MARA sold 23,093 BTC over six months: revenue of $1.6 billion and a survival strategy amid volatility
In the first six months of this year, mining giant MARA conducted a massive sell-off of its bitcoin reserves, selling 23,093 BTC for approximately $1.6 billion. These funds were directed toward covering operational costs, stimulating growth, and optimizing liquidity. This move reflects the harsh reality for public miners, who must balance between accumulating assets and the need to finance expensive infrastructure.
The average sale price for the reporting period was $70,631 per coin. This is significantly below current market levels, highlighting the pressure the company was under in the first half of the year.
As of June 30, MARA's balance sheet held 35,577 BTC, valued at $2.08 billion. Notably, a significant portion of these assets — 9,270 BTC — is tied up in a capital management strategy. Of these, 4,742 BTC were lent to third parties, and another 4,528 BTC were used as collateral. This indicates that the company is actively trying to generate yield from its holdings rather than simply storing them.
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 direct bitcoin mining fell from $436.5 million to $342.2 million. Notably, mining output increased 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.
The company's net loss for the six months reached $1.87 billion, whereas a year earlier it had recorded a profit of $274.8 million. The main drivers of the losses were a $964.2 million write-down from changes in the fair value of digital assets and a $397.4 million loss on bitcoins lent out or pledged as collateral.
After the end of the second quarter, MARA took aggressive steps to raise capital, securing $600 million through two credit lines from Coinbase and Two Prime, backed by bitcoin. The company provided 18,750 BTC as initial collateral. Part of these funds is expected to finance the purchase of the Long Ridge gas power plant, signaling a strategic shift toward energy self-sufficiency.
It is worth noting that MARA's loss for the second quarter amounted to $611 million, which only worsens the overall picture.
My analysis: MARA's actions demonstrate the classic dilemma of miners in a bear cycle — the need to sell assets at lows to sustain operations. However, the aggressive use of collateral instruments and credit lines indicates an attempt to avoid a complete sell-off of reserves. The question is how sustainable this model is if the price falls further. The strategy of transforming into an energy company looks forward-thinking, but it requires significant capital expenditures, which increases debt burden during a period of uncertainty.