Key facts
- Marathon Digital Holdings sold 23,093 BTC worth approximately $1.63 billion in the first half of 2026.
- The sales were conducted at an average cost of $70,631 per BTC.
- MARA's Bitcoin reserves decreased from 53,822 BTC to 35,577 BTC.
- Proceeds funded operations, investments, and significant debt reduction, including $1 billion in convertible note redemptions.
- The company reported a $1.87 billion net loss for the period, partly due to a $1.4 billion decrease in the fair value of its Bitcoin holdings.
Bitcoin miner Marathon Digital Holdings (MARA) has reported selling over $1.6 billion worth of Bitcoin (BTC) in the first half of 2026, a move that contributed to a significant reduction in its treasury holdings and weighed on the cryptocurrency market. The company disclosed in a Form 10-Q filing that it sold 23,093 BTC for approximately $1.63 billion, at an average cost of $70,631 per coin.
These sales represent a substantial decrease in MARA's Bitcoin reserves, which fell from 53,822 BTC at the end of 2025 to 35,577 BTC by June 30, 2026. The company stated that the proceeds were utilized to fund its operations, support investments, and meet liquidity needs. This strategy aligns with a policy change allowing the sale of existing Bitcoin holdings.
During the first half of 2026, MARA's investing activities generated about $1.47 billion in net cash. Capital expenditures for property and equipment amounted to $94.3 million, with an additional $61.1 million allocated to acquisitions. Operating activities consumed $471.3 million, exceeding the budgeted $378.9 million.
Significant debt reduction was also a key use of funds, with financing activities totaling approximately $1.12 billion. This included $912.8 million to pay down convertible notes and $350 million under a previous credit facility. Consequently, MARA's total debt decreased from $3.6 billion at the end of 2025 to approximately $2.4 billion by June 30, 2026.
The majority of the Bitcoin sales, 20,880 BTC valued at roughly $1.5 billion, occurred in the first quarter. An additional 2,213 BTC were sold in the second quarter for about $161.6 million, at an average price of $73,078.
Despite the sales, MARA's mining operations expanded, with its hashrate reaching 70.3 EH/s as of June 30, 2026, up from 57.4 EH/s a year prior. However, first-half revenue declined to $349.5 million from $452.4 million in the same period of 2025. The company reported a net loss of $1.87 billion for the first half, significantly impacted by a $1.4 billion decline in the fair value of its Bitcoin holdings.
As of August, MARA still held 18,750 BTC as security for $600 million in loans from Coinbase Credit and Two Prime Lending.