MARA sold 23,000 BTC over six months: $1.6 billion for operational needs and a strategic pivot
The largest public bitcoin miner, MARA, sold 23,093 BTC worth approximately $1.6 billion in the first half of 2025. This is an unprecedented sales volume for the company, reflecting the harsh reality of the current market cycle: even industry giants are forced to convert mined coins into fiat to cover operating costs, finance expansion, and maintain liquidity.
The average selling price for the reporting period was $70,631 per coin. At the end of June, MARA's balance sheet held 35,577 BTC, valued at $2.08 billion. However, a key nuance is that part of these assets is no longer unrestricted. 9,270 BTC are tied up in a capital management strategy: 4,742 BTC have been lent to third parties, and 4,528 BTC are used as collateral.
Revenue Falls Despite Rising Mining Output
Financial results show paradoxical dynamics. Bitcoin mining output rose from 4,644 to 4,669 BTC, but half-year revenue slipped to $349.5 million, down from $452.4 million a year earlier. Mining revenue declined from $436.5 million to $342.2 million. The reason is simple and telling: the average price of mined bitcoin fell by 23% to $73,707. This is a direct consequence of volatility and corrective sentiment in the market for the leading cryptocurrency.
The net loss for six months reached $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million. The main pressure factors are a $964.2 million loss from the fair value remeasurement of digital assets and $397.4 million in losses on bitcoin lent out and pledged as collateral. This clearly demonstrates how risky a strategy of using a volatile asset as a financial instrument can be.
Debt Strategy and Energy Pivot
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 company provided 18,750 BTC as initial collateral. Part of the raised funds is planned to be used to finance the purchase of the Long Ridge gas power plant.
Recall that the company posted a loss of $611 million for the second quarter.
My analysis: MARA is effectively transforming from a pure mining company into an energy operator with bitcoin assets on its balance sheet. However, the current model—selling coins at $70,000 while simultaneously borrowing against BTC—is extremely sensitive to price. If bitcoin continues to consolidate below $65,000, the company risks facing a cascade of margin calls. Investors should closely monitor the ratio of collateral to debt obligations in the next quarter.