- MARA Holdings sold roughly 23,093 Bitcoin during the first half of 2026, generating approximately $1.6 billion in cash.
- The Bitcoin miner still held 35,577 BTC as of June 30 while shifting away from a purely accumulation-focused treasury strategy.
- MARA is also borrowing against its Bitcoin, pledging 18,750 BTC as collateral for $600 million in new financing.
MARA Holdings, the publicly traded Bitcoin mining company formerly known as Marathon Digital, made a major shift in its crypto treasury strategy during the first half of 2026. Rather than continuing to hold nearly every Bitcoin it mined or acquired, the company sold approximately 23,093 BTC and generated around $1.6 billion in cash.
Even after those sales, MARA remained a major corporate Bitcoin holder. As of June 30, the company reported holding 35,577 BTC, worth approximately $2.1 billion based on a Bitcoin price near $58,524. The numbers show that MARA isn’t abandoning Bitcoin, but its approach to managing the asset has clearly changed.
MARA Moves Away From Pure Bitcoin HODLing
A large portion of MARA’s Bitcoin sales occurred through a single transaction in March 2026. The company sold 15,133 BTC for approximately $1.1 billion, with some of those proceeds used to manage obligations related to its convertible notes.
Additional sales throughout the first and second quarters pushed the six-month total to roughly 23,093 BTC. Altogether, those transactions generated around $1.6 billion and marked a noticeable departure from MARA’s previous accumulation-heavy strategy.
The company has described its new approach as a more balanced use of its Bitcoin treasury. That means BTC can now serve several purposes beyond simply sitting on the balance sheet, including funding operations, reducing debt, and supporting expansion into areas such as energy and artificial intelligence infrastructure.
Bitcoin Mining Operations Continue to Expand
Despite selling a significant amount of Bitcoin, MARA continues to expand its underlying mining business.
The company mined another 2,422 BTC during the second quarter of 2026 while increasing its operational hashrate to 70.3 EH/s. That expansion remains important because greater computing capacity gives MARA more potential to generate new Bitcoin, even as the economics of mining remain heavily influenced by BTC prices, network difficulty, and energy costs.
The strategy effectively gives MARA more flexibility. Bitcoin production continues, but the company is no longer treating every mined coin as an asset that must be held indefinitely.
MARA Reports $611 Million Quarterly Loss
MARA generated approximately $174.9 million in revenue during the second quarter, but its bottom line looked considerably weaker. The Bitcoin miner reported a net loss of roughly $611 million for the period.
A substantial portion of that loss was tied to mark-to-market adjustments on the company’s digital asset portfolio. Accounting rules require companies holding Bitcoin to reflect changes in the market value of those assets, meaning falling BTC prices can create sizable unrealized losses on reported earnings.
That can make quarterly results appear especially volatile, even when the company has not actually sold the Bitcoin responsible for the accounting loss.
MARA Uses Bitcoin to Secure $600 Million Loan
MARA is also finding another way to generate liquidity from its enormous Bitcoin position without immediately selling more coins.
In early August, the company pledged 18,750 BTC as collateral to secure approximately $600 million in new borrowing. The structure allows MARA to access substantial capital while maintaining exposure to Bitcoin if prices eventually recover.
At the time the financing was arranged, the collateral reportedly produced a loan-to-value ratio comfortably below 60%. Still, borrowing against Bitcoin introduces another layer of risk, particularly if BTC experiences a severe decline and additional collateral becomes necessary.
MARA’s evolving strategy shows how corporate Bitcoin treasuries are becoming more sophisticated. Instead of simply accumulating BTC, the miner is now selling, borrowing against, and actively managing its holdings to support debt obligations, operations, and expansion. Bitcoin remains a major part of MARA’s balance sheet, but increasingly, it’s also becoming a source of working capital.
