MARA Holdings Spends $100 Million on Bitcoin Amid Industry Pressure
MARA Holdings, the largest publicly traded Bitcoin miner, has made a significant U-turn in its strategy by purchasing $100 million worth of BTC. The transaction is a sharp reversal from the company's previous six months of aggressively selling assets to fund its large-scale expansion into artificial intelligence.
The deal was executed through the OTC desk of broker FalconX, with the exact amount totaling $98.64 million and an average purchase price of $76,347 per coin. This move marks a significant shift from MARA's previous policy, which involved selling more than 20,880 BTC worth approximately $1.5 billion to pay down debt and finance its new business.
The company used the proceeds to repurchase its convertible bonds maturing in 2030-2031 ahead of schedule. As a result, MARA's operating wallets fell to 9,658 BTC ($729.7 million at the current Bitcoin price of $75,494). However, more than 25,000 BTC remains in custody with Fidelity Custody.
The sudden purchase comes amid intense pressure on the industry, with publicly traded miners facing a sharp increase in the average cost of mining one BTC to $75,500 in the second quarter of 2026. The digital asset's price stood at $58,400 at the end of the quarter, pushing the sector's overall profitability below breakeven.