MARA Sells 13,597 BTC for $1.1B, Clears $750M in Bitcoin-Backed Debt

MARA Holdings sold 13,597 bitcoin for roughly $1.1 billion after September 30, the miner disclosed on Nov. 9 with its third-quarter results. It used $750 million of the proceeds to fully repay its bitcoin-backed term loans and free up 17,477 coins previously pledged as collateral.

The disclosure came alongside a new authorization to repurchase up to $500 million of company stock. MARA described the buyback as discretionary. The company said it will keep selling bitcoin to build cash for AI infrastructure, convertible-note obligations and potential repurchases.

What did the quarter actually earn?

The numbers diverge sharply. Revenue fell 35% year over year to $164.2 million from $252.4 million, according to the company's unaudited shareholder letter. Net income went the other way: $632.1 million, or $1.28 per diluted share, up from $123.1 million a year earlier.

Two bitcoin-price comparisons explain the gap. A 37% drop in the average price of bitcoin mined versus a year ago dragged revenue down, only partly offset by higher production. Meanwhile, a rise in bitcoin during the quarter produced an $885.3 million unrealized fair-value gain on MARA's holdings, which flows straight into net income under current accounting.

So the profit is largely a paper gain. The cash picture is more grounded: during the quarter itself, MARA sold 3,891 bitcoin at an average price of $75,300 and mined 2,247 bitcoin. Before the post-quarter sales, it held 34,012 bitcoin — including coins loaned or pledged — plus $946.5 million in cash and equivalents as of September 30.

The loans it just repaid were arranged during the quarter to fund the planned Long Ridge power-plant acquisition. The latest sales follow MARA's March disposal of 15,133 bitcoin for about $1.1 billion, which funded convertible-debt repurchases. A pattern is forming: sell coins, retire leverage, convert the balance sheet from bitcoin-heavy to cash-flexible.

Where is the AI pivot now?

The strategic story sits in the data center business. MARA said talks with prospective tenants are in advanced stages, but two leases may not land on schedule.

"While we are targeting signing two leases before year-end, market conditions are fluid and that timing could slip into next year," the company wrote in its shareholder letter.

There is one signed deal. MARA's majority-owned subsidiary Exaion inked a four-year GPU-as-a-service contract worth $79 million with its first U.S. customer. The terms are 100% take-or-pay — the customer pays for the computing capacity whether or not it uses it.

That contract gives MARA its first committed compute revenue while it chases longer-term infrastructure leases. The company said Exaion's prospective pipeline exceeds $3 billion in total contract value, with about $1 billion targeted for delivery by the end of 2027. Those prospects are not yet contracted or committed.

What does this change for MARA?

Operationally, the company has swapped pledged collateral for a clean title to 17,477 bitcoin and cut its debt stack by $750 million. That lowers financing risk if bitcoin prices fall again, which matters for a miner whose revenue already shrank 35% on price weakness. It also frees the treasury to fund the pivot without new borrowing.

The open question is conversion. A $79 million take-or-pay contract is real revenue, but it is small next to a $3 billion pipeline that exists only in negotiations. Investors will learn whether the model works as the two pending leases move toward signature — the company's own year-end target, with slippage into next year already flagged.