MARA's $1.6B Bitcoin Sell-Off Has the Miners Quietly Out-Hodling the Hodlers 🪨

MARA Holdings, the bitcoin miner formerly known as Marathon Digital, disclosed in a Form 10-Q filing that it sold 23,093 BTC worth roughly $1.63 billion during the first half of 2026, at an average price of $70,631 per coin. The company said the proceeds were used to fund operations, support investments, and meet general liquidity needs.

The sales significantly trimmed MARA's treasury. The firm held 35,577 BTC as of June 30, down from 53,822 BTC at the end of 2025. MARA noted that its treasury policy was updated this year to permit the sale of bitcoin already held on its balance sheet, a shift from its prior posture of accumulating the asset.

Cash flow data in the filing showed investing activities generated approximately $1.47 billion in net cash during the period. Capital expenditures for property and equipment totaled $94.3 million, with an additional $61.1 million directed toward acquisitions. Operating activities consumed $471.3 million in cash, compared with $378.9 million in the first half of 2025.

MARA also used part of the proceeds to reduce its debt. The disclosure comes as Strategy (formerly MicroStrategy) has also been selling bitcoin, a factor that some market participants said has weighed on broader crypto market sentiment.