MARA Unleashes $1.63 Billion in Bitcoin Sales and Debt Reduction
MARA Holdings made significant changes to its balance sheet in the first half of 2026 by selling a substantial portion of its Bitcoin treasury, generating $1.63 billion in proceeds. The Nasdaq-listed miner sold around 23,093 BTC at an average price of $70,631 per coin between January and June.
The company's Bitcoin sales were not a one-off liquidation but part of a broader liquidity and expansion strategy that has reshaped its balance sheet. MARA used some of the proceeds to shrink existing debt by repurchasing approximately $1 billion of its 0% convertible senior notes, reducing total debt from $3.6 billion at the end of 2025 to about $2.4 billion.
The company also pledged a large slice of its remaining reserves as collateral to raise new capital. On August 4, MARA pledged 18,750 BTC as initial collateral for lending arrangements with Coinbase Credit and Two Prime Lending, unlocking $600 million of incremental borrowing.