MARA Bitcoin Sales Hit $1.63 Billion as Debt Falls to $2.4 Billion
MARA Holdings spent the first half of 2026 doing something few Bitcoin miners have attempted at this scale: selling a huge chunk of its treasury while simultaneously borrowing against what remained. The Nasdaq-listed miner offloaded roughly 23,093 BTC for about $1.63 billion between January and June, according to its Aug. 6 Form 10-Q filing with the U.S. Securities and Exchange Commission, cutting deep into a Bitcoin stockpile that once made it one of the largest corporate holders on the planet. The MARA Bitcoin sales weren’t a one-off liquidation, though — they were the first move in a broader liquidity and expansion strategy that has reshaped the company’s balance sheet in ways still playing out today.
Key takeaways
- MARA sold about 23,093 BTC for roughly $1.63 billion in H1 2026 at an average price of $70,631 per coin.
- Bitcoin holdings fell from 53,822 BTC at the end of 2025 to 35,577 BTC, worth about $2.08 billion, by June 30.
- MARA repurchased approximately $1 billion of its 0% convertible senior notes, cutting total debt from $3.6 billion to about $2.4 billion.
- On Aug. 4, MARA pledged 18,750 BTC as collateral to unlock $600 million in new borrowing from Coinbase and Two Prime.
- The company recorded a $1.87 billion net loss for the half, driven largely by a $1.4 billion drop in the fair value of its Bitcoin holdings.
- MARA is acquiring Long Ridge Energy & Power in Ohio for an enterprise value of about $1.5 billion to expand into energy and computing infrastructure.
MARA’s Bitcoin Sales and Treasury Holdings in 2026
The scale of MARA’s disposals this year marks a clear break from its earlier buy-and-hold posture. After permitting sales of newly mined coins in 2025, the company widened that policy in 2026 to allow sales from its existing balance-sheet reserves too — a shift that gave management far more flexibility to treat Bitcoin as a liquidity tool rather than a static asset locked away for the long haul.
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