Blab Crypto
MARA Holdings Sells $1.63 B of Bitcoin, Pledges BTC for $600 M Loan to Fund Expansion
MARA Holdings Inc. (MARA) sold 23,093 BTC for roughly $1.63 B during the first half of 2026, according to its Aug. 6 Form 10‑Q filed with the U.S. Securities and Exchange Commission. The miner ended June 30 with 35,577 BTC, valued at about $2.1 B based on a quarterly Bitcoin price of $58,524. The proceeds were used to fund operations, growth investments and liquidity needs.
The sales followed a policy shift announced earlier in 2026. MARA had previously sold only newly mined Bitcoin. The company expanded its policy to allow the sale of BTC already held on its balance sheet, giving it the flexibility to hold Bitcoin as a long‑term investment, sell coins on market conditions or use them for opportunistic purchases.
Financially, the Bitcoin sales were the largest source of investing cash in the period. Net cash provided by investing activities rose to about $1.47 B, compared with $337 M used in investing activities during the same period in 2025. Operating activities consumed $471.3 M of cash, up from $378.9 M a year earlier, largely due to lower revenue and higher operating costs. In financing activities, MARA used about $1.12 B, including $912.8 M to repay portions of its March 2030 and June 2031 convertible notes and $350 M to repay a previous credit line. A $150 M credit facility partly offset those outflows.
MARA also repurchased approximately $1 B of its 0% convertible senior notes through privately negotiated transactions during the half, reducing total debt from $3.6 B at Dec. 31 to about $2.4 B by June 30.
Mining capacity grew during the year. Energized hashrate reached 70.3 EH/s at June 30 from 57.4 EH/s a year earlier, while miner efficiency improved to 17.3 joules per terahash from 18.3. Total energy capacity increased to 1.9 GW from 1.7 GW. In the second quarter, MARA produced 2,422 BTC and sold 2,213 BTC at an average price of $73,078.
A significant portion of the Bitcoin‑backed borrowing is earmarked for the planned acquisition of Long Ridge Energy & Power in Ohio. MARA entered an agreement on Apr. 29 to acquire 100% of Long Ridge, a 485 MW combined‑cycle gas plant in Hannibal, Ohio, with plans to increase capacity to 505 MW in early 2027. The transaction carries an enterprise value of about $1.5 B, including up to $900 M of assumed debt. MARA secured a Barclays commitment for a 364‑day senior secured bridge facility of up to $785 M to serve as backstop financing.
On Aug. 4, MARA pledged 18,750 BTC as collateral for new borrowing from Coinbase Credit and Two Prime Lending, providing $600 M of incremental debt. Coinbase’s $450 M facility includes $300 M of new funding and refinances MARA’s existing $150 M credit line. The facility carries a floating interest rate equal to the midpoint of the federal funds target range plus 3.875% and matures Aug. 4, 2028. Two Prime provided a $300 M term loan at a fixed annual rate of 7.65%, also maturing Aug. 3, 2028. Both facilities require MARA to maintain collateral ratios.
In addition to outright sales, MARA has increased its use of Bitcoin for lending and collateralized borrowing. At June 30, 4,742 BTC had been loaned to third parties and 4,528 BTC were pledged as collateral, leaving 26,307 unrestricted BTC with a fair value of about $1.5 B. The miner reported $10.7 M in interest income from Bitcoin lending during the first six months of the year.
MARA’s strategy positions Bitcoin as both a treasury asset and a liquidity source. The company’s digital asset management approach allows portions of its holdings to be used for lending, structured trading and collateralized financing rather than remaining inactive.
As of June 30, MARA held $421.3 M in cash and cash equivalents and about $2.1 B in Bitcoin, giving a combined value of roughly $2.5 B. The company also had approximately $1.5 B of unused capacity under its at‑the‑market equity program, during which no shares were sold in the first half of 2026.
