MARA Holdings (formerly Marathon Digital) sold 23,093 BTC for about $1.6B over the first half of 2026, the bulk of it (20,880 BTC) in Q1 and another 2,213 BTC in Q2, per its Q2 results.

The sales cap a treasury-policy shift from strict HODL to opportunistic selling. Proceeds funded operations, debt repurchases and a pivot into AI and data-center infrastructure. MARA's Bitcoin stash is now 35,577 BTC (about $2.1B), down 29% year over year, with roughly 9,270 BTC pledged as collateral.

The company also posted a $611M Q2 net loss on revenue of $174.9M, down 27%, as Bitcoin weighed on results.