MARA sold 23,093 BTC over six months: $1.6 billion for operational needs and a strategic maneuver
Analyzing MARA's latest first-half report, I note an important signal for the market: the largest public miner sold 23,093 BTC for about $1.6 billion. This is not a panic sell-off, but systematic work to finance operations, scale capacity, and manage liquidity amid volatility.
The average sale price was $70,631 per coin, close to the mid-year range averages. As of June 30, the company held 35,577 BTC on its balance sheet, valued at $2.08 billion. Note the asset structure: 9,270 BTC are tied up in capital management strategies—4,742 BTC lent to third parties and 4,528 BTC used as collateral. This shows MARA is actively diversifying risks, earning yield from idle coins.
Financial results paint a dual picture. Revenue for the six months fell to $349.5 million, down from $452.4 million a year earlier. Mining income dropped from $436.5 million to $342.2 million, while production volume even rose slightly—from 4,644 to 4,669 BTC. The reason is simple: the average price of mined bitcoin fell 23% to $73,707. This is classic margin pressure during a correction.
The net loss of $1.87 billion looks alarming, but it is important to break it down. Non-operating factors contributed the most: $964.2 million in losses from digital asset revaluation and $397.4 million on bitcoins transferred as loans and collateral. This is not cash flow, but accounting volatility typical of all miners holding BTC on their balance sheets.
After the reporting date, MARA raised an additional $600 million through two credit lines from Coinbase and Two Prime, pledging 18,750 BTC as collateral. Part of the funds will go toward purchasing the Long Ridge gas power plant—part of a strategy to transform into an energy company, which I consider a forward-looking move to reduce dependence on external electricity suppliers.
My conclusion: MARA is playing the long game, using bitcoin as a tool to finance growth rather than as a speculative asset. Fair value losses are temporary; if BTC price recovers, these items will flip into profit. The key risk is excessive leverage against coins, but at the current collateralization level (35,577 BTC versus $600 million in debt), the company retains a safety margin.