MARA Holdings Unloads 23,093 BTC for $1.63 Billion Amid Market Shift
MARA Holdings, one of the largest publicly traded Bitcoin miners, has made a significant shift in its treasury management strategy. In the first half of 2026, MARA sold a staggering 23,093 BTC, netting $1.63 billion at an average sale price of $70,631 per coin.
The company's decision to sell nearly 40% of its Bitcoin holdings was not accidental, as it allowed them to capitalize on the strength of the market during early 2026. By selling into that strength, MARA avoided waiting for a higher peak and potentially getting trapped in liquidity.
MARA has retained 35,577 BTC worth about $2.08 billion, but is increasingly using its Bitcoin holdings as collateral. In August, they secured $600 million in loans from Coinbase and Two Prime, backed by 18,750 BTC, which is more than half of their remaining holdings.
This move highlights the integration of crypto-native lending with miner financing and raises the stakes if bitcoin's price were to fall sharply. MARA's pivot mirrors a broader shift across the mining sector towards a more pragmatic approach, selling Bitcoin regularly to cover power bills, debt service, and expansion.