Breaking: Bitcoin Miner Marathon Digital Sells $1.6 Billion In BTC

Bitcoin miner MARA Holdings (formerly Marathon Digital) has reported selling over $1.6 billion worth of BTC in the first half of 2026. This comes as BTC treasury company Strategy is also selling Bitcoin, which is weighing on the crypto market.

Bitcoin Miner Dumps Massive BTC Stash

In a Form 10-Q filing, MARA revealed that it sold 23,093 BTC worth approximately $1.63 billion. The Bitcoin miner sold the coins for an average cost of $70,631.

The sale represents a significant cut in MARA’s Bitcoin reserves. The company held 35,577 BTC on June 30. That was down from 53,822 BTC at the end of 2025.

The Bitcoin sales assisted in funding its operations, said MARA. The proceeds also were used for investments and liquidity needs. The company’s policy for its treasury was changed this year as it can now sell the Bitcoin it already has in its portfolio.

During the first half, the majority of cash from a sale which provided MARA with investing cash. Investing activities produced about $1.47 billion in net cash. MARA’s total capital expenditures for property and equipment were $94.3 million. The other $61.1 million was allocated to acquisitions.

The miner had greater cash demands during that time period. Operating Activities: $471.3 Million spent. This was compared to a first half 2025 budget of $378.9 million.

MARA also used cash to cut its debt. Total financing activities used approximately $1.12 billion. The company paid $912.8 million to pay some debt under the convertible notes. It also paid back $350m under a previous credit facility.

The first half saw MARA redeeming approximately $1 billion worth of its convertible notes. Total debt declined by $3.6 billion at the end of 2025 to approximately $2.4 billion as of June 30.

The sell-off of Bitcoin was confined to the first quarter. In that time, MARA sold 20,880 BTC, which is valued at approximately $1.5 billion. It has sold another 2,213 BTC during the second quarter. About $161.6 million was generated during those sales for an average price of $73,078.

Losses Exceed As BTC Price Drops

During the second quarter, MARA produced 2,422 BTC. It also boosted its mining power. As of June 30, hashrate has reached 70.3 EH/s. This was compared with 57.4 EH/s for the same period of last year.

The company’s first-half revenue came in at $349.5 million. The revenue was down from $452.4 million a year ago while MARA also posted a $1.87 billion net loss.

The Bitcoin price action had a humongous impact on the results. The fair value of MARA’s Bitcoin holdings declined by about $1.4 billion during the first six months.

Even after the sales, MARA held on to Bitcoin as security. In August, it guaranteed 18,750 BTC at the price of $600 million in further loans from Coinbase Credit and Two Prime Lending.

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