MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and a strategic maneuver
Major public miner MARA sold 23,093 BTC worth approximately $1.6 billion in the first six months of 2025. The average sale price was $70,631 per coin. This was not a spontaneous decision but part of a well-thought-out strategy: the proceeds were directed toward covering operational costs, scaling the business, and managing liquidity in a volatile market.
At the end of June, the company's balance sheet held 35,577 BTC, equivalent to $2.08 billion at current prices. However, the composition of these assets is noteworthy: 9,270 BTC are tied up in a capital management program. Of these, 4,742 BTC were lent to third parties, and another 4,528 BTC are used as collateral. This approach signals a shift among miners from passive holding to actively leveraging their reserves to generate additional returns.
Financial Results: Revenue Falls, Losses Grow
MARA's revenue for the half-year declined to $349.5 million, compared to $452.4 million a year earlier. Revenue from bitcoin mining itself dropped from $436.5 million to $342.2 million, although mining output even rose slightly—from 4,644 BTC to 4,669 BTC. The key factor behind the decline was a 23% drop in the average price of mined bitcoin, to $73,707. This is a classic industry problem: rising hash rate and difficulty offset production growth in monetary terms.
The net loss for the six months reached $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million. The main drivers of the negative result were a $964.2 million loss from the fair value remeasurement of digital assets and $397.4 million in losses on bitcoin lent out or posted as collateral. These figures underscore how sensitive miners' businesses are to fluctuations in the price of the leading cryptocurrency.
Post-Quarter Steps: New Loans and Energy Ambitions
Already after the end of the second quarter, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. 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 move that will strengthen vertical integration and reduce dependence on external energy suppliers.
Recall that in the second quarter alone, MARA's net loss amounted to $611 million. However, in my view, the company's current strategy is not a sign of weakness but a forced adaptation to the new reality. In conditions where mining margins are shrinking and capital expenditures on equipment and energy are rising, using BTC reserves as a financial lever becomes inevitable. The only question is how sustainable this model will prove if the price of bitcoin continues to fall.