MARA Sells 13,597 Bitcoin for $1.1 Billion, Repays $750 Million Loan

U.S. Bitcoin miner MARA sold 13,597 Bitcoin after the third quarter ended, raising roughly $1.1 billion at an average price of $81,039 per token, the company disclosed in its Q3 earnings report. MARA used the proceeds to fully repay its $750 million Bitcoin-backed loan, Wu Blockchain reported on November 9.

The repayment released the lien on 17,477 Bitcoin that had been pledged as collateral, restoring the company's full operational control over those assets. The sale marks one of the largest single-vendor Bitcoin disposals by a listed miner since the 2024 halving cycle, and it cuts MARA's balance-sheet exposure to the asset it produces.

What did the quarter's numbers show?

MARA reported third-quarter revenue of $164.2 million, down 35% from a year earlier. Despite the revenue contraction, the company posted net income of $632 million, driven almost entirely by accounting rather than mining operations.

The gap between the two figures reflects roughly $885 million in fair-value gains on digital assets. Under current accounting rules, MARA marks its Bitcoin holdings to market each quarter, so price appreciation can produce large paper profits even as cash-generating mining revenue declines.

How did holdings and production diverge?

As of September 30, MARA held 34,012 Bitcoin, down 36% from a year earlier. Bitcoin production over the same period moved in the opposite direction, rising 5% to 2,247 coins mined.

The divergence shows the strategic shift: MARA is now producing more Bitcoin while accumulating less of it. Prior to this quarter, the company had pursued a retain-and-hoard strategy, holding nearly all mined output and borrowing against the stack. The $1.1 billion sale and full loan repayment signal a move toward a self-funded, deleveraged model.

What are the operational consequences?

The balance-sheet change carries several concrete effects for the business:

• The $750 million debt facility is retired, removing recurring interest obligations on the Bitcoin-backed credit line.
• Freed collateral of 17,477 Bitcoin can now be sold, deployed, or used in yield strategies without lender approval.
• Cash reserves of roughly $1.1 billion strengthen MARA's ability to fund data-center expansion and fleet upgrades without new borrowing.
• Revenue pressure remains: a 35% year-over-year decline suggests mining economics, not just accounting, need addressing before the next halving compresses margins further.

The production increase of 5% to 2,247 coins suggests MARA has expanded capacity or improved fleet efficiency enough to grow output despite tighter network conditions. Whether that output growth offsets the revenue decline will depend on hash-rate expansion and energy costs over the coming quarters.

What comes next?

Investors will watch MARA's fourth-quarter disclosures for the size of remaining Bitcoin holdings after the post-quarter disposal and any indication of whether the company will resume accumulation or continue monetizing production. The next earnings report, expected in February, will show whether the deleveraged balance sheet translates into sustained operational returns.