MARA sells $1.63 billion in Bitcoin as treasury strategy shifts

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MARA cuts Bitcoin treasury

Highlights

MARA sold 23,093 BTC for about $1.63 billion.
Bitcoin holdings fell to 35,577 BTC by June 30.
First-half revenue declined to $349.5 million.
Total debt dropped from $3.6 billion to about $2.4 billion.

The Bitcoin was sold at an average price of $70,631, while MARA ended June with 35,577 BTC valued at about $2.08 billion. The sales followed a broader change in treasury policy that now allows MARA to sell Bitcoin already held on its balance sheet when market conditions or capital requirements warrant, according to Crypto.News.

Bitcoin becomes a source of capital

MARA held 53,822 BTC at the end of 2025, meaning its treasury fell sharply during the first six months of this year. Most of that decline occurred in the first quarter, when the company sold 20,880 BTC for about $1.5 billion. In the second quarter, it produced 2,422 BTC and sold 2,213 BTC.

Bitcoin sales became MARA's largest source of investing cash. Investing activities generated about $1.47 billion, reversing $337 million of cash outflows in the same period last year.

At the same time, operating activities consumed $471.3 million. Revenue fell to $349.5 million from $452.4 million a year earlier, while MARA recorded a net loss of $1.87 billion. A roughly $1.4 billion decline in the fair value of its Bitcoin holdings accounted for much of the earnings deterioration.

Treasury assets fund a broader expansion

MARA is also putting more of its remaining Bitcoin to work. At June 30, 4,742 BTC had been loaned to third parties and 4,528 BTC pledged as collateral, leaving 26,307 unrestricted BTC.

The strategy accelerated in August, when MARA pledged 18,750 BTC to secure $600 million of additional borrowing from Coinbase Credit and Two Prime Lending.

That liquidity could support the proposed $1.5 billion acquisition of Long Ridge Energy & Power in Ohio. MARA is also expanding infrastructure for high-performance computing, AI workloads, and Bitcoin mining, including a planned Texas site with up to 2 GW of grid capacity by April 2028.

Market impact

MARA's approach shows how large corporate Bitcoin holders can move from passive accumulation toward active treasury management. Large-scale sales can add supply to the market, while using BTC as collateral increases exposure to price swings and margin requirements. For investors, MARA is increasingly tied not only to Bitcoin mining economics but also to the value and liquidity of its remaining crypto reserves.

We also reported MARA unveils Texas campus plan tied to up to $600 million in milestone payments.

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