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MARA Holdings sold 13,597 bitcoin for about $1.1 billion after the third quarter closed on Sept. 30 and put $750 million of the proceeds toward repaying all of its bitcoin-backed term loans, according to Bitcoin Magazine. The coins changed hands at an average of $81,039 each.
The sale removed roughly 40% of a stack that stood at 34,012 BTC at quarter-end. In the Q3 2026 shareholder letter MARA filed with the SEC, the company said repaying the loans released 17,477 bitcoin that had been posted as collateral, leaving under 5% of its holdings loaned or pledged.
Also read: Fink: Data Center Moratorium Would Tip US Into Recession
Key facts
- MARA sold 13,597 bitcoin after Sept. 30 for roughly $1.1 billion, or $81,039 per coin.
- $750 million of the proceeds repaid all bitcoin-backed term loans, freeing 17,477 BTC of collateral.
- First nine months of 2026: about 26,984 BTC sold for $1.9 billion, including 3,891 BTC in Q3 at an average of $75,300.
- Q3 revenue fell 35% to $164.2 million from $252.4 million, while net income rose to $632.1 million, or $1.28 a diluted share.
- The board authorized a buyback of up to $500 million of common stock after quarter-end.
A treasury converted into a funding source
MARA built one of the largest bitcoin reserves among public companies and then reversed course in stages. It allowed sales of newly mined coins starting in 2025, then widened the policy in 2026 to cover bitcoin already on its balance sheet.
crypto.news reported that MARA borrowed against its bitcoin during Q3 to support the planned purchase of Long Ridge Energy & Power in Ohio, a $750 million financing made up of $600 million in new capital and $150 million to refinance an existing facility. Bitcoin traded near $64,000 when the debt was taken on, per crypto.news, and management put the net benefit of the borrowing and later sale at about $170 million after costs.
The two outlets frame the treasury differently but agree on the mechanics: bitcoin is now a source of cash rather than only a reserve. The company’s own letter states the intent to keep selling coins to build cash for AI infrastructure opportunities, to meet the puts on its convertible notes that become exercisable next year, and for potential share repurchases.
Profit from revaluation, not from mining
The quarter’s earnings came from asset revaluation rather than operations. Revenue dropped $88.2 million year over year; crypto.news attributed $83.1 million of that to mining, with a 37% fall in the average price of bitcoin mined cutting $94.8 million, partly offset by $11.7 million from higher production.
Net income of $632.1 million compared with $123.1 million a year earlier, and included about $885.3 million in unrealized fair-value gains on digital assets — up from $343.1 million in the prior-year quarter, according to crypto.news. Production rose 5% to 2,247 BTC, energized hashrate reached 71.2 EH/s, up 18%, and MARA won 644 blocks. Purchased energy cost $39,674 per bitcoin at owned sites, versus $39,235 a year earlier.
MARA ended September with $946.5 million in cash and about $3.8 billion in cash and bitcoin combined, and had cut total debt by $1.4 billion, or 37%, year to date. It also earned about $2.5 million in interest on 1,408 BTC lent to counterparties.
Why it matters
MARA was long a symbol of the hold-and-mine model among listed miners. Selling into strength to retire debt and fund AI and high-performance computing turns its balance sheet into a capital pool, which changes how shareholders should read its bitcoin exposure. Other miners, including Riot, Hut 8, Keel and Core Scientific, have also reduced or planned to exit bitcoin holdings to fund AI work. MARA still calls mining its operating foundation, and CEO Fred Thiel wrote in the letter that the shift is not an exit from bitcoin.
What to watch
MARA is targeting two data center leases before year-end but cautioned that timing could slip into next year. It also expects to close the Long Ridge purchase in the coming weeks after receiving Federal Energy Regulatory Commission approval, and its Exaion unit has signed a four-year, $79 million GPU-as-a-service contract with its first U.S. customer. Further treasury sales, the fiscal 2027 convertible note puts and any buyback execution will show how fast the cash is being redeployed.
MARA shares closed at $6.64 on Nov. 9, up 4.57%, per crypto.news. This article is not financial advice, and crypto and equity markets are volatile and uncertain.
Reported by Bitcoin Magazine.