MARA sells 23,093 Bitcoin for $1.6 billion in treasury pivot

MARA Holdings sold 23,093 Bitcoin for about $1.6 billion in the first half of 2026, marking a shift from its earlier accumulation strategy as the miner monetizes its treasury to fund operations and expansion.

The sales, disclosed in the company's latest regulatory filing, were executed at an average price of $70,631 per Bitcoin, according to on-chain analytics firm Lookonchain. MARA ended June with 35,577 BTC worth about $2.08 billion, valued at a quarter-end price of $58,524, including 9,270 BTC tied to its digital-asset management strategy.

Six-month revenue fell 23 percent to $349.5 million as lower Bitcoin prices weighed on mining income, even as the company mined 4,669 BTC during the period, roughly flat from a year earlier. The second-quarter net loss reached $611.3 million, compared with an $808.2 million profit a year earlier, including a $343 million loss from changes in the fair value of its digital assets.

Rather than rely solely on further sales, MARA is borrowing against its treasury. On Aug. 4, the company raised $600 million of incremental debt through Bitcoin-backed facilities with Coinbase Credit and Two Prime, rolling an existing $150 million Coinbase loan into the new structure. The facilities were initially secured by 18,750 BTC, valued at about $1.2 billion when the transactions closed, with a loan-to-value ratio below 60 percent.

A treasury that works harder

The pivot reflects a deliberate policy change. MARA said it expanded its treasury strategy in 2026 to allow Bitcoin disposals while retaining the option to hold or buy BTC depending on market conditions and capital needs. A single transaction in March accounted for a large portion of the selling, with MARA offloading 15,133 BTC for approximately $1.1 billion, partly to manage convertible note debts.

The $300 million Two Prime loan carries a 7.65 percent fixed rate, while Coinbase's facility is priced at the federal funds midpoint plus 3.875 percentage points. Both mature in 2028, although the Coinbase loan can automatically extend by one year. MARA called the borrowing a "non-dilutive funding source" that preserves exposure to Bitcoin's potential appreciation.

Part of the proceeds will fund MARA's planned $1.5 billion acquisition of Long Ridge Energy in Ohio, part of a broader push into energy and AI infrastructure. CEO Fred Thiel has said scarce electricity can produce far higher returns when directed to artificial intelligence than to Bitcoin mining.

What to watch in the second half

Market commentator Cindy Feng said the second half for MARA now hinges on execution, highlighting the Long Ridge closing, AI leases and Exaion's international expansion. The broader shift is clear: Bitcoin remains a strategic asset for MARA, but it is no longer untouchable. The treasury is increasingly becoming financing for the company's next phase.

For the mining sector, MARA's move shows that large publicly traded miners are treating Bitcoin holdings as working capital rather than a pure reserve. If other miners follow suit, the supply of Bitcoin available to the market could rise, potentially weighing on price in thin trading conditions. MARA's retained stash, however, still ranks among the largest treasuries of any public miner, suggesting the company is not abandoning Bitcoin entirely.

This article is for informational purposes only and does not constitute investment advice.