MARA sold $1.6 billion worth of bitcoins: a survival strategy or a bet on liquidity?
Major public miner MARA sold 23,093 BTC in the first half of the year, generating approximately $1.6 billion. These funds were directed toward covering operational costs, scaling the business, and optimizing liquidity. The average sale price was $70,631 per coin—notably below current market levels, indicating the forced nature of the transactions amid volatility.
At the end of June, the company held 35,577 BTC on its balance sheet, valued at $2.08 billion. Of these, 9,270 coins are involved in an asset management program: 4,742 BTC were lent to third parties, and 4,528 BTC are used as collateral. This suggests that MARA is actively seeking alternative revenue sources, not limiting itself to traditional mining.
Financial indicators: a troubling signal
Revenue for the six months fell to $349.5 million, compared with $452.4 million a year earlier. Mining income declined from $436.5 million to $342.2 million, although production volume rose slightly—from 4,644 to 4,669 BTC. The main reason for the decline is a 23% drop in the average price of mined bitcoin, to $73,707.
The net loss reached $1.87 billion, whereas a year earlier a profit of $274.8 million was recorded. Key factors include a $964.2 million loss from the revaluation of digital assets and $397.4 million in losses on bitcoins lent out or pledged as collateral. These figures demonstrate how fragile a business model tied to a volatile asset can be.
New debt and energy ambitions
After the reporting period, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, pledging 18,750 BTC. Part of these funds will go toward purchasing the Long Ridge gas power plant—a step that transforms the miner into an energy player. This is a logical move to reduce mining costs, but it increases the debt burden.
It is worth recalling that the company posted a loss of $611 million in the second quarter, confirming the systemic nature of the problems.
My view: MARA is walking a tightrope. Selling reserves below market price and increasing borrowings backed by BTC is a double-edged sword. If bitcoin continues to fall, the company risks facing margin calls. However, the bet on energy infrastructure could pay off in the long term if the market stabilizes. Investors should closely monitor the debt load and hash rate dynamics.