In the first six months of 2026, MARA Holdings sold approximately 23,093 bitcoins for around $1.63 billion, amounting to a fundamental change in strategy regarding the management of the digital asset holdings of one of the biggest publicly listed bitcoin miners. The MARA Bitcoin sales demonstrate how the company is changing the way it manages its cryptocurrency treasury.
The MARA Bitcoin sales took place at an average rate of $70,631 per bitcoin during the six-month period that ended on June 30. By the end of the period, MARA Holdings held 35,577 BTC, which was a reduction from the 53,822 BTC held by the firm at the end of 2025, per its latest quarterly filings. Those holdings were worth around $2.08 billion based on Bitcoin’s price as of June 30.
However, rather than indicating any exit from Bitcoin, the transactions signify a more flexible strategy on the part of the firm concerning the management of its cryptocurrency treasury. Not only is the company holding Bitcoin as a reserve asset, but it is now also treating Bitcoin as a liquidity asset.
MARA Bitcoin Sales Mark Major Treasury Policy Shift
MARA had a policy of accumulating most of the Bitcoin mined through its mining activities until 2025, when MARA allowed the sale of newly mined Bitcoin. This policy change laid the groundwork for the MARA Bitcoin sales strategy seen in 2026.
In 2026, MARA took the policy even further by allowing itself to sell Bitcoin that it holds on its balance sheet based on market conditions and capital deployment considerations. It can also conduct opportunistic purchases, giving the company greater flexibility over its MARA Bitcoin sales and treasury management.
This helped the company increase the monetization process.
During the first six months of 2026, MARA managed to sell $1.627 billion worth of its digital assets, which is far higher than what it sold in the corresponding period in 2025, amounting to only $14.3 million. The sharp increase highlights the scale of the MARA Bitcoin sales strategy.
Most of the sales were conducted in the first quarter, when it sold 20,880 BTC with a total value of $1.5 billion. In the second quarter, it managed to sell 2,213 BTC at $73,078 each.
Bitcoin Becomes a Source of Corporate Liquidity
The transactions show how Bitcoin held by major mining companies can function differently from a passive cryptocurrency investment.
MARA used its digital asset reserves as an important source of capital while operating cash flow remained under pressure. This made MARA Bitcoin sales an important component of its broader financing strategy.
Operating activities consumed approximately $471.3 million in cash during the first half, compared with $378.9 million a year earlier. At the same time, Bitcoin sales helped MARA generate approximately $1.47 billion of net cash from investing activities, showing the financial impact of MARA Bitcoin sales.
The miner also directed significant capital toward its balance sheet.
MARA spent approximately $912.8 million repaying convertible notes and another $350 million repaying a credit line during the first half. Overall debt declined from roughly $3.6 billion at the end of 2025 to about $2.4 billion at June 30.
This strategy effectively turns MARA’s Bitcoin treasury into a corporate financing tool that can be tapped alongside traditional debt and equity markets.
MARA Puts Remaining Bitcoin to Work
Bitcoin selling is but one element of the evolving digital asset strategy of MARA.
The MARA Bitcoin sales strategy exists alongside Bitcoin lending, collateral arrangements and continued holdings.
As of the end of June, MARA had lent out 4,742 BTC to others, with an additional 4,528 BTC committed as collateral. Some 26,307 BTC remained unencumbered, showing that MARA Bitcoin sales have not eliminated the company’s substantial Bitcoin reserves.
Interest from Bitcoin lending accounted for some $10.7 million in the first half of 2026.
MARA’s strategy for using collateral evolved after the quarter.
On Aug. 4, MARA committed 18,750 BTC in order to finance new lending relationships with Coinbase Credit and Two Prime Lending that would provide an additional $600 million.
The financing highlights the extent to which corporate Bitcoin holdings are becoming part of standard capital structures.
