MARA Holdings sold approximately $1.63 billion worth of Bitcoin during the first six months of 2026, according to a Form 10-Q filing with the U.S. Securities and Exchange Commission.

The filing disclosed that the company sold roughly 23,093 BTC in the half-year ended June 30, at an average price of approximately $70,631 per coin. The divestment represents nearly 34% of MARA's Bitcoin treasury at the end of 2025, when the firm held 53,822 BTC, making it the second-largest corporate Bitcoin holder at the time.

As of June, MARA's holdings stand at 35,577 BTC, placing it behind Strategy, Twenty One Capital, and Metaplanet (Cryptopolitan reported).

proceeds Directed Toward Operations and Debt Reduction

The company stated that proceeds from the sales were used to fund operations, pursue growth opportunities, and manage liquidity.

MARA posted revenue declines in both of the first two quarters of 2026 amid a decrease in Bitcoin's price. Q1 revenue fell 18% year-over-year to $174.6 million. During that quarter, MARA sold 15,133 BTC for approximately $1.1 billion to retire convertible notes maturing in 2030 and 2031. The move addressed debt originally issued during a period when Bitcoin miners broadly tapped convertible note markets to fund expansion. That transaction reduced outstanding debt from $3.29 billion at the end of 2025 to roughly $2.29 billion, saving the company about $88.1 million in cash (Cryptopolitan previously reported).

Q2 revenue came in at $174.9 million, a 27% year-over-year decrease from $238.5 million in Q2 2025, falling short of analyst expectations of approximately $209 million. The second quarter was followed by an additional $1.5 billion in Bitcoin sales aimed at improving liquidity and further reducing debt.

Strategic Pivot Toward AI Infrastructure

Amid mounting losses, MARA has been exploring a shift away from cryptocurrency mining as its core business. The company partnered with Starwood Capital Group to repurpose mining sites into data centers designed for artificial intelligence and high-performance computing workloads. The arrangement is expected to deliver approximately 1 gigawatt of IT capacity initially, with potential to scale beyond 2.5 gigawatts. The pivot places MARA among a growing set of Bitcoin miners — including Core Scientific, Hut 8, and Iris Energy — that have redirected infrastructure toward AI and HPC clients as hyperscaler demand for compute capacity intensifies.

The strategic reorganization also led to layoffs across multiple departments over two days in early April. During its Q1 earnings report, MARA indicated that it does not expect to acquire additional specialist ASIC mining machines going forward, signaling a structural wind-down of mining-focused capital expenditure even as the company retains a substantial Bitcoin treasury.