MARA Holdings sold about 23,093 Bitcoin worth roughly $1.63 billion during the first half of 2026 as the company increasingly used its crypto treasury to fund operations, reduce debt, support investments, and strengthen liquidity.
The Bitcoin miner ended June with 35,577 BTC still on its balance sheet, valued at about $2.08 billion at the quarter-end Bitcoin price.
The shift shows that MARA is moving away from a simple long-term Bitcoin holding strategy and is instead treating BTC as a flexible financial asset that can be sold, lent, or pledged as collateral to support its broader expansion plans.
MARA Sold 23,093 Bitcoin in the First Half of 2026
According to MARA’s Form 10-Q filing, the company sold approximately 23,093 BTC during the six months ended June 30.
The Bitcoin was sold at an average price of $70,631, generating about $1.63 billion in proceeds.
MARA said the sales were intended to fund operations, pursue growth opportunities, and manage liquidity.
The company had already started selling newly mined Bitcoin in 2025, but expanded that strategy in 2026 to include BTC already held in its treasury.
MARA’s Bitcoin Holdings Fell Sharply
MARA held 35,577 BTC at the end of June, compared with 53,822 BTC at the end of 2025.
Its treasury was also lower than the 49,951 BTC held a year earlier.
However, the June balance was slightly higher than the 35,303 BTC reported at the end of March.
This shows that most of the company’s Bitcoin selling happened during the first quarter of 2026.
At the June 30 Bitcoin price of $58,524, MARA’s remaining BTC was worth about $2.08 billion.
Bitcoin Sales Became a Major Source of Cash
The $1.63 billion raised from Bitcoin sales became MARA’s largest source of investing cash during the first half.
The company reported about $1.47 billion in net cash provided by investing activities.
That compares with $337 million of cash used in investing activities during the same period in 2025.
The proceeds helped MARA fund infrastructure spending and acquisitions while also supporting its broader liquidity needs.
MARA Continued Investing in New Infrastructure
MARA spent approximately $94.3 million on property and equipment during the first half.
It also spent about $61.1 million, net of acquired cash, on the Exaion and Meerkat acquisitions.
These investments are part of MARA’s effort to expand beyond traditional Bitcoin mining.
The company is building infrastructure that could support:
- Artificial intelligence
- High-performance computing
- Critical IT workloads
- Flexible compute services
- Bitcoin mining
This diversification is becoming an increasingly important part of MARA’s long-term strategy.
Operating Cash Outflows Increased
MARA’s operating activities used about $471.3 million in cash during the first six months of 2026.
That was higher than the $378.9 million used during the same period a year earlier.
The company attributed the increase mainly to lower revenue and higher operating costs.
These pressures help explain why MARA has become more willing to convert parts of its Bitcoin treasury into cash.
MARA Used Cash to Reduce Debt
The company also spent heavily on debt reduction.
Financing activities used about $1.12 billion during the first half.
MARA used approximately $912.8 million for partial repayments of convertible notes due in 2030 and 2031.
Another $350 million was used to repay an earlier credit facility.
The company also had a separate $150 million credit line that partly offset those outflows.
Total Debt Fell to About $2.4 Billion
MARA repurchased approximately $1 billion of its 0% convertible senior notes through privately negotiated transactions.
This helped reduce total debt from around $3.6 billion at the end of 2025 to approximately $2.4 billion by June 30.
Reducing debt strengthens the company’s balance sheet, but MARA is simultaneously taking on new financing to support major infrastructure projects.
MARA Is Lending Part of Its Remaining Bitcoin
The company is not only selling Bitcoin.
It is also using parts of its treasury to generate income and raise liquidity.
At June 30, MARA had loaned approximately 4,742 BTC to third parties.
Another 4,528 BTC had been pledged as collateral.
That left around 26,307 BTC classified as unrestricted.
Bitcoin Lending Generated $10.7 Million
MARA reported about $10.7 million in interest income from Bitcoin lending during the first half.
This allows the company to earn revenue from BTC that might otherwise remain inactive.
However, lending introduces additional risks, including counterparty exposure.
The strategy illustrates how MARA increasingly views Bitcoin as a working financial asset rather than simply a long-term reserve.
MARA Pledged 18,750 BTC for New Financing
The company expanded its Bitcoin-backed borrowing strategy after the second quarter.
On Aug. 4, MARA pledged 18,750 BTC as initial collateral for financing arrangements involving Coinbase Credit and Two Prime Lending.
The facilities provided approximately $600 million in incremental borrowing.
This allowed MARA to raise additional capital without immediately selling another large portion of its Bitcoin holdings.
Coinbase Provided a $450 Million Credit Facility
Coinbase Credit provided MARA with a $450 million facility.
The arrangement included $300 million of new funding and refinanced MARA’s existing $150 million credit line.
The loan carries a floating interest rate equal to the midpoint of the federal funds target range plus 3.875%.
It matures on Aug. 4, 2028, with an automatic one-year extension unless either side cancels the agreement.
Two Prime Added a $300 Million Loan
Two Prime Lending separately provided MARA with a $300 million term loan.
The facility carries a fixed annual interest rate of 7.65%.
It is scheduled to mature on Aug. 3, 2028.
Both financing agreements require MARA to maintain specified collateral ratios.
If Bitcoin prices fall sharply, the company could be required to provide additional collateral.
Bitcoin-Backed Borrowing Creates Additional Risk
Using Bitcoin as loan collateral gives MARA access to liquidity while preserving some exposure to BTC.
However, the approach also increases financial risk.
If Bitcoin falls significantly, the value of MARA’s collateral declines.
That could create margin pressure and force the company to provide more Bitcoin or other assets.
