MARA Holdings cut its Bitcoin stack by nearly 18,250 BTC in six months, ending the second quarter with 35,577 BTC as the company scaled back lending and collateral exposure, according to a new SEC filing.
The infrastructure company reported total Bitcoin holdings of 35,577 BTC as of June 30, down approximately 34% from 53,822 BTC at the end of 2025. The reduction included a decline in both owned Bitcoin and Bitcoin receivables, which represent Bitcoin loaned to counterparties or pledged as collateral.
MARA’s total digital asset holdings were valued at over $2 billion at quarter-end, compared with around $4.7 billion six months earlier, reflecting both lower holdings and changes in Bitcoin prices.
MARA’s Bitcoin strategy took a major turn in 2026 after the company sold 20,880 BTC for roughly $1.5 billion during Q1. The proceeds were mainly directed toward repurchasing approximately $1 billion of convertible debt, strengthening its balance sheet and lowering leverage.
The move ended MARA’s full-HODL approach, which had previously prioritized retaining all mined and acquired Bitcoin. Under its updated policy, the company can now monetize Bitcoin holdings strategically to support liquidity needs, reduce debt, fund growth initiatives, and pursue other corporate objectives.
