MARA Digital Holdings (NASDAQ: MARA), a Bitcoin mining and infrastructure firm, reported a significant reduction in its Bitcoin treasury at the end of the second quarter of 2026. The company’s total holdings stood at 35,577 BTC as of June 30, marking a drop below the 36,000 threshold and representing a notable shift from its earlier accumulation strategy.
This figure reflects an approximate 34% decline from the 53,822 BTC held at the close of 2025.
On a year-over-year basis, holdings were down about 29% from the 49,951 BTC reported for the same period in 2025.
Sequentially, however, the total edged slightly higher from the 35,303 BTC recorded at the end of the first quarter.
The holdings, which include both unrestricted Bitcoin and amounts classified as receivables from lending or collateral arrangements, were valued at roughly $2.1 billion based on a then-prevailing spot price of about $58,524 per Bitcoin.
Of the total, approximately 26,307 BTC remained unrestricted, while 9,270 BTC were either loaned to counterparties or pledged as collateral.
This composition underscores the company’s ongoing use of its digital assets for yield generation and financing purposes alongside its core mining operations.’
The reduction in holdings primarily stems from sales executed earlier in the year.
In the first quarter of 2026, MARA disposed of roughly 20,880 BTC, generating proceeds of around $1.5 billion.
A substantial portion of those funds supported the repurchase of convertible debt, helping to lower leverage and strengthen the balance sheet.
During the second quarter, the company mined 2,422 BTC while selling an additional 2,213 BTC.
These actions formed part of a broader policy evolution that moved away from a strict long-term hold approach.Under the updated digital asset management framework, MARA can strategically monetize both newly produced and previously held Bitcoin.
Management has indicated that such sales may support operational liquidity needs, debt reduction, growth investments, and other corporate priorities.
This flexibility comes as the firm continues expanding its energized hashrate—reaching 70.3 EH/s in the second quarter, up 22% year over year—and diversifies into related areas such as artificial intelligence and high-performance computing infrastructure.
Despite the lower absolute holdings, MARA remains among the larger corporate Bitcoin holders among publicly listed companies.
Combined cash and Bitcoin positions (including loaned and pledged amounts) provided approximately $2.5 billion in liquidity at quarter-end, with cash and cash equivalents alone totaling $421.3 million.
Revenue for the quarter came in at $174.9 million, down 27% from the prior year, while the company recorded a net loss amid fair-value changes in its digital assets and other factors.
The developments highlight how Bitcoin mining firms are adapting capital allocation strategies in a post-halving environment.
By balancing production growth with selective treasury management, MARA aims to maintain operational scale while funding longer-term initiatives. Investors and market observers will now most likely continue monitoring the pace of any further sales, mining output trends, and progress on infrastructure diversification in subsequent reporting periods.