Marathon Digital Holdings sells 23,093 Bitcoin for $1.6B in first half of 2026

MARA Holdings, the publicly traded Bitcoin mining giant formerly known as Marathon Digital, offloaded roughly 23,093 BTC during the first six months of 2026, pulling in approximately $1.6 billion in cash. The company still held 35,577 BTC as of June 30, valued at around $2.1 billion based on a spot price near $58,524.

From HODLing to hybrid: what MARA actually did

A single transaction in March 2026 accounted for a large portion of the selling, with MARA selling 15,133 BTC for approximately $1.1 billion. The proceeds were used partly to manage convertible note debts.

The remaining sales through Q1 and Q2 brought the total to the 23,093 BTC figure, generating the $1.6 billion in aggregate proceeds. MARA has framed the pivot as a move from a “purely accumulation-focused approach” to what it calls a more balanced method of utilizing its Bitcoin treasury, meaning selling coins to keep the lights on, pay down debt, and fund expansion into energy and AI infrastructure.

MARA extracted an additional 2,422 BTC during Q2 2026 alone, expanding its operational hashrate to 70.3 EH/s.

The financial picture

Revenue for Q2 2026 came in at $174.9 million, but the bottom line told a different story: MARA reported a net loss of approximately $611 million for the quarter. The loss was heavily driven by mark-to-market adjustments on MARA’s digital asset portfolio. Under current accounting rules, companies holding Bitcoin on their balance sheets must adjust the carrying value to reflect market prices at the end of each reporting period, with unrealized losses flowing straight through the income statement.

Collateralized loans add a new layer

In early August 2026, MARA pledged 18,750 BTC as collateral to secure $600 million in new borrowing. Instead of selling more Bitcoin at potentially unfavorable prices, MARA borrows against its holdings, maintaining upside exposure if Bitcoin appreciates while accessing liquidity. At the time of the loan, those 18,750 BTC provided a loan-to-value ratio comfortably below 60%.

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