MARA sold 23,093 BTC over six months: revenue of $1.6 billion and a survival strategy amid volatility
Analyzing the operational activities of one of the largest public miners, I found that over the first six months of the current year, MARA carried out a large-scale sale of its bitcoin reserves. The total volume of coins sold reached 23,093 BTC, which in dollar terms amounted to approximately $1.6 billion. These funds were directed toward covering operational costs, stimulating growth, and optimizing liquidity.
The average selling price for the reporting period was recorded at $70,631 per coin. This is a rather telling point, given the current market conditions and pressure on the profitability of the mining sector.
At the end of June, the company's balance sheet showed 35,577 BTC, valued at $2.08 billion. Notably, a significant portion of these assets—9,270 BTC—was utilized in a capital management strategy. Of these, 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral.
Financial results for the half-year revealed a significant decline in revenue: it fell to $349.5 million compared to $452.4 million a year earlier. Income directly from mining decreased from $436.5 million to $342.2 million, although the volume of mined output rose slightly—from 4,644 to 4,669 BTC. A key factor in the decline was a 23% drop in the average price of mined bitcoin, to $73,707.
Particular attention should be paid to the net loss, which amounted to $1.87 billion versus a profit of $274.8 million for the same period last year. The main drivers of the losses were a negative revaluation of digital assets of $964.2 million and losses of $397.4 million related to bitcoin lent out or provided as collateral.
After the end of the quarter, MARA took aggressive steps to raise capital, securing $600 million through two credit lines from Coinbase and Two Prime backed by bitcoin. The initial collateral amounted to 18,750 BTC. According to my data, part of these funds will be directed toward financing the acquisition of the Long Ridge gas power plant, indicating the company's desire to diversify its business and strengthen its energy infrastructure.
My expert view: The situation with MARA is a vivid example of how miners are adapting to new market realities. Selling reserves and actively using collateral instruments is a forced but logical measure amid declining margins. However, relying on debt financing backed by a volatile asset carries significant risks, especially if the price of bitcoin continues to correct. The strategy of transforming into an energy company looks forward-thinking, but its success will directly depend on MARA's ability to effectively manage its debt burden.