MARA Holdings pivoted from its strict Bitcoin accumulation strategy in the first half of 2026, selling 23,093 BTC for $1.6 billion to manage debt and fund operations. The sales occurred amid severe financial headwinds, including a 23% drop in H1 revenue to $349.5 million and a $611 million net loss in Q2 2026 driven by digital asset write-downs. To secure liquidity without further sales, MARA secured $600 million in Bitcoin-backed loans in August 2026 while pivoting toward AI data center infrastructure.
MARA Bitcoin treasury sales
- ▪MARA Holdings sold 15,133 Bitcoin in March 2026 for approximately $1.1 billion to retire convertible notes due in 2030 and 2031.
- ▪MARA Holdings sold approximately 23,093 Bitcoin during the first six months of 2026, generating approximately $1.6 billion in aggregate proceeds.
- ▪MARA Holdings held 35,577 Bitcoin as of June 30, 2026, valued at approximately $2.1 billion based on a quarter-end spot price near $58,524.
- ▪The sale of 23,093 Bitcoin in the first half of 2026 represented nearly 34% of MARA Holdings' Bitcoin treasury, which stood at 53,822 Bitcoin at the end of 2025.
Revenue decline in 2026
- ▪MARA Holdings' Q1 2026 revenue dropped 18% from the prior year to $174.6 million, and Q2 2026 revenue fell 27% year-over-year to $174.9 million.
- ▪MARA Holdings' revenue for the first half of 2026 fell 23% year-over-year to $349.5 million, weighed down by lower Bitcoin prices.
Quarterly net losses
- ▪MARA Holdings' Q2 2026 net loss was heavily driven by a $343 million mark-to-market fair value adjustment loss on its digital asset portfolio.
- ▪MARA Holdings reported a net loss of approximately $611 million for Q2 2026, compared to an $808.2 million profit in Q2 2025.
Bitcoin-backed loan facilities
- ▪MARA Holdings plans to use part of the $600 million loan proceeds to fund its planned $1.5 billion acquisition of Long Ridge Energy in Ohio.
- ▪On August 4, 2026, MARA Holdings secured $600 million in incremental bitcoin-backed loans from Coinbase Credit and Two Prime, initially collateralized by 18,750 Bitcoin.
- ▪The Two Prime loan tranche is for $300 million at a fixed 7.65% rate, while the Coinbase facility is priced at the federal funds midpoint plus 3.875 percentage points.
Treasury policy shift
- ▪MARA Holdings expanded its treasury policy in 2026 to permit Bitcoin sales when capital needs warrant, departing from its previous accumulation-only approach.
- ▪MARA Holdings framed its treasury policy shift as a transition from a purely accumulation-focused approach to a balanced method of utilizing its Bitcoin treasury.
Business pivot to AI
- ▪MARA Holdings partnered with Starwood Capital Group to convert mining sites into data centers built for artificial intelligence and high-performance computing workloads.
- ▪MARA Holdings implemented layoffs across multiple departments over two days in early April 2026, following its March Bitcoin sale.
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