MARA sold $1.6 billion of bitcoin to cut debt and fund infrastructure growth during H1 2026: Q2 Earnings
MARA Holdings (NASDAQ: MARA) sold 23,093 bitcoin for roughly $1.6 billion during the first half of 2026, its Aug. 6 filing showed, expanding on a previously announced March sale and detailing how the company is using its bitcoin treasury to reduce debt and support infrastructure growth.
The company received an average of $70,631 per bitcoin, according to its Aug. 6 Form 10-Q . MARA ended June with 35,577 bitcoin worth approximately $2.1 billion, down from 53,822 bitcoin valued at $4.7 billion at the end of 2025.
MARA's treasury policy shifted over time. In 2025, the company started permitting newly mined bitcoin to be sold, and in 2026 it broadened that approach to coins already on its balance sheet. MARA can now buy or sell bitcoin according to market conditions and capital-allocation priorities.
Bitcoin funded debt reduction
MARA classified the $1.6 billion of sale proceeds as investing cash flow. Net cash provided by investing activities reached $1.47 billion, after accounting for $94.3 million of property and equipment purchases and $61.1 million of acquisition spending, net of acquired cash.
Operating activities used $471.3 million during the first half, compared with $378.9 million a year earlier. Financing activities used another $1.12 billion.
The biggest financing outflow was $912.8 million used to buy back about $1 billion of principal across MARA's zero-coupon convertible notes due 2030 and 2031. The company carried out those repurchases at roughly a 9% discount to par and recognized a $70.6 million gain from extinguishment.
MARA sold 15,133 bitcoin for approximately $1.1 billion between March 4 and March 25 to finance most of those purchases. Chairman and CEO Fred Thiel said in March that the transaction "reduced potential shareholder dilution, and leveraged our bitcoin holdings to meaningfully de-lever the balance sheet on our terms."
The remaining bitcoin supports new borrowing
MARA retained 26,307 unrestricted bitcoin worth about $1.5 billion at June 30. It had loaned 4,742 bitcoin to third parties and pledged another 4,528 bitcoin as collateral. Bitcoin lending generated $10.7 million of first-half interest income.
Two days before filing the 10-Q, MARA closed bitcoin-backed facilities with Coinbase Credit and Two Prime, unlocking $600 million in additional borrowing capacity. The transactions also refinanced its existing $150 million Coinbase loan, bringing the combined facilities to $750 million.
MARA pledged 18,750 bitcoin worth approximately $1.2 billion at closing. Both facilities include collateral-maintenance requirements that could force MARA to post additional bitcoin if its value falls below contractual thresholds.
MARA expects to direct the proceeds toward general corporate uses, including part of the cash price for its proposed $1.5 billion acquisition of Long Ridge Energy & Power. Long Ridge owns a 485 MW gas-fired power plant and more than 1,600 acres beside MARA's existing operations in Hannibal, Ohio.
Update (August 10, 2026): Updated headline and first two paragraphs to clearly state sales occurred over the period, with a further sale and purpose of sale documented in Q2 2026 Earnings documents.
