MARA Sells 23,093 BTC, Leveraging Debt to Fund Expansion

MARA sold 23,093 BTC during the first half of 2026 for approximately $1.6 billion, at an average price of $70,631 per unit, according to its latest regulatory filing.

The operation reflects a deliberate shift in the miner’s treasury policy, which expanded its strategy to allow bitcoin sales based on market conditions and capital needs, abandoning the accumulation model that had defined the company.

At the end of June, MARA held approximately 35,577 BTC valued at around $2.08 billion, including 9,270 BTC committed to its digital asset management strategy. During the semester, MARA mined 4,669 BTC, a volume nearly identical to the prior year, although revenue fell 23% to $349.5 million due to lower price pressure in the market.

The net loss for the second quarter reached $611.3 million, compared to a gain of $808.2 million in the same period of 2025, a result that included $343 million in losses from changes in the fair value of its digital assets.

Additionally, MARA raised $600 million in bitcoin-backed debt through facilities with Coinbase Credit and Two Prime, initially secured by 18,750 BTC. Part of those funds will be allocated to the acquisition of Long Ridge Energy in Ohio, valued at $1.5 billion.

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