MARA Holdings has sold about 23,093 Bitcoin for roughly $1.63 billion during the first half of 2026, turning a large part of its BTC treasury into cash as it funded operations, investments and liquidity needs.
Summary
- MARA sold about 23,093 BTC for roughly $1.63 billion during the first half of 2026.
- The company ended June with 35,577 BTC valued at about $2.1 billion.
- Bitcoin sales were used to fund operations, growth investments and liquidity needs.
- MARA later pledged 18,750 BTC to secure $600 million of incremental borrowing from Coinbase and Two Prime.
- The company is using its Bitcoin reserves alongside debt financing to support projects including the planned Long Ridge acquisition.
According to MARA’s Aug. 6 Form 10-Q filing with the U.S. Securities and Exchange Commission, the Bitcoin was sold at an average price of $70,631 during the six months ended June 30. The company said the sales were part of its strategy to fund operations, support growth opportunities and manage liquidity.
The transactions came after MARA changed how it manages its Bitcoin reserves. Having allowed sales of newly mined Bitcoin in 2025, the company expanded the policy in 2026 to permit sales of BTC already held on its balance sheet. MARA can now hold Bitcoin as a long-term investment, sell coins based on market conditions and capital needs, or make opportunistic purchases.
By June 30, MARA still held 35,577 BTC with a fair value of about $2.08 billion, based on a quarter-end Bitcoin price of $58,524. Its holdings had fallen from 53,822 BTC at the end of 2025 and 49,951 BTC a year earlier, though they were slightly higher than the 35,303 BTC reported at the end of March.
MARA Bitcoin sales supplied most of its first-half investing cash
The $1.63 billion raised from Bitcoin became MARA’s largest source of investing cash during the period. Its filing showed net cash provided by investing activities of about $1.47 billion, compared with $337 million of cash used in investing activities during the same period in 2025.
Against the Bitcoin proceeds, MARA spent $94.3 million on property and equipment and $61.1 million, net of cash acquired, on its Exaion and Meerkat acquisitions. The company has been adding infrastructure that can support Bitcoin mining alongside artificial intelligence, high-performance computing and critical IT workloads.
At the same time, operating activities consumed $471.3 million of cash during the first half, up from $378.9 million a year earlier. MARA attributed the increase mainly to lower revenue and higher operating costs.
The Bitcoin sales also took place while MARA reduced debt. Financing activities used about $1.12 billion during the six months, including $912.8 million used for partial repayments of its March 2030 and June 2031 convertible notes and $350 million used to repay a previous credit line. Another $150 million credit facility partly offset those outflows.
MARA said it repurchased approximately $1 billion of its 0% convertible senior notes through privately negotiated transactions during the half, helping reduce total debt from $3.6 billion at Dec. 31 to about $2.4 billion by June 30.
MARA has put more of its remaining Bitcoin to work
Alongside outright sales, MARA has increasingly used its remaining BTC for lending and collateralized borrowing.
At June 30, 4,742 BTC had been loaned to third parties, while another 4,528 BTC were pledged as collateral. That left 26,307 unrestricted BTC with a fair value of about $1.5 billion. MARA reported $10.7 million in interest income from Bitcoin lending during the first six months of the year.
MARA describes Bitcoin as both a treasury asset and a source of liquidity. Under its digital asset management strategy, the company can use portions of its holdings for lending, structured trading and collateralized financing rather than keeping the entire balance inactive.
The strategy became more pronounced after the second quarter. On Aug. 4,MARA pledged 18,750 BTC as initial collateral for new lending arrangements with Coinbase Credit and Two Prime Lending that provided $600 million of incremental borrowing.
Coinbase’s $450 million facility included $300 million of new funding and refinanced MARA’s existing $150 million credit line. The facility carries a floating interest rate equal to the midpoint of the federal funds target range plus 3.875% and matures on Aug. 4, 2028, with an automatic one-year extension unless either side cancels it.
Two Prime separately provided a $300 million term loan carrying a fixed annual rate of 7.65%, with maturity scheduled for Aug. 3, 2028. Both facilities require MARA to maintain collateral ratios, according to the Aug. 9 report, with additional collateral required if the pledged assets fall below contractual margin levels.
Bitcoin treasury fell as MARA absorbed a $1.87 billion first-half loss
The sales occurred during a difficult first half for MARA’s reported earnings. The company generated $349.5 million of revenue during the six months ended June 30, down from $452.4 million in the same period of 2025, while recording a net loss of $1.87 billion compared with net income of $274.8 million a year earlier.
Bitcoin price movements accounted for a large part of the earnings swing. MARA reported that the fair value of its Bitcoin holdings fell by about $1.4 billion during the first six months as the market price declined. For the second quarter alone, the reduction was about $343 million.
MARA nevertheless increased its mining capacity over the year. Energized hashrate reached 70.3 EH/s at June 30 from 57.4 EH/s a year earlier, while miner efficiency improved to 17.3 joules per terahash from 18.3. Total energy capacity increased to 1.9 GW from 1.7 GW.
During the second quarter, MARA produced 2,422 BTC and sold 2,213 BTC at an average price of $73,078, according to its Aug. 7 earnings report. Most of the first-half reduction in its Bitcoin treasury therefore occurred during the first quarter, when the company sold 20,880 BTC for about $1.5 billion.
Long Ridge links MARA’s liquidity strategy to infrastructure expansion
Part of MARA’s latest Bitcoin-backed borrowing may now finance its proposed purchase of Long Ridge Energy & Power in Ohio, connecting its treasury strategy with its expansion into energy and computing infrastructure.
MARA entered an agreement on April 29 to acquire 100% of Long Ridge. The property includes a 485 MW combined-cycle gas power plant in Hannibal, Ohio, which the company expects to increase to 505 MW in the first quarter of 2027, as well as more than 1,600 contiguous acres with water, fiber and rail access. The site sits next to MARA’s existing Hannibal data center operations.
The transaction carries an enterprise value of about $1.5 billion, including up to roughly $900 million of assumed debt, according to MARA’s Aug. 9 financing disclosure. The company has also secured a Barclays commitment for a 364-day senior secured bridge facility of up to $785 million that can serve as backstop financing for part of the acquisition debt.
MARA has pursued another large powered site in Texas as part of the same infrastructure buildout. Under the agreement announced in July, the company is acquiring more than 1,200 acres in Matagorda County, with access to an initial 1 GW of grid capacity expected by October 2027 and up to 2 GW by April 2028.
Working with Starwood Digital Ventures, MARA plans to develop the property for high-performance computing, flexible compute services and Bitcoin mining. Its SEC filing describes the Starwood structure as site-specific joint ventures formed after Starwood secures qualifying tenants, with MARA contributing sites and Starwood supplying capital against the value of those assets before MARA is required to invest additional cash.
On June 30, MARA reported $421.3 million of cash and cash equivalents and about $2.1 billion of Bitcoin, putting the combined value of its cash and digital assets at roughly $2.5 billion. The company also had approximately $1.5 billion of unused capacity under its at-the-market equity program, through which it sold no shares during the first six months of 2026.
