MARA sold 23,000 BTC over six months: a survival strategy or a bet on liquidity?
The largest public bitcoin miner, MARA, continues to aggressively monetize its reserves. In the first half of the year, the company sold 23,093 BTC worth approximately $1.6 billion. This is not a spontaneous decision, but part of a systematic strategy to finance operational activities, maintain growth momentum, and manage liquidity in a volatile market.
The average sale price was $70,631 per coin—a decent level, given that at some points during the half-year, the market dipped significantly lower. As of June 30, MARA held 35,577 BTC on its balance sheet, equivalent to $2.08 billion. However, interestingly, 9,270 BTC of that amount is already tied up in active operations: 4,742 BTC have been lent out to third parties, and another 4,528 BTC are being used as collateral.
Financial Results: Revenue Declines, Losses Grow
The half-year figures look concerning. Revenue fell to $349.5 million, down from $452.4 million a year earlier. Mining income dropped from $436.5 million to $342.2 million, although production volume even increased slightly—from 4,644 BTC to 4,669 BTC. The reason is simple: the average price of mined bitcoin fell by 23% to $73,707. This is a classic story for miners: rising hash rate and difficulty offset the positive impact of increased production.
The net loss for the six months reached $1.87 billion, compared to a profit of $274.8 million last year. Key factors include a $964.2 million loss from the revaluation of digital assets and another $397.4 million in losses on bitcoin lent out and posted as collateral. Clearly, MARA's aggressive financial schemes carry not only income potential but also serious risks.
Debt Burden and the Energy Pivot
After the reporting date, the company raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime, providing 18,750 BTC as initial collateral. Part of these funds will go toward financing the purchase of the Long Ridge gas power plant—part of the plan to transform into an energy company. Recall that in the second quarter alone, MARA's net loss was $611 million.
My take: MARA is deliberately sacrificing short-term profitability to maintain operational control and expand infrastructure. However, this model—lending against a volatile asset as collateral—is extremely sensitive to price movements. If bitcoin falls below collateral requirement levels, the company risks entering a cycle of forced sales. For now, the strategy looks like an all-in gamble, but with a clear bet on long-term hash rate growth and energy independence.