MARA sold 23,000 BTC over six months: revenue of $1.6 billion and a survival strategy amid volatility
Analyzing the latest data from one of the largest public miners, I see a clear signal: MARA (formerly Marathon Digital) is actively monetizing its bitcoin reserves to maintain operational resilience. In the first six months of 2026, the company sold 23,093 BTC for approximately $1.6 billion. The average sale price was $70,631 per coin — notably below current peaks, which points to the forced nature of these transactions.
As of June 30, MARA's balance sheet held 35,577 BTC, valued at $2.08 billion. However, it is important to emphasize that 9,270 BTC of this amount is already tied up in active financial schemes: 4,742 BTC has been lent to third parties, and 4,528 BTC is being used as collateral. This suggests the company is trying to diversify risks, but at the same time increasing its dependence on counterparties.
Financial results: falling revenue and losses
MARA's revenue for the half-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 mining volume even increased slightly — from 4,644 to 4,669 BTC. The key factor is a 23% decline in the average price of mined bitcoin, to $73,707. This is a direct consequence of the market correction that has hit all players in the sector.
Particular attention is drawn to the net loss of $1.87 billion, versus a profit of $274.8 million last year. The main losses are related to the revaluation of digital assets ($964.2 million loss) and negative dynamics on bitcoin lent out and posted as collateral ($397.4 million loss). These figures show how fragile a business model based on a volatile asset can be.
Next steps: new loans and energy investments
After the reporting period, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. The initial collateral amounted to 18,750 BTC. Part of these funds is planned to be used to purchase the Long Ridge gas power plant — a step I consider strategically sound, since control over energy capacity reduces mining costs and increases resilience to market shocks.
Let me remind you that in the second quarter, the company's loss amounted to $611 million. Combined with the half-year data, this paints a picture of deep transformation: MARA is moving from simply accumulating bitcoin to actively managing liquidity and infrastructure assets.
My comment: MARA's actions are a typical defensive tactic in a bearish phase. However, the reliance on collateralized loans and selling reserves carries systemic risk: if the price of bitcoin continues to fall, the company could face margin calls. In the long term, success will depend on whether MARA can convert these forced measures into real operational efficiency, rather than simply patching holes in its balance sheet.