MARA sold 23,093 bitcoin for $1.6 billion during the first half of 2026, a sharp turn from the miner's long-running accumulation strategy. The sale is funding expansion, but it came with a cost: revenue dropped 23% as the company liquidated its holdings instead of holding them for future gains.
Why the sale
The company needed cash to grow. Rather than issue new equity and dilute shareholders, MARA chose to sell bitcoin from its treasury. That decision hit the top line hard — revenue fell 23% in the period, a direct result of converting a digital asset into operating capital.
It's a trade-off. The company is betting that spending bitcoin now to build out operations will create more value than sitting on the coins. The timing isn't great for revenue, but the move frees up money without adding new shares.
Borrowing against the stack
MARA isn't done with its bitcoin. Instead of selling everything, it's now borrowing against the remaining holdings. That lets the company finance expansion while keeping its coins — and avoiding the equity route entirely.
This is a notable shift. For years, MARA was known for buying and holding. Now it's treating bitcoin as collateral, a more active use of the asset. The company says it's putting its treasury to work, and borrowing is the mechanism.
A change in strategy
The pivot is clear. Accumulation is out; leverage is in. MARA still holds a large bitcoin position, but it's no longer just a hoarder. It's using the asset to fund growth, and it's willing to sell when the price makes sense.
Whether this works depends on bitcoin's price and the cost of the loans. If the market cooperates, the borrowing strategy could pay off. If not, the company is exposed in a way it wasn't before. The next earnings report will show whether the revenue hit was worth it.
