MARA sold 23,093 BTC in the first half of the year: liquidity strategy amid market turbulence
Analyzing the financial reports of one of the largest public miners, I found a telling trend: between January and June, MARA sold 23,093 BTC, generating approximately $1.6 billion. These funds were used to cover operational costs, scale the business, and optimize liquidity. The average selling price during the reporting period was recorded at $70,631 per coin.
At the end of June, MARA's assets included 35,577 BTC, valued at $2.08 billion. Notably, 9,270 BTC are tied up in capital management strategies: 4,742 BTC were lent to third parties, and 4,528 BTC are used as collateral. This signals a shift among miners from passive accumulation to active use of their reserves.
Financial results paint a mixed picture. Revenue for the first half of the year fell to $349.5 million, compared with $452.4 million a year earlier. Bitcoin mining revenue dropped from $436.5 million to $342.2 million, although production volume rose slightly—from 4,644 to 4,669 BTC. The key factor was a 23% decline in the average price of mined bitcoin, to $73,707, reflecting market volatility.
The net loss reached $1.87 billion, versus a profit of $274.8 million in the same period last year. The main pressure came from a $964.2 million loss on the revaluation of digital assets and $397.4 million in losses on bitcoins lent out or posted as collateral. After the quarter ended, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, securing them with 18,750 BTC. Part of the funds is planned to be used to acquire the Long Ridge gas power plant—a step that underscores the company's drive toward vertical integration.
It is worth recalling that in the second quarter, the company posted a loss of $611 million, adding further pressure on its shareholders.
My analysis: Selling a significant portion of reserves amid a falling price is a forced measure, but securing collateralized loans against bitcoin appears to be a more forward-looking tool. This allows the company to maintain exposure to the asset while financing infrastructure projects. However, the current debt burden and revaluation losses make MARA sensitive to further price declines, requiring investors to pay heightened attention to risk management.