MARA sold 23,093 BTC over six months: $1.6 billion in revenue went to operational needs and strategic growth
Major public miner MARA sold 23,093 BTC in the first six months of 2026, generating approximately $1.6 billion in revenue. These funds were used to cover operating costs, finance capacity expansion, and optimize liquidity. The average selling price over the period was $70,631 per coin—notably below current market levels, reflecting pressure on the company's balance sheet amid volatility.
As of June 30, MARA held 35,577 BTC on its balance sheet, valued at $2.08 billion. Of this amount, 9,270 BTC are involved in an asset management program: 4,742 BTC have been lent to third parties, while 4,528 BTC are used as collateral. This strategy allows for additional yield generation but carries risks associated with counterparty obligations and market fluctuations.
Financial Results: Revenue Declines, Losses Grow
MARA's revenue for the half-year fell to $349.5 million, down from $452.4 million in the same period last year. Bitcoin mining revenue declined from $436.5 million to $342.2 million, although mining output rose from 4,644 BTC to 4,669 BTC. The key factor behind the decline is a 23% drop in the average price of mined bitcoin, to $73,707. This further confirms that hash rate growth does not offset a price correction if it proves prolonged.
The net loss for the six months reached $1.87 billion, compared to a profit of $274.8 million a year earlier. The main drivers of the loss were a negative revaluation of digital assets totaling $964.2 million and a $397.4 million loss on bitcoins lent out or pledged as collateral. This clearly demonstrates how vulnerable miners are to volatility when their balance sheets are overloaded with crypto assets.
Debt Burden and Future Plans
After the end of the second quarter, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, secured by bitcoin. The company provided 18,750 BTC as initial collateral. Part of these funds is planned to finance the purchase of the Long Ridge gas power plant—a step that will strengthen the company's energy independence and reduce mining costs in the long term.
Recall that MARA posted a loss of $611 million for the second quarter. The current situation shows that even major players are forced to adapt to new market realities by actively using debt financing and hedging. However, such aggressive selling of reserves and rising debt burdens could prove to be a double-edged sword—if the price of bitcoin rises, the company will miss out on a significant portion of potential profits.
My opinion: MARA's actions are a classic example of survival in a low-margin environment. But the bet on debt financing backed by BTC looks risky, especially amid sustained high volatility. Investors should closely monitor the company's debt-to-reserves ratio in the coming quarters.