MARA says it sold 23,093 Bitcoin. The miner is funding growth with its pile.
The balance-sheet story changed fast: MARA is no longer only mining Bitcoin, it's spending it.
CryptoVibe Desk · mara · bitcoin · mining
- →MARA said it sold approximately 23,093 Bitcoin in the first half of 2026 to fund operations and keep cash available.
- →Its Bitcoin holdings fell to 35,577 BTC as of June 30, from 53,822 BTC at the end of 2025.
- →Watch whether mining output and energy costs improve enough to stop more balance-sheet Bitcoin sales this year.
- Form 10-Q → A Form 10-Q is a quarterly report public companies file with the SEC.
- Hashrate → Hashrate measures how much computing power a Bitcoin miner has running.
MARA says it sold approximately 23,093 Bitcoin in the first half. The sale brought in $1.6 billion, per its Form 10-Q for the quarter ended June 30, 2026. The average sale price was $70,631.
That is the story. MARA's Bitcoin holdings fell to 35,577 BTC as of June 30, from 53,822 BTC on Dec. 31, 2025, according to the filing. The company said it used sales to fund operations, support growth opportunities, and keep cash available.
The tape matches the story. MARA reported a $609.7 million net loss attributable to common stockholders for the quarter. The filing also shows a $343.0 million fair value loss on Bitcoin holdings.
If you hold mining stocks, this is the only number that matters today: the Bitcoin pile is smaller. MARA changed its digital asset strategy in 2026 to allow sales of Bitcoin held on its balance sheet. In 2025, it had already allowed sales of Bitcoin generated from operations.
Energy is still the pressure point. MARA said energy cost was its largest mining cost driver. It rose as a share of owned mining revenue because Bitcoin prices declined while purchased energy costs increased.
The company ended June with 70.3 EH/s of energized hashrate. That is more machinery pointed at the network. The question is whether that power can produce enough cash before more Bitcoin leaves the balance sheet.
MARA's decision to sell balance-sheet Bitcoin was a blunt cash call, and it weakens the miner's Bitcoin-treasury pitch because operations still need money.
By the third-quarter 2026 filing, watch whether MARA's Bitcoin holdings fall below 35,000 BTC or stabilize above that line.
Primary links and supporting reads used by the desk for this story.
- filingMARA Form 10-Q for quarter ended June 30, 2026
- pressMARA Announces Second Quarter 2026 Results
- Crypto Briefing: MARA's Bitcoin stash fell 34% to under 36,000 BTC in H1
- Cointelegraph: MARA swings to Q2 loss as Bitcoin's slump masks higher output
- BeInCrypto: MARA and CleanSpark Post $851 Million in Combined Quarterly Losses
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