involved in asset management strategies: 4,742 BTC were lent to third parties, and 4,528 BTC were used as collateral. This suggests that MARA is actively diversifying its revenue streams, moving away from simple holding.
Financial results: revenue falls, but mining output grows
The company's revenue for the six months declined 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 mining output increased slightly — from 4,644 BTC to 4,669 BTC. The key factor behind the decline is a 23% drop in the average price of mined bitcoin, to $73,707. This is a classic example of how market conditions offset production successes.
The net loss for the half-year amounted to $1.87 billion, compared to a profit of $274.8 million a year earlier. The main drivers of the loss were a negative revaluation of digital assets of $964.2 million and a loss of $397.4 million on bitcoins lent out and pledged as collateral. This dynamic highlights the risks of actively using the balance sheet as a financial lever.
Post-quarter moves: new loans and an energy pivot
After the end of the second quarter, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. The initial collateral amounted to 18,750 BTC. Part of these funds, according to my data, will be used to finance the purchase of the Long Ridge gas power plant — a step that confirms the company's strategic shift toward vertical integration and control over energy capacity.
My view: MARA is playing an aggressive game, balancing between liquidity and growth. The sale of 23,093 BTC is not panic, but a deliberate step to maintain cash flow amid declining margins. However, the $1.87 billion loss and reliance on collateral schemes make the company vulnerable to further declines in the bitcoin price. Investors should closely monitor how MARA will service the new credit lines, especially if the market does not show a recovery in the second half of the year.