MARA sold 23,093 BTC over six months: a survival strategy or preparation for expansion?
Analyzing the operational reports of one of the largest public miners, I found revealing dynamics: over the first six months of the year, MARA sold 23,093 BTC for approximately $1.6 billion. These funds were directed toward covering operational costs, stimulating growth, and optimizing liquidity. The average sale price was recorded at $70,631 per coin.
As of the end of June, MARA's reserves stood at 35,577 BTC, equivalent to $2.08 billion. However, it is important to note that a significant portion of these assets—9,270 BTC—is tied up in active financial strategies. Specifically, 4,742 BTC have been lent to third parties, while another 4,528 BTC are used as collateral.
Financial Results: Pressure on Margins
Revenue for the half-year fell to $349.5 million, compared to $452.4 million a year earlier. Income from direct Bitcoin mining dropped from $436.5 million to $342.2 million. Notably, the volume of mined coins even increased slightly—from 4,644 to 4,669 BTC. The key factor behind the decline was a 23% drop in the average price of mined Bitcoin, to $73,707 per coin.
The net loss for the reporting period reached $1.87 billion, versus a profit of $274.8 million in the previous year. This result was significantly impacted by a $964.2 million loss from the fair value revaluation of digital assets and an additional $397.4 million loss on Bitcoin lent out or pledged as collateral.
Next Steps: Debt Burden and Energy Ambitions
Already after the end of the second quarter, MARA raised an additional $600 million through two Bitcoin-backed credit lines from Coinbase and Two Prime. The initial collateral consisted of 18,750 BTC. Part of these funds, it appears, will go toward financing the purchase of the Long Ridge gas power plant—a step that transforms the company into a vertically integrated energy player.
Recall that in the second quarter, the company's loss amounted to $611 million, confirming systemic pressure on margins amid market volatility.
My analysis: Selling assets amid declining revenue is not panic, but a forced measure to maintain operational stability. However, relying on debt financing backed by BTC increases liquidation risks in the event of a sharp price drop. MARA's strategy success now directly depends on its ability to convert debt burden into long-term energy assets that will reduce mining costs in the future. This is a risky but potentially high-yield game of moving ahead of the curve.