MARA Sold 13,597 BTC for $1.1 Billion in Six Weeks

MARA Holdings sold 13,597 BTC for approximately $1.1 billion over roughly six weeks following September, averaging $81,039 per bitcoin. MARA filed a third-quarter shareholder letter Monday that disclosed the disposals. The sale represented 40% of the 34,012 BTC the company held at September’s end.

The sales represented six times the bitcoin MARA mined during the entire third quarter. The company plans to keep selling coins to raise cash for AI infrastructure, debt repayments and potential share repurchases.

Why did MARA sell bitcoin?

Most of the sale proceeds went to lenders. MARA used $750 million to repay bitcoin-backed loans, releasing 17,477 pledged coins and reducing secured debt ahead of the Long Ridge closing.

That repayment left less than 5% of remaining holdings lent out or pledged, down from 57% at September’s end. The collateral release converts part of the treasury from encumbered inventory into available liquidity.

MARA borrowed in August to help fund its planned purchase of Long Ridge, a natural-gas power business. It sold bitcoin to clear the borrowing before the acquisition closed, reducing pledged-coin exposure ahead of the Long Ridge transfer.

The sale-and-repayment sequence matters because the August borrowing used bitcoin as collateral. MARA removed that encumbrance before taking control of the power asset, rather than carrying pledged coins through the closing.

How did its treasury policy change?

Two years ago, MARA’s July 2024 treasury policy committed the miner to retain every bitcoin its machines produced and buy more coins. The policy treated mined bitcoin as permanent inventory, not a source of operating cash.

MARA began allowing sales of newly mined bitcoin in 2025. That reversed its earlier policy. This year, it widened the policy to accumulated holdings, extending monetization from new production to the existing reserve.

Sales reached 26,984 BTC during the first nine months of 2026, and the latest disposals pushed the year’s total above 40,000 BTC. “We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities,” MARA wrote.

That stated intent turns bitcoin from a passive treasury reserve into a funding source. MARA can pair new production sales with reserve disposals, giving management more flexibility to finance infrastructure and obligations.

What did weak mining revenue mean?

Third-quarter revenue fell 35% to $164 million as mining revenue weakened. MARA nevertheless reported a $632 million profit, including an $885 million accounting gain from bitcoin’s rise during the quarter.

The $885 million accounting gain exceeded the company’s $632 million reported profit, making bitcoin valuation the dominant reported earnings factor. That divergence leaves asset sales as a more important funding source while mining revenue contracts.

AI infrastructure now competes directly with debt service and shareholder returns for the cash generated by those sales. MARA’s board authorized share repurchases of up to $500 million, while some bondholders can demand early repayment starting next year.

The $500 million authorization sets a ceiling rather than a commitment to repurchase shares. The bondholder provision adds a separate timing risk because eligible early repayments could compete with planned infrastructure spending for available cash.

What does Long Ridge add?

MARA expects to close the Long Ridge acquisition in the coming weeks. The plant can sell 485 megawatts of power under its authorization, adding a power business to an operator whose mining revenue is contracting.

Long Ridge also brings surrounding land that gives MARA room for additional development. The transaction broadens the miner’s operating base beyond bitcoin production as the company redirects capital toward infrastructure.

The Long Ridge closing within weeks is the next checkpoint. Separately, bondholder early-repayment rights open next year, placing competing claims on the liquidity generated by continued bitcoin sales.