2 weeks ago
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MARA Holdings just sold another 726 BTC, bringing its total stash down to 35,577 BTC. A year ago, the company was sitting on nearly 50,000 Bitcoin.
From treasury asset to liquidity tool
MARA’s current holdings of 35,577 BTC represent a 29% decline from the 49,951 BTC it held at the same point last year. The drop is even steeper when measured against the 53,822 BTC the company reported at the end of 2025.
The big move happened in March 2026, when MARA offloaded 15,133 BTC for approximately $1.1B. That cash went toward repurchasing convertible notes, shaving roughly 30% off the company’s debt load.
All told, MARA sold around $1.5B worth of Bitcoin during Q1 2026 alone. The remaining 35,577 BTC were valued at approximately $2.1B as of June 30, 2026. Roughly 26% of its total holdings, an estimated 9,270 BTC, have been loaned out or pledged as collateral.
The financial picture isn’t pretty
MARA disclosed a net loss of $611.3M in Q2 2026. A significant chunk of that pain, $343M, came from unrealized mark-to-market declines on digital assets.
Revenue fell 27% year-over-year to $174.9M. Production during Q2 came in at 2,422 BTC mined.
The quarter-over-quarter change in holdings tells a slightly different story, though. MARA held 35,303 BTC at the end of Q1, meaning the 726 BTC sale was partially offset by mining production, resulting in a small net increase in total holdings from one quarter to the next.
The AI pivot and what comes next
MARA isn’t just downsizing its Bitcoin position. It’s actively repositioning itself toward artificial intelligence and high-performance computing infrastructure. By activating approximately 26% of its holdings for lending and collateral purposes, MARA is treating its Bitcoin less like a sacred reserve and more like working capital.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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