MARA Holdings sold 23,093 BTC for approximately $1.6 billion during the first half of 2026, as the Bitcoin mining company increasingly leveraged its treasury to fund operations, manage liquidity, and expand into AI and energy infrastructure — a pivot that a growing number of publicly traded miners have pursued to diversify revenue beyond block rewards.

The Bitcoin was sold at an average price of $70,631, generating the majority of the company's $1.47 billion in net investing cash flow during the six months ended June 30. MARA ended 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 as a Source of Operating Liquidity

MARA's treasury policy now permits Bitcoin held on its balance sheet to be sold alongside newly mined BTC whenever capital is needed for operations, acquisitions, or liquidity management. The shift marks a departure from the pure accumulation model many miners favored during the previous bull cycle, and comes amid persistent pressure on mining economics following the April 2024 halving, which cut the block subsidy from 6.25 BTC to 3.125 BTC.

The first-half total includes 15,133 BTC sold for roughly $1.1 billion in March, which helped finance repurchases of convertible senior notes. MARA subsequently purchased 1,000 BTC from FalconX, reinforcing a strategy that now accommodates both buying and selling rather than indefinite accumulation.

As of June 30, the balance sheet also carried 4,742 BTC loaned to third parties and 4,528 BTC pledged as collateral. 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 — which has trended near record levels — offset gains in operational hashrate.

MARA Pledges 18,750 BTC for New Credit Facilities

After the quarter closed, MARA expanded its use of Bitcoin-backed financing by securing $600 million in incremental borrowing through Coinbase Credit and Two Prime. The facilities were initially collateralized by 18,750 BTC, valued at approximately $1.2 billion when they closed on August 4.

Coinbase provided $300 million in additional capital while refinancing MARA's existing $150 million credit facility. Two Prime supplied a separate $300 million facility at a 7.65% fixed rate. The proceeds may be used for general corporate purposes, including part of the cash consideration for MARA's proposed acquisition of Long Ridge Energy & Power.

Long Ridge Acquisition Anchors AI Infrastructure Push

MARA agreed in April to acquire Long Ridge at an enterprise value of approximately $1.5 billion. The Ohio-based operation includes a 485-megawatt gas-fired power plant expected to expand to 505 MW, along with more than 1,600 acres of infrastructure-connected land. Controlling directly connected generation has become a strategic priority for miners, as AI and cloud computing tenants increasingly compete for the same large-scale power capacity that mining operations have spent years assembling.

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. Rivals including Core Scientific, Hut 8, and Iris Energy have pursued comparable strategies, repurposing mining infrastructure or developing new sites to host AI workloads that can offer longer-duration contracts than cryptocurrency mining alone.

As part of its 2026 restructuring, MARA reduced its workforce by approximately 15%, targeting $12 million in annualized savings as resources shifted toward AI and critical IT operations.

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