MARA Sold 23,093 BTC For $1.6B As AI And Energy Expansion Accelerates

MARA Holdings sold 23,093 BTC for approximately $1.6 billion during the first half of 2026 as the Bitcoin miner increasingly used its treasury to fund operations, manage liquidity and expand into AI and energy infrastructure.

The Bitcoin was sold at an average price of $70,631, generating most of the company’s $1.47 billion in net investing cash flow during the six months ended June 30. MARA finished the quarter holding 35,577 BTC, including 9,270 BTC deployed through its digital-asset management strategy.

At Bitcoin’s current price near $64,973, the remaining position is worth approximately $2.31 billion.

Bitcoin Becomes A Source Of Operating Liquidity

MARA’s treasury policy now allows Bitcoin held on its balance sheet to be sold alongside newly mined BTC when capital is required for operations, acquisitions or liquidity.

The first-half total includes the 15,133 BTC sold for roughly $1.1 billion in March, which helped finance repurchases of convertible senior notes.

MARA subsequently bought 1,000 BTC from FalconX, underscoring a strategy that now permits both purchases and sales rather than permanent accumulation.

The balance sheet also carried 4,742 BTC loaned to third parties and 4,528 BTC pledged as collateral on June 30. MARA held $421.3 million in unrestricted cash and cash equivalents at quarter-end.

Revenue fell 23% year over year to $349.5 million during the first half, while Bitcoin mining revenue declined to $342.2 million. MARA produced 4,669 BTC during the period as higher network difficulty offset expansion in operational hashrate.

MARA Pledges 18,750 BTC For New Loans

MARA expanded its use of Bitcoin-backed financing after quarter-end, securing $600 million of incremental borrowing through Coinbase Credit and Two Prime.

The facilities were initially collateralized by 18,750 BTC worth approximately $1.2 billion when they closed on August 4. Coinbase provided $300 million of additional capital while refinancing MARA’s existing $150 million credit facility, and Two Prime supplied another $300 million facility carrying a 7.65% fixed rate.

The proceeds can fund general corporate purposes, including part of the cash consideration for MARA’s proposed acquisition of Long Ridge Energy & Power.

Long Ridge Anchors AI Infrastructure Push

MARA agreed in April to acquire Long Ridge at an enterprise value of approximately $1.5 billion. The Ohio business includes a 485-megawatt gas-fired power plant expected to expand to 505 MW and more than 1,600 acres of infrastructure-connected land.

The company is also acquiring a Texas development site with access to as much as 2,000 MW of power for up to $600 million in milestone-based consideration, with plans for high-performance computing and Bitcoin mining capacity.

MARA cut approximately 15% of its workforce during its 2026 restructuring, targeting $12 million in annualized savings as resources moved toward AI and critical IT.

The company ended June with 35,577 BTC after selling 23,093 BTC during the first half.

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