MARA Holdings pivots treasury strategy as Bitcoin sales hit $1.63 billion

The company’s August 6 filing with the U.S. Securities and Exchange Commission reveals that these sales, executed at an average price of $70,631 per coin, were essential to funding operational costs and growth initiatives. By the end of June, MARA’s treasury held 35,577 Bitcoin, down from a peak of 53,822 at the close of 2025. This reduction occurred alongside a broader balance sheet overhaul that saw the company reduce its total debt from $3.6 billion to $2.4 billion, largely through the repurchase of convertible senior notes.

Beyond outright sales, MARA is increasingly leveraging its remaining digital assets. The firm has pivoted toward using Bitcoin as collateral for credit facilities, recently pledging 18,750 BTC to secure $600 million in new borrowing from Coinbase and Two Prime. This liquidity is earmarked for aggressive expansion, including the $1.5 billion acquisition of Long Ridge Energy & Power in Ohio and a massive 1,200-acre development project in Matagorda County, Texas. These investments aim to integrate Bitcoin mining with artificial intelligence and high-performance computing infrastructure, positioning the company to scale its total energy capacity beyond its current 1.9 GW footprint.