MARA Holdings is monetizing its Bitcoin stack to fund an AI-infrastructure pivot, cutting its treasury 34 percent from the start of the year.
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MARA sells 726 BTC worth $46 million, treasury drops to 35,577
MARA Holdings sold 726 Bitcoin worth about $46 million, trimming its treasury to 35,577 BTC and slipping to fourth among corporate holders, according to BitcoinTreasuries.net data.
The Nasdaq-listed miner has spent much of 2026 using portions of its reserves to strengthen its balance sheet, repurchasing more than $1 billion of convertible debt at a discount after selling over 15,000 BTC earlier this year.
The latest transaction leaves MARA's 35,577 BTC stash valued at roughly $2.3 billion, behind Strategy's 842,138 BTC, Twenty One Capital's 43,514 BTC and Japan's Metaplanet at 43,000 BTC, per BitcoinTreasuries.net.
The sales mark a deliberate break from the full-HODL approach MARA once favored, as the company redirects capital toward high-performance computing and AI infrastructure.
Treasury strategy shifts as mining economics tighten
MARA ended June with 35,577 BTC, down 34 percent from 53,822 BTC at the close of 2025 and 29 percent below the 49,951 BTC held a year earlier, according to its second-quarter shareholder presentation. The total edged up slightly from 35,303 BTC at the end of March.
Of the total, 26,307 BTC remained unrestricted while 9,270 BTC were loaned to counterparties or pledged as collateral, the filing shows. After the quarter closed, MARA pledged an additional 18,750 BTC to secure two Bitcoin-backed credit facilities, unlocking $600 million in borrowing capacity.
The company sold 20,880 BTC for roughly $1.5 billion in the first quarter to fund operations, repurchase convertible debt and finance infrastructure bets. In the second quarter it sold 2,213 BTC at an average price of $73,078 while mining 2,422 BTC.
Mining output rises even as treasury shrinks
Operationally, MARA's fleet ran more efficiently. Energized hashrate climbed 22 percent year over year to 70.3 exahashes per second, while cost per petahash per day improved 4 percent to $27.70.
Those gains did not offset weaker economics. Revenue fell 27 percent to $174.9 million, and the company posted a $611.3 million net loss, reversing an $808.2 million profit a year earlier, partly on a $343 million fair-value decline in digital assets. Bitcoin traded near $58,524 at the end of June, down from the $98,975 average tied to mining revenue a year earlier.
MARA is directing capital toward a planned $1.5 billion acquisition of Long Ridge Energy & Power, a 505-megawatt gas-fired plant in Ohio, and a Texas site that could supply up to 2 gigawatts of grid capacity. Management projects a potential power portfolio near 4.8 gigawatts.
The shift mirrors peers: Riot Platforms sold roughly 3,778 BTC in the first quarter, and Core Scientific cut its treasury by nearly 2,000 BTC. The coming quarters will test whether AI-infrastructure revenue can offset a leaner Bitcoin balance sheet.
This article is for informational purposes only and does not constitute investment advice.
