MARA Holdings sold about 23,093 BTC for roughly $1.63 billion in the first half of 2026, cutting its treasury to 35,577 BTC by June 30. The miner said the sales were part of a strategy to fund operations, support growth opportunities and manage liquidity, while it separately pledged more coins as loan collateral tied to its pending Long Ridge Energy acquisition.
MARA Holdings is the world's largest publicly traded Bitcoin miner. The company sold about 23,093 BTC for roughly $1.63 billion during the first half of 2026. It disclosed the sale in its Aug. 6 Form 10-Q filing with the U.S. Securities and Exchange Commission. The coins were sold at an average price of $70,631 during the six months ended June 30.
By June 30, MARA held 35,577 BTC worth about $2.08 billion. That value was based on a quarter-end Bitcoin price of $58,524. The reserve had fallen from 53,822 BTC at the end of 2025 and 49,951 BTC a year earlier, though it edged up slightly from 35,303 BTC at the end of March.
A revised reserve policy opened the door to selling
The sales followed a change in how MARA manages its Bitcoin. Having allowed sales of newly mined Bitcoin in 2025, the company expanded the policy in 2026 to permit sales of BTC already on its balance sheet, and can now hold coins as a long-term investment, sell based on market conditions and capital needs, or make opportunistic purchases. MARA said the sales were part of its strategy to fund operations, support growth opportunities and manage liquidity.
Bitcoin sales became MARA's largest source of cash
The $1.63 billion in Bitcoin proceeds became MARA's largest source of investing cash during the period, with net cash from investing activities of about $1.47 billion, against $337 million used in the same period of 2025. Financing activities used about $1.12 billion during the six months, including $912.8 million for partial repayments of its convertible notes and $350 million to repay a previous credit line. MARA also said it repurchased approximately $1 billion of its 0% convertible senior notes, helping cut total debt from $3.6 billion at the end of 2025 to about $2.4 billion by June 30.
New loans tie the remaining treasury to Long Ridge
MARA has leaned increasingly on its remaining Bitcoin for lending and collateralized borrowing. At June 30, 4,742 BTC had been loaned to third parties and 4,528 BTC were pledged as collateral, leaving 26,307 unrestricted BTC worth about $1.5 billion. Then, on Aug. 4, MARA pledged 18,750 BTC as collateral for $600 million of new loans from Coinbase Credit and Two Prime Lending, part of which may help finance MARA's pending purchase of Long Ridge Energy & Power, a gas-fired Ohio power plant the company agreed to acquire on April 29 in a deal with an enterprise value of about $1.5 billion.
Falling Bitcoin prices weighed on first-half results
The sales came during a difficult first half for MARA's earnings. The company reported a net loss of $1.87 billion, compared with net income of $274.8 million a year earlier. Revenue fell to $349.5 million from $452.4 million. The fair value of its Bitcoin holdings dropped about $1.4 billion during the six months as the market price declined.
Sources: crypto.news, Coinpedia Fintech News (snippet-based)
Trading involves risk.
Risk Disclaimer
