MARA sold 23,000 BTC over six months: a survival strategy or a bet on liquidity?
The largest public bitcoin miner continues to actively monetize its production. In the first half of the year, the company sold 23,093 BTC for approximately $1.6 billion. This is not just a sale of assets, but systematic work to finance operational activities and maintain balance in a volatile market.
The average selling price for the reporting period was $70,631 per coin. At the end of June, MARA's balance sheet held 35,577 BTC, valued at $2.08 billion. Notably, 9,270 BTC were involved in active capital operations: 4,742 BTC went into loans to third parties, and another 4,528 BTC were used as collateral.
However, the financial statements show alarming dynamics. Revenue for six months fell to $349.5 million, compared to $452.4 million a year earlier. Mining income decreased from $436.5 million to $342.2 million, although production volume increased slightly—from 4,644 to 4,669 BTC. The key factor in the decline is a 23% drop in the average price of mined bitcoin, to $73,707.
The net loss for the half-year reached $1.87 billion, whereas a year earlier the company recorded a profit of $274.8 million. The main write-offs are related to the revaluation of digital assets ($964.2 million loss) and losses on bitcoin lent out or pledged as collateral ($397.4 million).
After the reporting date, MARA raised an additional $600 million through two bitcoin-backed credit lines from Coinbase and Two Prime. The initial collateral amounted to 18,750 BTC. Part of these funds will go toward financing the purchase of the Long Ridge gas power plant—a step that will strengthen the company's vertical integration into the energy sector.
Let me remind you that in the second quarter, the company's loss amounted to $611 million.
My view as an analyst: MARA demonstrates a classic case of liquidity management in a bearish phase. Selling 23,000 BTC is not panic, but a forced measure to cover operating expenses and debt burden. However, betting on collateralized loans backed by bitcoin is playing with fire: if the price falls further, the company risks facing margin calls. The purchase of the power plant looks like a strategically sound step to reduce mining costs, but in the short term, pressure on shareholder value will persist.