MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and growth strategy
Major public miner MARA sold 23,093 BTC on the market in the first six months of this year for a total of approximately $1.6 billion. This is a significant step that reflects the company's current strategy of actively managing liquidity amid volatility in digital assets. The average sale price for the half-year was recorded at $70,631 per coin, indicating a savvy use of market windows to lock in profits.
As of June 30, MARA's balance sheet held 35,577 BTC, valued at approximately $2.08 billion. Of this amount, 9,270 BTC are involved in asset management programs: 4,742 BTC have been lent to third parties, and another 4,528 BTC are used as collateral. This diversification of instruments allows the company to generate additional returns from its reserves without increasing operational risks.
Financial results: revenue falls, losses grow
MARA's revenue for the reporting period declined to $349.5 million, compared to $452.4 million a year earlier. The primary source of income—bitcoin mining—brought in $342.2 million versus $436.5 million last year. Notably, the volume of mined coins even increased slightly, from 4,644 BTC to 4,669 BTC. However, the average price of mined bitcoin fell by 23% to $73,707, which was the key factor behind the revenue decline.
The net loss for the half-year reached $1.87 billion, while in the same period last year the company recorded a profit of $274.8 million. This result was significantly impacted by a $964.2 million loss from the fair value remeasurement of digital assets, as well as a $397.4 million loss on bitcoin lent out or posted as collateral. These figures underscore how sensitive miners' balance sheets are to price fluctuations in the leading cryptocurrency.
Next steps: loans and energy assets
After the end of the second quarter, MARA raised an additional $600 million through two bitcoin-backed credit facilities 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, confirming the course toward vertical integration and reducing dependence on external energy suppliers.
Recall that in the second quarter, the company's loss amounted to $611 million, which already signaled serious pressure on margins at that time. Overall, the observed dynamics are typical for the entire sector: miners are forced to adapt to new market realities, balancing the need to finance growth against risks associated with bitcoin volatility.
My view: MARA's active selling of reserves is not panic, but a pragmatic step. In conditions where the hashrate is rising and the price of bitcoin is not showing a sustained upward trend, maintaining liquidity through partial position unwinding looks justified. However, investors should closely monitor how the company manages its debt burden and collateral in the event of a further decline in the exchange rate.