MARA Sells 23,093 BTC Worth $1.63 Billion in First Half of 2026

MARA Holdings sold a large portion of its Bitcoin treasury in the first half of 2026, converting 23,093 BTC into about $1.63 billion in cash. The move came as the company faced higher operating costs, major debt repayments, and continued expansion into energy and computing infrastructure.

Despite the scale of the sales, MARA is not exiting Bitcoin. Instead, it is shifting toward a more flexible model where Bitcoin is used not only as a long-term reserve but also as a funding source, collateral asset, and lending instrument.

Key Takeaways

• MARA sold 23,093 BTC for about $1.63 billion in H1 2026.
• Holdings fell from 53,822 BTC to 35,577 BTC by June 30.
• Proceeds funded operations, acquisitions, and major debt reduction.

MARA Sells Bitcoin Worth $1.63 Billion

According to its regulatory filing, MARA sold 23,093 BTC during the six months ended June 30, 2026, at an average price of $70,631.

The MARA sales Bitcoin activity was heavily front-loaded. The company sold 20,880 BTC in Q1 for about $1.5 billion, followed by 2,213 BTC in Q2 at a higher average price of $73,078.

This makes MARA one of the most significant corporate Bitcoin sellers in 2026, and a key reference point for understanding how large miners are managing liquidity in a capital-intensive environment.

Read also: Is Your Bitcoin Safe? $89M Drained from Cold Wallets

MARA Bitcoin Treasury Decline

The MARA Bitcoin treasury decline is clear in the balance sheet:

• End of 2025: 53,822 BTC
• June 30, 2026: 35,577 BTC

That is a net drop of 18,245 BTC. The difference between total sales and the net decline reflects ongoing mining production during the period. 

MARA also ended Q2 slightly higher than Q1, rising from 35,303 BTC to 35,577 BTC, showing the sharpest reduction occurred early in the year. At June 30, the remaining Bitcoin was worth about $2.08 billion.

Why MARA Sold So Much Bitcoin

The Marathon Digital BTC sale 2026 reflects a policy shift rather than a simple liquidation. MARA expanded its treasury approach to allow sales of both newly mined and previously held Bitcoin. This gives management flexibility to use BTC for:

• Operating expenses
• Debt reduction
• Infrastructure investment
• Strategic acquisitions

Instead of treating Bitcoin as purely a static reserve, MARA now views it as a liquid balance sheet asset that can be deployed when needed.

Bitcoin Sales Funded Cash Flow and Investments

Bitcoin sales became a major source of liquidity in 2026. MARA reported $1.47 billion in net cash from investing activities, compared with a $337 million cash outflow in the same period of 2025. Most of the swing came from Bitcoin sales.

At the same time, the company continued investing in growth:

• $94.3 million in property and equipment
• $61.1 million net spent on Exaion and Meerkat acquisitions

These investments support MARA’s expansion beyond mining into AI computing and broader data center infrastructure.

Debt Reduction Was a Major Priority

A large portion of cash was used for debt reduction.

Financing activities consumed $1.12 billion, including:

• $912.8 million in convertible note repayments
• $350 million in credit facility repayment
• ~$1 billion in note repurchases
• Partially offset by a new $150 million credit facility

As a result, total debt fell from $3.6 billion to about $2.4 billion.

Without Bitcoin sales, MARA would have had far less flexibility to reduce leverage while continuing to invest.

Rising Operating Costs and Lower Revenue

Operating conditions also pressured cash flow.

• Operating cash use: $471.3 million (vs. $378.9 million YoY)
• Revenue: $349.5 million (vs. $452.4 million YoY)

Lower revenue and higher costs increased reliance on external liquidity sources, including Bitcoin sales.

Read also: Bitcoin (BTC) Slides Below $63,000 as July FOMC Rate Decision Tests Crypto

MARA 10-Q SEC Filing Bitcoin Strategy

The MARA 10-Q SEC filing Bitcoin data shows a more complex treasury structure:

• 4,742 BTC loaned out
• 4,528 BTC pledged as collateral
• 26,307 BTC unrestricted

MARA also earned $10.7 million in Bitcoin lending income during the first half of 2026.

This shows Bitcoin is now actively managed across multiple uses: selling, lending, collateralization, and long-term holding.

How to Buy Bitcoin (BTC) Safely in 2026

Post-June Expansion in Bitcoin Collateral Use

After June, MARA expanded BTC-backed financing further. On August 4, it pledged 18,750 BTC to secure $600 million in new credit facilities:

• $450M Coinbase Credit facility (includes refinancing)
• $300M Two Prime term loan at 7.65%

These deals show MARA increasingly uses Bitcoin as collateral rather than selling it outright.

$1.87 Billion Net Loss Driven by Bitcoin Price

MARA reported a net loss of $1.87 billion in H1 2026, compared with a $274.8 million profit a year earlier.

The main driver was a $1.4 billion decline in Bitcoin fair value, not operational cash losses. This highlights how strongly MARA’s earnings are tied to BTC price movements.

Mining Capacity Still Expanding

Despite financial pressure, MARA continued scaling operations:

• Hashrate: 70.3 EH/s (up from 57.4 EH/s)
• Energy capacity: 1.9 GW (up from 1.7 GW)
• Efficiency improved to 17.3 J/TH

Q2 production was 2,422 BTC, slightly above the 2,213 BTC sold in the same quarter.

Read also: Bitcoin Ordinals Ban Fails: What Happens to BTC Next?

Expansion Into Energy and Infrastructure

MARA is also investing heavily in long-term infrastructure:

• Long Ridge Energy acquisition (~$1.5B enterprise value)
• 485 MW gas plant in Ohio (expandable to 505 MW)
• Texas site targeting up to 2 GW capacity

These projects require significant capital, reinforcing the need for flexible funding sources like Bitcoin sales and collateralized borrowing.

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Conclusion

MARA sold 23,093 BTC worth $1.63 billion in the first half of 2026, reducing its treasury from 53,822 BTC to 35,577 BTC. The move was driven by debt reduction, rising costs, and major infrastructure investments rather than a withdrawal from Bitcoin.

The MARA Bitcoin treasury decline reflects a more flexible capital strategy where Bitcoin is used alongside debt and equity financing. While the sales contribute to Bitcoin miner selling pressure 2026, they appear primarily tied to liquidity needs and balance sheet management.

Future filings will show whether MARA continues this pace of Bitcoin monetization or stabilizes its treasury at current levels.

FAQ

How much Bitcoin did MARA sell in 2026?

MARA sold 23,093 BTC during the six months ended June 30, 2026, generating approximately $1.63 billion.

What was MARA's average Bitcoin sale price?

The company reported an average sale price of approximately $70,631 per Bitcoin during the first half of 2026.

How much Bitcoin does MARA still hold?

MARA held 35,577 BTC as of June 30, 2026. Those holdings were valued at approximately $2.08 billion using the quarter end Bitcoin price of $58,524.

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