MARA Holdings, the largest publicly traded Bitcoin miner, saw BTC holdings fall 𝟮𝟵% 𝗬𝗼𝗬 to 35,577 BTC in Q2 2026, with revenue down 27% to $175M and a $𝟲𝟭𝟭𝗠 𝗻𝗲𝘁 𝗹𝗼𝘀𝘀. Production rose just 3% to 2,422 BTC while hashrate climbed 22% — costs aren't falling fast enough. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: The largest public miner is liquidating its BTC treasury to fund operations — a structural supply overhang, not a transient flow. With production up just 3% while holdings fell nearly a third, the burn rate is unsustainable at current cost levels. Further treasury liquidation into Q3 would add persistent overhead supply on BTC. Watch whether cost reductions catch up or selling accelerates. For BTC, MARA's remaining ~$2.5B in combined cash and BTC holdings sets the ceiling on how much more can be unloaded. The sell pressure is named and quantifiable — a different risk profile from anonymous whale dumps. https://d1io3yog0oux5.cloudfront.net/_acac9787cc36f15214b4079363d57bfc/marathondh/db/440/7581/earnings_presentation/Q2+2026+Earnings+Deck.pdf Track real-time signals & trade → https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=1846(Hupzy (Spot On Chain))