MARA sold 13,597 Bitcoin for $1.1 billion and repaid $750 million

By Tom Whitfield

MARA Holdings sold 13,597 Bitcoin for approximately $1.1 billion after the September quarter, using proceeds to repay $750 million in Bitcoin-backed loans, according to its Nov. 9 shareholder letter. The repayment released 17,477 BTC previously pledged as collateral.

How did the Bitcoin sale clear the debt?

MARA raised the $750 million financing during the third quarter to support its planned acquisition of Long Ridge Energy & Power in Ohio. The facility comprised $600 million in new capital and $150 million used to refinance an existing facility.

Bitcoin traded around $64,000 when MARA borrowed. The company then sold 13,597 BTC at an average $81,039, settling the loans and recovering pledged collateral. Management estimated a net benefit of roughly $170 million after associated costs.

What drove the 35% revenue decline?

Third-quarter revenue fell 35% to $164.2 million from $252.4 million a year earlier, an $88.2 million decrease. Bitcoin mining accounted for $83.1 million of that decline, as a 37% lower average mined-Bitcoin price reduced revenue by $94.8 million.

Higher production offset $11.7 million of the price effect. Net income nevertheless reached $632.1 million, compared with $123.1 million a year earlier, while income attributable to common shareholders totaled $634.4 million.

MARA recorded $885.3 million in unrealized Bitcoin fair-value gains, up from $343.1 million in the prior-year quarter. Diluted earnings per share rose to $1.28 from $0.27, showing how valuation gains, rather than mining revenue, drove the bottom line.

Bitcoin production increased 5% year over year to 2,247 BTC from 2,144. MARA won 644 blocks, versus 633 a year earlier, and energized hashrate reached 71.2 exahashes per second, up 18%. Sequential production fell 7% from 2,422 BTC in the prior quarter.

How has MARA changed its Bitcoin treasury?

MARA sold 23,093 BTC for about $1.63 billion during the first half of 2026, funding operations, investments and liquidity. It sold another 3,891 BTC in the third quarter at an average $75,300, bringing nine-month sales to approximately 26,984 BTC and $1.9 billion.

A 2026 treasury policy expanded sales beyond newly mined Bitcoin to coins already held on the balance sheet. Its 2025 policy had permitted only sales of mined output. Management expects additional sales when needed for financial commitments, investments and capital projects.

At Sept. 30, MARA held 34,012 BTC, down from 53,822 at the end of 2025. The total comprised 14,752 unrestricted BTC, 1,408 loaned and 17,852 pledged as collateral. Bitcoin lending generated about $2.5 million of quarterly interest income.

After the loan repayment, MARA said less than 5% of its holdings remained loaned or pledged. Blockchain trackers also identified nearly 1,000 BTC moving to Galaxy Digital in October, although those transfers alone did not establish a completed sale.

What does the $500 million buyback authorize?

MARA's board approved a share-repurchase program of up to $500 million after the quarter. Management may buy shares in open-market transactions or through other permitted methods, without a fixed purchase amount, making the authorization flexible rather than a committed cash outflow.

MARA shares closed Nov. 9 at $6.64, gaining 4.57% during regular trading, then slipping 0.06% in after-hours trading, according to Google Finance. The program gives the company another channel for returning capital while Bitcoin sales reduce pledged inventory and debt.

How far does the AI infrastructure plan extend?

The Federal Energy Regulatory Commission approved MARA's Long Ridge transaction after quarter-end, with closing expected before the end of 2026. MARA described the acquisition as part of an expansion of energy infrastructure supporting Bitcoin mining, data centers and computing services.

MARA is developing artificial-intelligence and high-performance-computing infrastructure through its energy assets and partnerships. It has secured about 1.9 gigawatts of power capacity and a development path to 4.8 gigawatts.

Through Exaion, MARA secured a four-year computing-services contract worth $79 million. Management said it is prioritizing customer agreements and cash generation while developing the infrastructure portfolio.

Chairman and CEO Fred Thiel wrote in the shareholder letter: “This is not a pivot away from bitcoin.” The next stated deadline is the Long Ridge closing before year-end 2026, while the revised treasury policy leaves Bitcoin sales available for funding deployments.