MARA Holdings sold approximately $1.63 billion worth of Bitcoin during the first half of 2026, offloading 23,093 BTC at an average price of about $70,631 per coin. The information appeared in the company’s Form 10-Q filing covering the period ended June 30.
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AAPLMajor reduction in Bitcoin reserves
The sale represented nearly 34% of MARA Holdings’ Bitcoin treasury, which stood at 53,822 BTC at the end of 2025. At that time, the company was recognized as holding the second-largest Bitcoin treasury among public firms.
As of June, MARA Holdings’ Bitcoin reserves decreased to 35,577 BTC, following sales activity and placing the company behind other major corporate holders such as Strategy, Twenty One Capital, and Metaplanet.
Mini dictionary: MARA Holdings, a US-based company known for its large-scale Bitcoin mining operations, manages one of the industry’s biggest crypto treasuries.
| Date/Period | BTC Held | BTC Sold | Amount ($B) |
|---|---|---|---|
| End-2025 | 53,822 | – | – |
| H1 2026 | 35,577 | 23,093 | $1.63 |
Financial pressure prompts asset sale
MARA used the proceeds from Bitcoin sales to fund operational expenses, support business growth, and strengthen its liquidity reserves. The company experienced significant revenue declines in the first two quarters of 2026, attributed in part to lower Bitcoin prices during the year.
Revenue in the first quarter dropped by 18% year-over-year to $174.6 million. During that period, MARA sold 15,133 BTC for about $1.1 billion to retire outstanding convertible notes scheduled to mature in 2030 and 2031.
MARA’s large Bitcoin sales significantly reduced outstanding debt, trimming it from $3.29 billion at the end of 2025 to approximately $2.29 billion, a move that resulted in savings of roughly $88.1 million in cash outflows.
The second quarter also ended with a revenue decline. MARA recorded $174.9 million in revenue for Q2 2026, marking a 27% decrease from $238.5 million in the same period the previous year, and missing analyst expectations of around $209 million.
During Q2, the company executed another Bitcoin sale valued at $1.5 billion, further improving liquidity and reducing debt as part of ongoing financial management.
Strategic shift toward artificial intelligence
With continued struggles in mining profits, MARA began exploring a transition away from cryptocurrency mining as its primary business. The company entered a partnership with Starwood Capital Group, aiming to repurpose its mining sites into data centers focused on artificial intelligence and high-performance computing.
The arrangement is expected to provide an initial 1 gigawatt of IT capacity, with potential to scale beyond 2.5 gigawatts, according to information shared by both partners.
Staff reductions followed the Q1 Bitcoin sale, impacting multiple divisions over the course of two days in early April.
During its Q1 earnings presentation, MARA disclosed that it does not plan to purchase additional specialist ASIC machines for cryptocurrency mining.
