MARA Sells 40% of Its Bitcoin Holdings to Clear Backed Loans

According to its third-quarter shareholder letter published Monday, MARA Holdings generated approximately $1.1 billion from a post-Sept. 30 bitcoin sell-off, allocating $750 million to clear all of its bitcoin-backed term loans.

The enterprise offloaded 13,597 BTC at an average price of roughly $81,039 per coin, representing about 40% of the 34,012 BTC it possessed at the close of September. Furthermore, the company indicated plans to continue liquidating bitcoin to finance artificial intelligence infrastructure, obligations related to convertible notes, and potential share repurchases.

MARA sold 13,597 BTC for about $1.1 billion after quarter-end

The transactions occurred in the weeks following Sept. 30. The quantity sold marked nearly 40% of MARA’s quarter-end bitcoin reserves, signaling a major strategic shift for a miner previously known for maintaining one of the biggest corporate bitcoin treasuries.

Following the loan payoffs, MARA freed up 17,477 BTC that had previously been locked down as collateral. As noted by CoinDesk, under 5% of its remaining holdings are currently lent out or pledged, a significant drop from 57% at the end of September.

MARA directed $750 million to repay bitcoin-backed loans

This settlement wiped out all outstanding bitcoin-backed term debt for MARA. The company originally took on these borrowings in August to support its planned acquisition of the Long Ridge natural-gas power facility, a deal anticipated to finalize in the coming weeks.

Year-to-date, MARA reported a $1.4 billion, or 37%, reduction in total debt. At September’s close, the company listed $946.5 million in cash alongside roughly $3.8 billion in combined cash and bitcoin.

Future MARA bitcoin sales could fund AI projects and buybacks

Per the shareholder letter, MARA plans to persist in converting bitcoin into liquid capital for AI infrastructure ventures, upcoming convertible-note payouts, and possible stock buybacks. Certain noteholders possess put options enabling them to demand early repayment next year.

Additionally, the board greenlit a common stock buyback program of up to $500 million following the quarter’s end, representing a ceiling rather than a mandatory expenditure. MARA is also aiming to secure two data-center leases before the year concludes, though management cautioned that the timeline could slip into the following year.

MARA has progressively broadened its bitcoin liquidation guidelines. It permitted sales of newly mined coins starting in 2025 and expanded the policy in 2026 to encompass balance-sheet reserves. Citing Bitcoin Magazine, MARA parted with 26,984 BTC over the first nine months of 2026—including 3,891 BTC during the third quarter at a $75,300 average—while mining 2,247 BTC and purchasing none during that same three-month span.

Falling mining revenue adds pressure to MARA’s infrastructure shift

During the third quarter, MARA’s revenue dropped 35% compared to the prior year to $164.2 million, even as its energized hashrate climbed 18% to 71.2 EH/s. Net income hit $632.1 million, bolstered by an $885.3 million fair value gain on digital assets.

Alongside its mining operations, the firm is aggressively expanding its power and data-center footprint. It secured Federal Energy Regulatory Commission (FERC) approval for the Long Ridge purchase—a power station licensed for 485 megawatts—and maintains development rights for a Texas plot capable of supporting up to 2 gigawatts. Furthermore, its Exaion division secured a four-year, $79 million GPU-as-a-service agreement with its inaugural U.S. client, according to BeInCrypto.

FAQ

When did MARA sell the 13,597 bitcoin?

The sale occurred after the third quarter ended on Sept. 30, 2026. MARA disclosed it in its Q3 shareholder letter released Monday.

How much did MARA receive per bitcoin on average?

MARA sold the coins for an average of about $81,039 each. The sale raised about $1.1 billion in total.

How much of the sale proceeds went to repay loans?

MARA used $750 million to repay all of its bitcoin-backed term loans. That repayment released 17,477 BTC previously pledged as collateral.

What will MARA use cash from future bitcoin sales for?

The company named AI infrastructure, convertible-note puts exercisable next year and potential share repurchases. Its board authorized up to $500 million for common-stock buybacks.

How much bitcoin had MARA held at the end of September?

MARA held 34,012 BTC on Sept. 30. The later sale of 13,597 BTC represented roughly 40% of that quarter-end total.

This article is for information only and is not financial advice.