MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and strategic growth
Analyzing the latest data from MARA's report, I note a significant shift in the reserve management strategy of the largest public miner. During the first six months of 2025, the company sold 23,093 BTC on the market, generating approximately $1.6 billion. These funds were directed toward covering operational costs, financing expansion, and optimizing liquidity—a classic approach for the industry amid volatility.
The average sale price was $70,631 per coin, reflecting management's pragmatism: profit-taking occurred at levels close to local highs, despite market pressure. As of June 30, the company's balance sheet held 35,577 BTC, valued at $2.08 billion.
Particular attention deserves the active use of digital assets as a financial instrument. Of the total volume, 9,270 BTC were deployed in capital management strategies: 4,742 BTC were lent to third parties, and 4,528 BTC were used as collateral. This signals a shift from passive holding to active yield generation.
Financial Results: Revenue Declines, Losses Grow
MARA's revenue for the half-year fell to $349.5 million, compared to $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 company attributes the decline to a 23% drop in the average price of mined bitcoin, to $73,707.
The net loss reached $1.87 billion, whereas last year a profit of $274.8 million was recorded. Key factors included a $964.2 million loss from the revaluation of digital assets and $397.4 million in losses on bitcoin lent out and posted as collateral. This demonstrates how sensitive the business model is to fluctuations in fair value.
Post-Quarter Steps: Raising $600 Million and Energy Expansion
After the reporting period ended, MARA additionally raised $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. Initial collateral amounted to 18,750 BTC. Part of these funds will be used to finance the purchase of the Long Ridge gas power plant—a step I view as an attempt to reduce dependence on external energy resources and strengthen vertical integration.
I should note that the company reported a loss of $611 million for the second quarter, confirming the systemic challenges facing the industry in the current cycle.
My expert view: MARA's actions represent a forced but rational compromise between the need to finance growth and preserving bitcoin's long-term potential. However, the aggressive use of collateral schemes increases the risk of cascading liquidations in the event of a sharp price drop. Investors should closely monitor the ratio of borrowed funds to own reserves.