MARA sold more than 23,000 BTC over six months: a survival strategy or a bet on liquidity?
The largest public bitcoin miner MARA (formerly Marathon Digital) sold 23,093 BTC on the market in the first half of 2026, generating about $1.6 billion. This is not just profit-taking, but a forced measure to maintain operational activities and expand its energy base. The average sale price was $70,631 per coin, only slightly above current market levels, but significantly below the peak values of previous cycles.
At the end of June, the company retained 35,577 BTC on its balance sheet, valued at $2.08 billion. Of these, 9,270 BTC are involved in an aggressive asset management strategy: 4,742 BTC have been lent to third parties, and 4,528 BTC are used as collateral. This approach suggests that MARA is trying to generate yield from its reserves rather than simply holding them, but it creates additional risks in volatile conditions.
Financial results: revenue falls, losses grow
The report shows a worrying trend. Revenue for the half-year fell to $349.5 million, compared with $452.4 million a year earlier. Mining revenue dropped from $436.5 million to $342.2 million, although production volumes actually increased — from 4,644 to 4,669 BTC. The reason is simple: the average price of mined bitcoin fell by 23% to $73,707, offsetting gains in productivity.
The net loss reached $1.87 billion, compared with a profit of $274.8 million last year. Key factors included a $964.2 million loss from the revaluation of digital assets and a $397.4 million loss on bitcoins lent out or pledged as collateral. This is a direct result of the asset's price decline and aggressive debt load.
New loans and a bet on energy
After the reporting period, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime, providing 18,750 BTC as collateral. Part of the funds will go toward financing the purchase of the Long Ridge gas power plant — part of a strategy to transform into an energy company that should lower mining costs. Recall that in the second quarter alone, MARA's loss amounted to $611 million.
My analysis: MARA is playing a dangerous game. Selling 23,000 BTC while simultaneously taking out loans backed by reserves is a double-edged sword. If bitcoin continues to fall, the company risks facing margin calls. However, the bet on its own power generation could become a key advantage in the next cycle if the asset's price recovers. Keep an eye on the debt-to-reserves ratio — it is the main indicator of a miner's health.