TLDR
- MARA sold $1.63B in Bitcoin during H1 2026 to strengthen liquidity and cash.
- Bitcoin sales helped MARA cut debt from $3.6B to about $2.4B by the end of June.
- MARA held 35,577 BTC by June while expanding Bitcoin lending and collateral use.
- New Bitcoin-backed loans provided $600M for infrastructure and growth plans.
- MARA targets major Ohio and Texas energy sites for mining and AI computing.
MARA Holdings (MARA) shares traded at $10.13 pre-market Monday, gaining 0.40% after Friday’s 5.26% decline. The company sold 23,093 Bitcoin for about $1.63 billion during the first half of 2026. MARA directed the proceeds toward liquidity, debt reduction, operations, and expansion across energy and computing infrastructure.
Marathon Digital Holdings, Inc., MARA
MARA Bitcoin Sales Reshape Its Treasury Strategy
MARA sold the Bitcoin at an average price of $70,631 during the six months ending June 30. In 2026, the company expanded its treasury policy to permit sales from existing Bitcoin reserves. The change gives MARA more flexibility to fund operations, investments, and capital needs.
By June 30, MARA held 35,577 Bitcoin worth about $2.08 billion at quarter-end prices. Holdings fell from 53,822 Bitcoin at the end of 2025 and 49,951 one year earlier. However, the balance remained slightly above the 35,303 Bitcoin reported at the end of March.
Bitcoin sales became MARA’s largest source of investing cash during the first half. Investing activities generated about $1.47 billion, versus a $337 million cash outflow one year earlier. MARA also spent $94.3 million on equipment and $61.1 million on the Exaion and Meerkat acquisitions.
Bitcoin Proceeds Drive MARA Debt Reduction
MARA reduced debt while operating activities consumed $471.3 million during the first half. The company spent $912.8 million repaying convertible notes and $350 million clearing an earlier credit line. Meanwhile, a new $150 million credit facility partly offset those financing outflows.
MARA also repurchased about $1 billion of zero-percent convertible senior notes through private transactions. Those actions cut total debt from $3.6 billion in December to about $2.4 billion by June. The debt cuts came as MARA reported a $1.87 billion first-half net loss on lower revenue.
The company also used more Bitcoin for lending and collateralized financing. At June 30, MARA had loaned 4,742 Bitcoin and pledged another 4,528 Bitcoin as collateral. Those activities produced $10.7 million in Bitcoin lending interest during the first six months.
MARA Expands Energy And Computing Assets
After the quarter, MARA pledged 18,750 Bitcoin to support new lending arrangements. Coinbase Credit and Two Prime Lending provided $600 million of incremental borrowing under separate facilities. The added liquidity supports planned investments in large power and data center projects.
MARA plans to acquire Long Ridge Energy and Power in Ohio under an agreement signed April 29. The property includes a 485-megawatt gas plant and more than 1,600 acres near MARA’s Hannibal operations. MARA expects capacity to reach 505 megawatts during the first quarter of 2027.
The company is also acquiring more than 1,200 acres in Matagorda County, Texas, for a computing site. The property could access one gigawatt by October 2027 and two gigawatts by April 2028. MARA plans high-performance computing, flexible compute services, and Bitcoin mining at the location.
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