Crypto news

The largest public miner, MARA, sold 23,093 BTC on the market in the first six months of this year, generating approximately $1.6 billion. These are not just numbers—they reflect a new reality for the industry, where maintaining operational activities and ensuring liquidity become the number one priority. The average sale price was $70,631 per coin, which is below current market levels but quite explainable from a treasury management perspective.

By the end of June, the company held 35,577 BTC on its balance sheet, valued at $2.08 billion. Notably, 9,270 coins from this volume are involved in an aggressive asset management strategy: 4,742 BTC have been lent to third parties, and another 4,528 BTC are used as collateral. This approach indicates that MARA is trying to generate yield from its reserves rather than simply holding them.

Financial results for the half-year look mixed. Revenue fell to $349.5 million, compared to $452.4 million a year earlier. Mining income decreased from $436.5 million to $342.2 million, although mining volumes even grew slightly—from 4,644 to 4,669 BTC. The key factor behind the decline is a 23% drop in the average price of mined bitcoin, to $73,707. This is a classic illustration of how halving and market volatility hit companies with high operational costs.

The net loss for six months amounted to $1.87 billion, compared to a profit of $274.8 million last year. The main drivers of the losses are a revaluation of digital assets by $964.2 million and losses of $397.4 million on bitcoins lent out or pledged as collateral. The latter point is particularly telling: lending operations carry hidden risks that surface precisely during market corrections.

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—a step toward vertical integration and reducing dependence on external energy resources.

My view on the situation: MARA is deliberately sacrificing short-term profits to preserve operational flexibility. Selling coins at $70,000 and taking out BTC-backed loans is a bet that the company will survive the current cycle and emerge with a more diversified business. However, this path is extremely sensitive to further price movements: if bitcoin falls below collateral levels, margin calls could become a serious problem. Investors should closely monitor the debt-to-reserves ratio in the next quarter.