In summary, MARA’s first‑half 2026 activities involved a large Bitcoin sale, debt repayment, new Bitcoin‑backed borrowing, and continued expansion of mining and energy infrastructure. The company’s next steps include completing the Long Ridge acquisition, deploying additional capacity in Ohio and Texas, and maintaining its Bitcoin treasury strategy while navigating evolving market conditions and regulatory scrutiny.
The sales followed a policy shift announced earlier in 2026. MARA had previously sold only newly mined Bitcoin. The company expanded its policy to allow the sale of BTC already held on its balance sheet, giving it the flexibility to hold Bitcoin as a long‑term investment, sell coins on market conditions or use them for opportunistic purchases.
Financially, the Bitcoin sales were the largest source of investing cash in the period. Net cash provided by investing activities rose to about $1.47 B, compared with $337 M used in investing activities during the same period in 2025. Operating activities consumed $471.3 M of cash, up from $378.9 M a year earlier, largely due to lower revenue and higher operating costs. In financing activities, MARA used about $1.12 B, including $912.8 M to repay portions of its March 2030 and June 2031 convertible notes and $350 M to repay a previous credit line. A $150 M credit facility partly offset those outflows.
MARA also repurchased approximately $1 B of its 0% convertible senior notes through privately negotiated transactions during the half, reducing total debt from $3.6 B at Dec. 31 to about $2.4 B by June 30.
Mining capacity grew during the year. Energized hashrate reached 70.3 EH/s at June 30 from 57.4 EH/s a year earlier, while miner efficiency improved to 17.3 joules per terahash from 18.3. Total energy capacity increased to 1.9 GW from 1.7 GW. In the second quarter, MARA produced 2,422 BTC and sold 2,213 BTC at an average price of $73,078.
A significant portion of the Bitcoin‑backed borrowing is earmarked for the planned acquisition of Long Ridge Energy & Power in Ohio. MARA entered an agreement on Apr. 29 to acquire 100% of Long Ridge, a 485 MW combined‑cycle gas plant in Hannibal, Ohio, with plans to increase capacity to 505 MW in early 2027. The transaction carries an enterprise value of about $1.5 B, including up to $900 M of assumed debt. MARA secured a Barclays commitment for a 364‑day senior secured bridge facility of up to $785 M to serve as backstop financing.
On Aug. 4, MARA pledged 18,750 BTC as collateral for new borrowing from Coinbase Credit and Two Prime Lending, providing $600 M of incremental debt. Coinbase’s $450 M facility includes $300 M of new funding and refinances MARA’s existing $150 M credit line. The facility carries a floating interest rate equal to the midpoint of the federal funds target range plus 3.875% and matures Aug. 4, 2028. Two Prime provided a $300 M term loan at a fixed annual rate of 7.65%, also maturing Aug. 3, 2028. Both facilities require MARA to maintain collateral ratios.
In addition to outright sales, MARA has increased its use of Bitcoin for lending and collateralized borrowing. At June 30, 4,742 BTC had been loaned to third parties and 4,528 BTC were pledged as collateral, leaving 26,307 unrestricted BTC with a fair value of about $1.5 B. The miner reported $10.7 M in interest income from Bitcoin lending during the first six months of the year.
MARA’s strategy positions Bitcoin as both a treasury asset and a liquidity source. The company’s digital asset management approach allows portions of its holdings to be used for lending, structured trading and collateralized financing rather than remaining inactive.
As of June 30, MARA held $421.3 M in cash and cash equivalents and about $2.1 B in Bitcoin, giving a combined value of roughly $2.5 B. The company also had approximately $1.5 B of unused capacity under its at‑the‑market equity program, during which no shares were sold in the first half of 2026.
In summary, MARA’s first‑half 2026 activities involved a large Bitcoin sale, debt repayment, new Bitcoin‑backed borrowing, and continued expansion of mining and energy infrastructure. The company’s next steps include completing the Long Ridge acquisition, deploying additional capacity in Ohio and Texas, and maintaining its Bitcoin treasury strategy while navigating evolving market conditions and regulatory scrutiny.
