Key Takeaways
- MARA sold 23,093 BTC for $1.6 billion in H1 2026, shifting from accumulation to active treasury use.
- MARA’s revenue fell 23% to $349.5M as bitcoin prices weakened and losses widened.
- MARA raised $600M against BTC to fund Long Ridge, with key loans maturing in 2028.
MARA Revenue Falls 23% as Bitcoin Sales Fund Growth
MARA is putting its bitcoin treasury to work.
The miner sold about 23,093 BTC during the six months through June for roughly $1.6 billion at an average price of $70,631, according to its latest regulatory filing. Proceeds were used to fund operations, pursue growth opportunities and manage liquidity.
The sales reflect 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.
Bitcoin Becomes a Source of Growth Capital
MARA ended June with 35,577 BTC worth about $2.08 billion, including 9,270 BTC involved in its digital-asset management strategy. The holdings were valued using a quarter-end bitcoin price of $58,524.
The company still mined 4,669 BTC during the first half, roughly flat from a year earlier. However, six-month revenue dropped 23% to $349.5 million as lower bitcoin prices weighed on mining income.
MARA’s second-quarter net loss reached $611.3 million, compared with an $808.2 million profit a year earlier. The latest result included a $343 million loss from changes in the fair value of its digital assets. Rather than rely solely on further sales, MARA is also borrowing against its treasury.
Coinbase and Two Prime Loans Limit Dilution
On Aug. 4, MARA raised $600 million of incremental debt through bitcoin-backed facilities with Coinbase Credit and Two Prime. It also rolled 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. MARA intends to use part of the proceeds for its planned $1.5 billion acquisition of Long Ridge Energy in Ohio.
The $300 million Two Prime loan carries a 7.65% 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.
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.
