MARA sold 23,000 BTC over six months: a survival strategy or preparation for expansion?
The largest public miner MARA continues to aggressively monetize its reserves. In the first six months of 2026, the company sold 23,093 BTC, generating approximately $1.6 billion. This is not a spontaneous decision, but part of a systematic strategy to finance operational activities, maintain growth momentum, and manage liquidity in a volatile market.
The average selling price during this period was $70,631 per coin. As of June 30, the company held 35,577 BTC on its balance sheet, valued at $2.08 billion. Notably, a significant portion of these assets is already in circulation: 4,742 BTC have been lent to third parties, and another 4,528 BTC are used as collateral. This indicates that MARA is actively using its digital assets as a financial tool rather than simply holding them.
Financial Results: Revenue Declines, Losses Grow
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 mining output even increased slightly—from 4,644 to 4,669 BTC. The company attributes the decline to a 23% drop in the average price of mined bitcoin, down to $73,707.
A far more alarming signal is the net loss of $1.87 billion, versus a profit of $274.8 million in the same period last year. Key factors included a $964.2 million loss from the fair value remeasurement of digital assets and $397.4 million in losses on bitcoins lent out or pledged as collateral.
Post-Quarter Steps: New Loans and a Bet on Energy
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 will be used to finance the purchase of the Long Ridge gas power plant—part of an ambitious plan to transform into an energy company.
Recall that MARA posted a loss of $611 million in the second quarter, confirming significant pressure on the business.
My analysis: Selling 23,000 BTC is not panic, but a necessary measure to maintain cash flow. However, relying on bitcoin-backed debt financing is a double-edged sword. If the asset's price continues to decline, the company risks facing margin calls. In the long term, the shift toward the energy business could prove to be the right move, but for now, the market views MARA as a company with high debt levels and uncertain prospects.