AI and High-Performance Computing Become Bigger Priorities
MARA’s capital strategy is unfolding alongside a broader transformation of its infrastructure business, while MARA Bitcoin sales provide additional flexibility as the company expands into new areas.
The company still describes Bitcoin mining as its core operation, but it is pursuing opportunities in artificial intelligence, high-performance computing and other critical IT workloads. MARA operated 19 data centers across four continents with an energy portfolio of approximately 1.9 gigawatts at June 30.
That diversification reflects a broader trend among cryptocurrency miners.
Bitcoin mining companies already operate large, power-intensive facilities, giving some operators infrastructure that can potentially support AI computing and other data center workloads. However, converting mining infrastructure into facilities suitable for AI or high-performance computing can require substantial additional investment.
For MARA, its Bitcoin treasury provides another potential source of capital for that transition.
Long Ridge Acquisition Shows Where Capital Could Go
One of MARA’s largest planned investments is its proposed acquisition of Long Ridge Energy & Power in Ohio.
The transaction has an enterprise value of approximately $1.5 billion and includes a 485-megawatt combined-cycle gas power plant that MARA expects could reach 505 MW in early 2027. The property also includes more than 1,600 acres adjacent to MARA’s existing data center operations.
The company is separately pursuing a major Texas development with more than 1,200 acres and access to an initial 1 GW of grid capacity expected by October 2027, potentially increasing to 2 GW by April 2028.
MARA plans to use the property for high-performance computing, flexible compute services and Bitcoin mining. This diversification makes the company’s MARA Bitcoin sales strategy increasingly relevant to its long-term expansion plans.
These projects demonstrate why liquidity has become increasingly important to the company as it moves beyond pure-play cryptocurrency mining.
Falling Bitcoin Prices Hit MARA’s Earnings
The flexibility provided by MARA’s Bitcoin treasury also exposes the company to substantial cryptocurrency market volatility, meaning MARA Bitcoin sales must be considered alongside the risks of holding Bitcoin.
Revenue for the first six months of 2026 declined to approximately $349.5 million from $452.4 million a year earlier. MARA recorded a net loss of approximately $1.87 billion, reversing net income of $274.8 million during the comparable 2025 period.
Bitcoin’s declining market value was a major contributor.
MARA recorded an approximately $1.4 billion reduction in the fair value of its Bitcoin holdings during the first half as cryptocurrency prices weakened.
Operationally, however, the miner continued expanding capacity. Energized hash rate increased to 70.3 exahashes per second at June 30 from 57.4 EH/s a year earlier, while energy capacity increased to approximately 1.9 GW from 1.7 GW.
What MARA’s Strategy Means for Crypto Markets
MARA’s approach illustrates an important evolution in corporate cryptocurrency treasury management.
For years, attention largely centered on how much Bitcoin publicly traded companies could accumulate. The 2026 market is increasingly demonstrating the other side of that strategy: how those reserves can be monetized, pledged, lent or otherwise deployed when companies need capital.
For crypto investors, that means corporate Bitcoin holdings should not necessarily be viewed as permanently locked supply. Treasury policies, debt obligations, infrastructure investments and market conditions can all influence whether companies accumulate or sell their reserves.
The shift is particularly relevant for Bitcoin miners because they continuously generate new cryptocurrency while simultaneously facing substantial electricity, equipment and infrastructure expenses.
MARA Bitcoin Sales Reflect a Broader Transformation
This has remained the case even after the company made more than $1.6 billion worth of Bitcoin sales by the end of June.
However, the real shift lies in the way these assets are managed.
Bitcoin has played multiple roles in MARA’s accounting, including as a reserve asset, collateral, lending asset and liquidity asset.
As the company continues to invest in energy infrastructure, artificial intelligence computing and high-performance data centers, it demonstrates how cryptoassets can become a component of a company’s capital allocation strategy as opposed to speculation on their future growth.
The shift can be vital for evaluating cryptocurrency miners and other publicly held companies with significant cryptoasset reserves.
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