MARA’s BTC Treasury Falls to 35,577 Coins After $46M Sale, Q2 Loss Hits $611M

MARA Holdings has trimmed its Bitcoin treasury to 35,577 BTC after offloading another 726 coins worth roughly $46 million, according to data from BitcoinTreasuries.net. The sale coincides with the Nasdaq-listed miner’s second-quarter shareholder letter, released August 6, which showed a net loss of $611.3 million as revenue dropped 27% year over year.

Treasury Shrinks, Rank Drops to Fourth

MARA’s 35,577 BTC stash was valued at approximately $2.3 billion at the time of the latest sale, per BitcoinTreasuries.net. That figure is down 29% from a year earlier, and it includes 9,270 BTC that are either loaned out or pledged as collateral, according to the company’s own disclosures.

The reduction has pushed MARA out of the top three corporate Bitcoin holders for the first time in a while — it now ranks fourth, having previously held the second spot for an extended stretch. Earlier this year, MARA sold more than 15,000 BTC to repurchase over $1 billion of convertible debt at a discount, part of a broader pattern of using treasury reserves to shore up its balance sheet. For comparison, rival miner Riot sold roughly 3,778 BTC during the first quarter of 2026.

Q2 Numbers Show a Widening Gap

MARA’s revenue fell to $174.9 million in the second quarter of 2026, down from $238.5 million a year earlier. The company swung from net income of $808.2 million in Q2 2025 to a net loss of $611.3 million this quarter, while adjusted EBITDA collapsed from a $1.2 billion gain to a $360.9 million loss.

MARA attributed much of the drop to Bitcoin’s price. A 28% year-over-year decline in BTC’s average price cut revenue by about $65.9 million, and the company booked an unrealized loss of $343 million on its digital asset holdings as Bitcoin fell roughly 45% from the same period last year — flipping a large mark-to-market gain in 2025 into a paper loss this quarter.

Operationally, MARA kept expanding even as its financials deteriorated. Energized hashrate climbed 22% to 70.3 EH/s, Bitcoin production rose 3% to 2,422 BTC, and total blocks won increased to 700. Cost per petahash per day improved by 4%, but purchased energy cost per Bitcoin still climbed to $38,690 as power expenses and network difficulty outpaced hashrate growth.

Why It Matters

MARA’s steady treasury drawdown highlights the pressure publicly traded miners face when Bitcoin’s price slides while operating costs and debt obligations stay fixed. Selling coins to fund liquidity, repay convertible debt or cover capital projects reduces the company’s exposure to further BTC declines, but it also means fewer shares of future upside for investors betting on MARA as a Bitcoin proxy.

For holders and traders tracking corporate Bitcoin exposure, MARA’s slide out of the top three treasuries — combined with a nine-figure quarterly loss — signals that mining economics remain tightly coupled to spot price swings, even as hashrate and production keep growing.

Read more: Hut 8 Stock Falls 9.7% to $101.16 as Q2 Net Loss Hits $177.1M on $74.9M Revenue

Sources

• u.today
• cryptopotato.com