MARA sold 23,000 BTC over six months: a survival strategy or a bet on the future?
Analyzing the latest data from the MARA report, I see a classic example of maneuvering in turbulent conditions. In the first half of the year, the company sold 23,093 BTC, raising approximately $1.6 billion. This is not panic, but a clear calculation: the average sale price was $70,631, which allowed it to secure liquidity to cover operating expenses and aggressively expand capacity.
At the end of June, the miner's balance sheet held 35,577 BTC, valued at $2.08 billion. Notably, a significant portion of the reserves — 9,270 BTC — is tied up in an asset management strategy. Of these, 4,742 BTC have been lent to third parties, while 4,528 BTC are used as collateral. This indicates that MARA is actively leveraging its holdings as a financial tool rather than simply storing them in "cold" wallets.
However, the financial statements reveal the costs of this approach. Revenue for the six months fell to $349.5 million, compared to $452.4 million a year earlier. Mining income declined from $436.5 million to $342.2 million, even though production rose slightly — from 4,644 to 4,669 BTC. The main culprit is a 23% drop in the average price of mined bitcoin, to $73,707. The net loss amounted to $1.87 billion, versus a profit of $274.8 million in the same period last year. Key write-downs include a $964.2 million loss from the revaluation of digital assets and $397.4 million in losses on collateralized and lent bitcoin.
After the reporting period, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, pledging 18,750 BTC. These funds will partially finance the purchase of the Long Ridge gas power plant. Given a loss of $611 million in the second quarter alone, the company is clearly making a long-term bet on energy independence and reducing mining costs.
My expert view: MARA is deliberately sacrificing current profits to scale its infrastructure. Selling bitcoin during a downturn is a risky move, but if hedging and energy projects pay off after the halving, the company could emerge from the cycle significantly stronger than its competitors. The key risk is a further decline in the price of BTC, which would make its current collateral unprofitable.