MARA sold 23,000 BTC over six months: a survival strategy or preparation for expansion?
Analyzing the recent financial flows of one of the largest public miners, I noticed a notable pattern: over the first six months of the year, MARA sold 23,093 BTC on the market, generating approximately $1.6 billion. This is not just a routine sale of assets, but a calculated step to finance operational activities and maintain liquidity amid volatility.
The average sale price was $70,631 per coin. At the end of June, the company's balance sheet held 35,577 BTC, equivalent to $2.08 billion. Notably, 9,270 BTC of this amount is tied up in an active capital management strategy: 4,742 BTC were lent to third parties, and 4,528 BTC are used as collateral.
Revenue falls despite rising production
The half-year figures reveal a curious paradox. Operating revenue declined to $349.5 million, compared with $452.4 million a year earlier. Mining income dropped from $436.5 million to $342.2 million. At the same time, production volume rose from 4,644 to 4,669 BTC. The explanation is simple: the average price of mined bitcoin fell by 23% to $73,707.
A far more alarming signal is the net loss of $1.87 billion, versus a profit of $274.8 million last year. Key drivers included a $964.2 million loss from remeasuring digital assets at fair value and another $397.4 million in losses on BTC lent out or posted as collateral.
Debt strategy and the energy pivot
After the quarter closed, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, secured by bitcoin. The company provided 18,750 BTC as initial collateral. Based on my information, part of these funds will go toward acquiring the Long Ridge gas-fired power plant—a move that turns the miner into a full-fledged player in the energy market.
From my expert perspective, such aggressive selling of reserves combined with a parallel buildup of debt secured by coins points to a deliberate bet on scaling infrastructure at the expense of current profitability. This is a risky but potentially forward-looking game—if the market recovers, MARA will gain a cost advantage in mining, but if the price falls further, the company could face a cascade of margin calls.