MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and a strategic maneuver
Major public miner MARA continues to actively monetize its bitcoin reserves. In the first six months of this year, the company sold 23,093 BTC for approximately $1.6 billion. This is not an impulsive decision, but part of a well-thought-out strategy to finance operational activities, maintain growth momentum, and manage liquidity in a volatile market.
The average sale price for the reporting period was $70,631 per coin. At the end of June, MARA's balance sheet held 35,577 BTC, with a market value estimated at $2.08 billion. Notably, 9,270 BTC of this amount are involved in an asset management program: 4,742 BTC have been lent to third parties, and 4,528 BTC are used as collateral.
Revenue Falls, Hashrate Rises
Financial results for the half-year show mixed dynamics. MARA's 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 production volume 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.
The net loss for the six months amounted to $1.87 billion, versus a profit of $274.8 million in the same period last year. The main pressure on the financial result came from a $964.2 million loss on the fair value remeasurement of digital assets, as well as losses of $397.4 million on bitcoin lent out and pledged as collateral.
Credit Lines and Energy Expansion
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 company provided 18,750 BTC as initial collateral. Part of these funds is planned to be used to finance the purchase of the Long Ridge gas power plant—a step that underscores MARA's ambition to transform into a full-fledged energy company.
Recall that in the second quarter, the miner reported a loss of $611 million, which already signaled serious challenges in the industry.
My analysis: MARA's reserve sell-off is a forced but rational step amid shrinking mining margins. However, attention should be paid to the growing share of collateral obligations: if the bitcoin price continues to decline, the company could face cascading margin calls. The purchase of energy assets is sound diversification, but it increases debt load at a time when the market demands caution. Investors should closely monitor MARA's debt-to-hashrate ratio in the coming quarters.