Marathon sells 23,093 BTC for $1.6B, shifts treasury policy

Marathon Digital Holdings sold 23,093 bitcoin in the first half of 2026 for about $1.6 billion, with an average sale price of $70,631 per coin, company filings show. The company reported proceeds were used to fund operations, pursue growth opportunities and manage liquidity.

Marathon mined 4,669 BTC in the six-month period, roughly flat with the prior year, and ended June holding 35,577 BTC. The holdings were valued at about $2.08 billion using a quarter-end bitcoin price of $58,524. Of those coins, 9,270 were part of the company’s digital-asset management strategy.

Lower bitcoin prices weighed on results. Marathon’s revenue for the six months fell 23% to $349.5 million. The miner recorded a second-quarter net loss of $611.3 million, compared with a $808.2 million profit a year earlier. The quarter included a $343 million loss from changes in the fair value of its digital assets.

On Aug. 4 Marathon secured $600 million of incremental bitcoin-backed loans from Coinbase Credit and Two Prime and rolled an existing $150 million Coinbase loan into the new structure. The facilities were initially secured by 18,750 BTC, which were valued at roughly $1.2 billion when the transactions closed.

The Two Prime tranche is for $300 million at a fixed 7.65% rate. The Coinbase facility is priced at the federal funds midpoint plus 3.875 percentage points. Both loans mature in 2028; the Coinbase loan includes an automatic one-year extension option. Marathon described the borrowing as a non-dilutive funding source intended to preserve upside exposure to bitcoin.

Marathon said it intends to use part of the loan proceeds to help fund its planned $1.5 billion acquisition of Long Ridge Energy in Ohio. Company filings indicate the broader financing mix for the planned expansion now includes both asset sales and secured borrowing against its bitcoin holdings.

The company expanded its treasury policy in 2026 to permit bitcoin disposals when capital needs or market conditions warrant, while retaining flexibility to buy or hold bitcoin. The policy departs from the firm’s previous accumulation-first approach.

Market commentator Cindy Feng observed, “The second half for MARA now hinges on execution, highlighting the Long Ridge closing, AI leases and Exaion’s international expansion.”

Marathon described bitcoin as a strategic asset on the balance sheet that will be managed to support operations and growth initiatives.