MARA Holdings sold 23,093 Bitcoin for roughly 1,6 miliardi di dollari during the first half of 2026, marking a deliberate shift from pure accumulation to active treasury management to fund operations, acquisitions, and liquidity needs. According to regulatory filings cited by market reports, the mining firm averaged 70,631 dollari per coin on the sales while reshaping its industrial strategy under CEO Fred Thiel.
Bitcoin Sales Finance Corporate Growth and Debt Reduction
The decision to liquidate a portion of its digital asset reserves comes as MARA navigates lower mining margins and financial pressures. According to regulatory documents, the company’s revenues dropped 23% to 349,5 milioni di dollari in the first half of the year, driven down by weaker Bitcoin prices. The firm reported a net loss of 611,3 milioni di dollari in the second quarter alone, which included a 343 milioni di dollari loss from the changing fair value of its digital assets, contrasting sharply with an 808,2 milioni di dollari profit from the same period a year earlier.
Additional reporting from financial outlets highlights that the liquidation strategy evolved across quarters. In the first quarter of 2026 alone, MARA sold 20.880 Bitcoin for roughly 1,5 miliardi di dollari, according to Decrypt. Part of those earlier proceeds—specifically 1 miliardo of the 1,1 miliardi raised by selling 15.133 BTC between March 4 and March 25—went toward buying back convertible bonds. That maneuver cut MARA’s outstanding convertible debt by about 30%, shrinking it from 3,3 to 2,3 miliardi di dollari while generating a 71 milioni accounting gain.
Securing Bitcoin-Backed Credit Lines for Long Ridge Energy
Rather than relying solely on outright sales to raise capital, MARA secured fresh debt backed by its digital reserves to limit equity dilution. On August 4, the company secured 600 milioni di dollari in incremental debt through Bitcoin-backed credit lines with Coinbase Credit and Two Prime, while rolling an existing 150 milioni Coinbase loan into the new structure. These facilities were initially backed by 18.750 BTC valued at roughly 1,2 miliardi di dollari.
MARA is earmarking a portion of these loan proceeds to fund its pending 1,5 miliardi di dollari acquisition of Long Ridge Energy in Ohio from FTAI Infrastructure. According to Decrypt, the transaction includes assuming at least 785 milioni of debt. Long Ridge operates a 505-megawatt combined-cycle gas turbine power plant spanning more than 1.600 contiguous acres and is projected to generate 144 milioni di dollari in annualized operating income.
Shifting Focus Toward Energy Infrastructure and Artificial Intelligence
CEO Fred Thiel argues that scarce electrical power generates far superior returns when directed toward artificial intelligence rather than traditional Bitcoin mining. As part of this industrial pivot, MARA plans a 15% workforce reduction to secure 12 milioni di dollari in annualized savings and has halted large-scale purchases of mining rigs, according to Decrypt.
Despite scaling back machine purchases, operational capacity continued to climb. MARA produced 4.669 Bitcoin in the first half of the year, while boosting its energized hashrate by 33% year-over-year to 72.2 exahashes per second, according to Bitcoin Magazine. At the close of June, the company still held 35.577 BTC valued at approximately 2,08 miliardi di dollari—including 9.270 BTC deployed in digital asset management strategies—calculated using a quarter-end Bitcoin price of 58.524 dollari.
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