MARA sold 23,093 bitcoin during the first half of 2026, marking a significant shift from its earlier accumulation strategy. The miner is also borrowing against its remaining BTC to finance expansion without issuing new equity.
Key Takeaways
MARA sold 23,093 BTC for $1.6 billion in H1 2026, shifting from accumulation to active treasury use.MARA’s revenue fell 23% to $349.5M as bitcoin prices weakened and losses widened.MARA raised $600M against BTC to fund Long Ridge, with key loans maturing in 2028.MARA is putting its bitcoin treasury to work.
The sales reflect a deliberate policy change. MARA said it expanded its treasury strategy in 2026 to allow bitcoin disposals while retaining the option to hold or buy BTC depending on market conditions and capital needs.
Bitcoin Becomes a Source of Growth CapitalMARA ended June with 35,577 BTC worth about $2.08 billion, including 9,270 BTC involved in its digital-asset management strategy. The holdings were valued using a quarter-end bitcoin price of $58,524.
The company still mined 4,669 BTC during the first half, roughly flat from a year earlier. However, six-month revenue dropped 23% to $349.5 million as lower bitcoin prices weighed on mining income.
Coinbase and Two Prime Loans Limit DilutionThe facilities were initially secured by 18,750 BTC, valued at about $1.2 billion when the transactions closed. MARA intends to use part of the proceeds for its planned $1.5 billion acquisition of Long Ridge Energy in Ohio.
The $300 million Two Prime loan carries a 7.65% fixed rate, while Coinbase’s facility is priced at the federal funds midpoint plus 3.875 percentage points. Both mature in 2028, although the Coinbase loan can automatically extend by one year.
MARA called the borrowing a “non-dilutive funding source” that preserves exposure to bitcoin’s potential appreciation.
The broader shift is clear: bitcoin remains a strategic asset for MARA, but it is no longer untouchable. The treasury is increasingly becoming financing for the company’s next phase.
