MARA sold 23,093 BTC over the half-year: $1.6 billion for operational needs and a strategic maneuver
The largest public bitcoin miner MARA continues to aggressively monetize its reserves. In the first six months of this year, the company sold 23,093 BTC worth approximately $1.6 billion, which became a key source of liquidity for financing operational activities and supporting ambitious growth plans. The average sale price was $70,631 per coin — a figure that reflects the challenging market conditions for miners.
As of June 30, MARA's balance sheet held 35,577 BTC, with a market value estimated at $2.08 billion. Notably, a significant portion of these assets — 9,270 BTC — is tied up in capital management strategies. Of these, 4,742 BTC have been lent to third parties, while another 4,528 BTC are used as collateral. This indicates that the company is actively diversifying risks and seeking additional sources of yield amid shrinking mining margins.
Financial results: pressure on revenue and losses
MARA's revenue for the half-year fell to $349.5 million, compared with $452.4 million a year earlier. The core segment — bitcoin mining — generated $342.2 million, versus $436.5 million last year. At the same time, the volume of mined bitcoin not only did not decline but even increased: from 4,644 to 4,669 BTC. The key negative factor was a 23% drop in the average price of mined bitcoin, to $73,707 per coin. This clearly demonstrates that even production growth does not offset market volatility.
The net loss for the reporting period reached $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million. The main drivers of the losses were the revaluation of digital assets (minus $964.2 million) and losses on bitcoin lent out and posted as collateral (minus $397.4 million). These figures underscore how sensitive MARA's business is to fluctuations in the value of the leading cryptocurrency.
Strategic move: loans secured by BTC
After the end of the second quarter, the company raised an additional $600 million through two credit facilities from Coinbase and Two Prime, secured by bitcoin. An initial collateral of 18,750 BTC was provided. Part of these funds is planned to be used to finance the purchase of the Long Ridge gas power plant — a step that will strengthen the miner's energy independence and reduce operating costs in the long term.
It is worth recalling that in the second quarter, MARA's loss amounted to $611 million, which only adds to the pressure on the company's management. However, the current strategy — a combination of sales, lending, and collateral operations — looks like a deliberate maneuver to survive amid declining mining profitability.
My analysis: MARA's actions are a classic example of a major player adapting to a "bear" cycle. Using BTC as a collateral asset to attract cheap financing is a risky but potentially effective tool if the market recovers. However, if the price of bitcoin falls further, such a strategy could lead to cascading liquidations. Investors should closely monitor the ratio of collateral to the company's liabilities in the coming quarters.