MARA Cuts Bitcoin Reserves by Nearly 30% Amid Shift Toward AI Infrastructure

Publicly traded Bitcoin miner MARA Holdings has continued to cut its reserves by selling BTC to fund its expansion into AI infrastructure and high-performance computing. According to the company's second-quarter financial report, MARA held 35,577 BTC at the end of June, down from 49,951 BTC a year earlier.

The significant reduction in holdings is not due to lower mining output but rather large-scale sales of BTC, with MARA selling 2,213 BTC at an average price of $73,078 during the quarter. This marks a continuation of the company's strategy, announced after it sold nearly 21,000 BTC to finance its AI expansion.

MARA reported a net loss of $611 million for the quarter, largely due to an accounting revaluation of its BTC holdings resulting in an unrealized loss of $342.7 million. Despite this, the company's balance sheet still held about $2.5 billion in cash and BTC at the end of the quarter.

The shift away from traditional mining toward building out energy and computing infrastructure is becoming more pronounced for MARA. The planned acquisition of Long Ridge, a 505 MW power plant in Ohio, aims to provide more than 1 GW of capacity for AI data centers, further solidifying the company's focus on this sector.