MARA Holdings sold 23,093 BTC for approximately $1.63 billion in the first half of 2026, cutting its Bitcoin reserves to 35,577 BTC from 53,822 BTC at the end of 2025. The bitcoin miner used the proceeds to pay down debt and fund operations, while posting a $1.87 billion net loss for the period.
MARA Holdings, the bitcoin miner formerly known as Marathon Digital, sold more than $1.6 billion worth of Bitcoin in the first half of 2026. The sales come as Strategy, another BTC treasury company, is also selling Bitcoin, a trend that is weighing on the crypto market.
MARA Empties Much of Its Bitcoin Stash
In a Form 10-Q filing, MARA revealed it sold 23,093 BTC for approximately $1.63 billion, at an average cost of $70,631 per coin. That leaves the company holding 35,577 BTC as of June 30, down from 53,822 BTC at the end of 2025.
MARA said the sales helped fund operations and cover investment and liquidity needs. Under a policy change adopted this year, the company can now sell Bitcoin it already holds in its portfolio.
Most of the selling happened early in the year. In the first quarter, MARA sold 20,880 BTC for approximately $1.5 billion. It then sold 2,213 BTC in the second quarter for about $161.6 million, at an average price of $73,078.
Debt Falls, MARA Posts $1.87 Billion Net Loss
MARA put most of the cash toward debt. Financing activities used approximately $1.12 billion in the first half, including $912.8 million to pay down convertible notes and $350 million to retire a previous credit facility. As a result, total debt fell by $3.6 billion from the end of 2025 to approximately $2.4 billion as of June 30.
Even so, MARA posted a $1.87 billion net loss for the first half, as revenue fell to $349.5 million from $452.4 million a year earlier. The fair value of the company's Bitcoin holdings dropped by about $1.4 billion over the same six months.
Despite the losses, MARA kept growing its hashrate. The metric reached 70.3 EH/s by June 30, up from 57.4 EH/s a year earlier, after the miner produced 2,422 BTC during the second quarter.
MARA still kept Bitcoin on hand as collateral. In August, it pledged 18,750 BTC worth $600 million to secure further loans from Coinbase Credit and Two Prime Lending.
Source: CoinGape
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