MARA Bitcoin Sale: 23,093 BTC Sold as Bitcoin Treasury Shifts
Yash Shelke
MARA Bitcoin Sale: What MARA Did With the $1.63B Proceeds
MARA Holdings, the world's largest publicly traded Bitcoin miner, disclosed in its August 6 Form 10-Q filing that it sold approximately 23,093 BTC for $1.63 billion during the first half of 2026, at an average price of roughly $70,631 per coin. The MARA Bitcoin sale marks a clear break from the company's earlier buy-and-hold posture, and it lands the same week Strategy, the largest corporate holder overall, also disclosed a fresh token sale of its own.
Source: X (formerly Twitter)
What the Filing Shows
Per the filing, MARA's disposals weren't evenly spread across the year:
Q1 2026: 20,880 BTC sold for about $1.5 billion, including 15,133 coins sold between March 4–25 specifically to fund a $1.0 billion buyback of convertible notes
Q2 2026: Sales slowed sharply to just 2,213 coins, sold at an average of $73,078, for roughly $161.7 million
As of June 30: MARA held 35,577 BTC, valued at about $2.08 billion, down from 53,822 coins at the end of Q1, an all-time high for the company
MARA said proceeds funded operations, growth opportunities, and liquidity needs. The company also revised its treasury policy in 2026 to formally allow selling from its existing balance-sheet reserves, not just newly mined coins — a shift that gives management more flexibility to treat digital asset as a working capital tool rather than a static, locked-away asset.
MARA's $600 Million Bitcoin-Backed Loan
Separately, on August 4, MARA secured $600 million in new loans from Coinbase and Two Prime, backed by 18,750 BTC pledged as collateral. Key details:
Lender | Amount | Rate | Maturity |
Two Prime | $300 million | 7.65% fixed | 2028 |
Coinbase | $300 million | Fed funds midpoint + 3.875% | 2028 (auto-extends 1 year) |
Part of the proceeds is earmarked for MARA's planned $1.5 billion acquisition of Long Ridge Energy in Ohio. MARA has described the borrowing as a "non-dilutive funding source" that preserves its exposure to Bitcoin's potential upside, rather than raising new equity or selling additional coins outright.
Strategy Also Sold Bitcoin This Week
MARA isn't the only major holder trimming its Bitcoin's position right now. Per Strategy's August 10 8-K filing:
Sold 1,690 BTC for $108.6 million between August 3–9, at an average price of $64,262
Used the full proceeds to repurchase 1,152,020 shares of STRC, its preferred stock, under its Digital Credit Securities Repurchase Program
Raised a separate $653.1 million through MSTR common stock sales, directing $650 million into its USD Reserve, lifting that balance to $4.65 billion
As of August 9, Strategy holds 840,447 BTC, down from 842,138 a week earlier, carrying an average cost basis of $75,385 per coin
Strategy CEO Phong Le tied this activity to a broader "digital credit" push, describing Strategy Public Keys broadcast as aiming to become "the central bank of Bitcoin." Michael Saylor separately confirmed the moves stretched Strategy's USD Reserve duration by 143 days to 2.7 years and tightened STRC's Bitcoin-backed credit spread by 10 basis points.
Why Two of the Biggest Bitcoin Holders Are Both Selling
The two companies' motivations differ. MARA's sales fund operations, debt reduction, and an energy-sector acquisition. Strategy's smaller, more surgical BTC sale funds a preferred-stock buyback tied to keeping STRC's price near its $99–$100 target, while the company's much larger MSTR stock sales — not Bitcoin sales — are what's actually rebuilding its cash reserve. Neither company has abandoned its long-term BTC accumulation thesis; both are simply using existing BTC holdings as a more active liquidity and financing tool than in prior years.
Bitcoin itself traded around $64,069, down about 1.7% over 24 hours, as this news circulated — a reminder that these disclosures land during a period of broader price softness across the market.
Disclaimer
This article is for informational purposes only and does not constitute financial or investment advice. Figures are drawn from MARA's Form 10-Q filing with the SEC, Strategy's Form 8-K filing, and public statements from company executives, as reported by CoinDesk, Decrypt, Cointelegraph, and other named outlets, current as of August 11, 2026. Bitcoin and equity prices are subject to change. Always conduct independent research before making any investment decision.