A major Bitcoin downturn could therefore affect both MARA’s treasury value and its borrowing arrangements at the same time.
MARA Reported a $1.87 Billion First-Half Loss
The company’s treasury sales occurred during a difficult earnings period.
MARA generated approximately $349.5 million in revenue during the first half of 2026.
That was down from $452.4 million during the same period in 2025.
The company reported a net loss of around $1.87 billion, compared with net income of $274.8 million a year earlier.
Bitcoin Valuation Losses Drove Much of the Decline
Changes in Bitcoin’s market value contributed significantly to MARA’s reported loss.
The company recorded about $1.4 billion in fair-value losses on its Bitcoin holdings during the first six months.
For the second quarter alone, the reduction was about $343 million.
Because MARA accounts for its Bitcoin holdings at fair value, sharp BTC price movements can significantly affect reported earnings.
MARA Continued Expanding Mining Capacity
Despite weaker financial results, MARA continued increasing its mining capacity.
Energized hashrate reached 70.3 EH/s at the end of June, compared with 57.4 EH/s a year earlier.
Mining efficiency also improved to 17.3 joules per terahash from 18.3.
The company’s total energy capacity increased from 1.7 GW to 1.9 GW.
These figures show that MARA is continuing to expand its underlying infrastructure despite pressure on earnings.
MARA Produced 2,422 BTC in Q2
During the second quarter, MARA produced 2,422 BTC.
It sold 2,213 BTC at an average price of approximately $73,078.
That means the company sold most of the Bitcoin it mined during the quarter rather than adding it to its treasury.
However, the majority of the first-half treasury reduction occurred during the first quarter.
First-Quarter Bitcoin Sales Were Much Larger
MARA sold approximately 20,880 BTC during the first quarter for about $1.5 billion.
This explains why the company’s Bitcoin holdings changed relatively little between the end of March and the end of June.
The first quarter marked the most aggressive phase of MARA’s treasury reduction.
Long Ridge Acquisition Could Use New Liquidity
MARA’s Bitcoin sales and borrowing strategy are closely connected to its infrastructure expansion.
The company has agreed to acquire Long Ridge Energy & Power in Ohio.
The site includes a 485 MW combined-cycle gas power plant in Hannibal.
MARA expects the plant’s capacity to increase to about 505 MW during the first quarter of 2027.
Long Ridge Includes More Than 1,600 Acres
The Long Ridge property also includes more than 1,600 contiguous acres.
The site has access to water, fiber, rail, and large-scale energy infrastructure.
It is located next to MARA’s existing Hannibal data center operations.
That makes the acquisition strategically important for future computing and energy projects.
Deal Has an Enterprise Value of About $1.5 Billion
The Long Ridge acquisition carries an enterprise value of approximately $1.5 billion.
That includes up to around $900 million of assumed debt.
MARA has also secured a Barclays commitment for a 364-day senior secured bridge facility of up to $785 million.
The bridge facility can provide backup financing for part of the transaction.
MARA Is Also Expanding in Texas
MARA is pursuing another major infrastructure project in Matagorda County, Texas.
The company is acquiring more than 1,200 acres of land.
The site is expected to have access to an initial 1 GW of grid capacity by October 2027.
That could increase to as much as 2 GW by April 2028.
Texas Site Targets AI and High-Performance Computing
MARA plans to develop the Texas property with Starwood Digital Ventures.
The project is intended to support:
- AI computing
- High-performance computing
- Flexible compute services
- Bitcoin mining
This could help MARA diversify its revenue beyond mining and take advantage of growing demand for AI data center capacity.
MARA Had About $2.5 Billion in Cash and Bitcoin
At June 30, MARA reported approximately $421.3 million in cash and cash equivalents.
It also held about $2.1 billion in Bitcoin.
Together, the company’s cash and digital assets were worth roughly $2.5 billion.
This gives MARA a significant liquidity base despite its large first-half loss and ongoing capital requirements.
Company Still Has Equity Financing Capacity
MARA also had approximately $1.5 billion of unused capacity under its at-the-market equity program.
The company did not sell shares through that program during the first half of 2026.
This leaves equity issuance as another possible funding source.
However, selling additional shares could dilute existing investors.
MARA’s Bitcoin Treasury Strategy Has Changed
MARA was once primarily associated with accumulating Bitcoin from its mining operations.
Its strategy is now much more active.
The company is using Bitcoin to:
- Generate cash
- Repay debt
- Fund acquisitions
- Earn lending income
- Secure financing
- Support infrastructure expansion
This marks a major shift in how the company manages its digital asset reserves.
What to Watch Next
Several developments will determine how successful MARA’s new strategy becomes.
Investors will likely watch:
- Additional Bitcoin sales
- Changes in treasury holdings
- Bitcoin-backed borrowing
- Debt levels
- Long Ridge acquisition progress
- Texas infrastructure development
- Mining production
- Hashrate growth
- AI and HPC expansion
- Operating cash flow
Bitcoin prices will remain especially important because they affect both MARA’s treasury value and its collateralized financing.
MARA Turns Bitcoin Into Growth Capital
MARA’s first-half activity shows that Bitcoin has become much more than a passive treasury asset for the company.
It sold approximately 23,093 BTC for $1.63 billion while still holding 35,577 BTC at the end of June.
The company also began lending more Bitcoin and pledging BTC as collateral for additional financing.
Those funds are supporting debt reduction, mining operations, acquisitions, and a larger push into energy, AI, and high-performance computing infrastructure.
The strategy gives MARA more flexibility, but it also increases its exposure to Bitcoin price volatility, debt obligations, and large infrastructure execution risks.
