MARA sold $1.6 billion worth of bitcoin over six months: a survival strategy or a bet on liquidity?
Major miner MARA sold 23,093 BTC worth approximately $1.6 billion in the first half of the year. I view this step as a forced measure to maintain operational activity and flexibility amid a volatile market. The average sale price was $70,631 per coin — a level that recently seemed comfortable, but today no longer guarantees profitability.
At the end of June, the company's bitcoin assets were valued at 35,577 BTC, equivalent to $2.08 billion. However, it is noteworthy that a significant portion of these reserves — 9,270 BTC — is tied up in capital management strategies: 4,742 BTC have been lent to third parties, and another 4,528 BTC serve as collateral for obligations. This indicates that MARA is actively using its holdings not as a passive reserve, but as a tool for raising financing.
Financial results: a warning sign
Revenue for the six months fell to $349.5 million from $452.4 million a year earlier. Mining income declined from $436.5 million to $342.2 million, although production volume even grew slightly — from 4,644 BTC to 4,669 BTC. The reason is clear: the average price of mined bitcoin dropped by 23%, to $73,707. This is a classic example of how rising hash rate and difficulty offset positive production dynamics.
The net loss 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 bitcoins lent out or pledged as collateral. These figures highlight how fragile a model dependent on market conditions can be.
After the reporting period, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, pledging 18,750 BTC. Part of these funds will go toward purchasing the Long Ridge gas power plant — a step I consider strategically sound for reducing dependence on external energy resources.
My conclusion: MARA is walking a fine line, transforming from a pure miner into a hybrid energy-financial structure. However, the current loss of $611 million in the second quarter and growing debt indicate that without a sustained rise in bitcoin's price, such a model may require further reserve sell-offs. Investors should closely monitor the 35,000 BTC level — it is a potential point of no return.