MARA Shifts Bitcoin Strategy, Sells $1.6 Billion Worth of BTC

MARA has shifted its strategy from accumulating Bitcoin to actively using it as a source of growth capital. In the first half of 2026, the company sold 23,093 BTC for $1.6 billion at an average price of $70,631.

The proceeds were used to fund operations, pursue growth opportunities, and manage liquidity. MARA's revenue fell by 23% to $349.5 million due to lower Bitcoin prices weighing on mining income.

MARA is also borrowing against its remaining BTC to finance expansion without issuing new equity. The company raised $600 million through a Coinbase Credit facility and Two Prime loan, which are priced at 3.875 percentage points above the federal funds rate and 7.65%, respectively.

The facilities mature in 2028, but the Coinbase loan can automatically extend for an additional year. MARA views the borrowing as a 'non-dilutive funding source' that preserves its exposure to Bitcoin's potential appreciation.