MARA Holdings sold 23,093 Bitcoin for about $1.63 billion during the first half of 2026, marking a major reduction in one of the largest corporate cryptocurrency treasuries.
The sales averaged roughly $70,631 per Bitcoin. MARA ended June with 35,577 BTC, according to its latest financial disclosures. The company held 53,822 BTC at the end of 2025, highlighting the scale of the reduction.
MARA’s Bitcoin Treasury Shrinks
The Bitcoin sales reflect a broader change in MARA’s treasury strategy. The company previously focused on retaining mined Bitcoin as a long-term asset. In 2026, it expanded that policy to allow sales of Bitcoin already held on its balance sheet.
MARA has said it uses Bitcoin sales to fund operations, support growth opportunities and manage liquidity. The company also used a significant portion of its first-quarter Bitcoin proceeds to repurchase more than $1 billion of convertible debt.
The strategy gives MARA greater financial flexibility, but it also reduces the company’s direct exposure to future Bitcoin price gains.
From Treasury Holder to Digital Infrastructure
MARA’s shift comes as the company expands beyond traditional Bitcoin mining. Management has increasingly emphasized power infrastructure, data centers, artificial intelligence and high-performance computing as additional growth opportunities.
The company’s first-quarter results showed that it sold about 20,880 BTC for approximately $1.5 billion. By the end of March, it held 35,303 BTC.
The second-quarter reduction therefore appears to have been smaller than the first-quarter drawdown. MARA still retains a substantial Bitcoin position, giving the miner continued exposure to cryptocurrency prices while providing an asset base that can support financing and other corporate initiatives.
MARA’s approach highlights a growing tension for publicly traded Bitcoin miners. Companies can benefit from holding Bitcoin during price rallies, but monetizing reserves can provide cash for debt reduction, expansion and infrastructure investments.
For investors, the key question now is whether MARA can turn the capital raised from its Bitcoin treasury into stronger operating growth. Its remaining 35,577 BTC still represents a significant digital asset reserve, but the company’s strategy is increasingly tied to how effectively it deploys that capital beyond mining.
