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MARA Holdings Sold 20,880 Bitcoin in Q1 2026 for About $1.5 Billion

MARA reported lower first-quarter revenue and a $1.3 billion net loss, while selling 20,880 Bitcoin to repay debt and boost liquidity, reducing its standing among public Bitcoin holders.

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Fact Check
All key claims are confirmed by multiple authoritative sources. MARA's official IR press release (ir.mara.com) is the primary source, corroborated by The Block's detailed report, a StockTitan SEC 8-K filing summary, and multiple independent news outlets. Specifically: (1) Q1 revenue fell 18% YoY to $174.6M — confirmed; (2) net loss of $1.3B — confirmed; (3) unrealized losses on 38,689 BTC drove the result — confirmed (The Block and StockTitan note $1.0B of the $1.3B loss is attributable to BTC fair-value impairment, with the remainder from other factors, but the claim's framing that unrealized BTC losses 'drove the result' is accurate); (4) ~$1.1B in Bitcoin sold to repay debt and support liquidity — confirmed; (5) Bitcoin mining remains core business — confirmed by MARA's own 'operational foundation' language. The minor nuance is that the full $1.3B net loss is not entirely from unrealized BTC losses ($1.0B is), but the claim does not assert the full amount is from that source — it says unrealized losses 'drove the result,' which is accurate.
Summary

MARA Holdings reported first-quarter revenue of $174.6 million, down 18% year over year, and a net loss of $1.3 billion, which the company said was mainly driven by about $1.0 billion in unrealized Bitcoin losses on its balance sheet. During the quarter, MARA mined 2,247 Bitcoin and increased its hash rate 33% to 72.2 EH/s, reinforcing that Bitcoin mining remains central to its operations. Near the end of the quarter, the company sold 20,880 Bitcoin at an average price of $70,137 per coin for about $1.5 billion; an earlier report described the sale as about $1.1 billion. MARA said the proceeds were used to repay debt and boost liquidity. Following the sale, MARA fell to the fourth-largest public Bitcoin holder. The company also said an Ohio power plant acquisition is intended to accelerate its AI business.

Terms & Concepts
  • Bitcoin mining: The process of using computing power to validate blockchain transactions and secure the Bitcoin network in exchange for Bitcoin rewards.
  • Hash rate: The amount of computing power devoted to mining and securing a blockchain network, often used to measure a miner’s capacity.
  • Public Bitcoin holder: A publicly listed company that holds Bitcoin on its balance sheet, allowing investors to track its treasury exposure through disclosures.