MARA sells 13,597 BTC for about $1.1 billion and repays all its Bitcoin-backed loans

MARA Holdings (MARA) sold 13,597 BTC at an average price of about $81,039 after its third quarter ended on September 30, raising about $1.1 billion, the Bitcoin miner said in its third-quarter shareholder letter, filed with the US Securities and Exchange Commission (SEC) on November 9. It used $750 million of the proceeds to repay all of its Bitcoin-collateralized loans and said it intends to keep selling Bitcoin to raise cash.

What MARA disclosed about its Bitcoin sales

MARA did not give exact dates for the sales beyond "after quarter-end." The 13,597 BTC it sold equal about 40% of the 34,012 BTC it held on September 30, and about six times the 2,247 BTC it produced in the whole third quarter, according to the letter.

Most of the money went to lenders. During the third quarter, MARA had borrowed $750 million against its Bitcoin ($600 million in new borrowing plus $150 million that replaced an existing credit line) to fund its purchase of Long Ridge, a natural gas power plant. After the quarter, it repaid those loans in full. The repayment released 17,477 BTC that had been pledged as collateral and left less than 5% of its Bitcoin holdings loaned or pledged, the company said. On September 30, 19,260 of its 34,012 BTC were loaned or pledged.

MARA said it borrowed while Bitcoin traded around $64,000 and sold at about $81,039, which it estimated gave it a net benefit of $170 million.

Item	Figure
BTC sold after September 30	13,597
Average sale price	about $81,039
Proceeds	about $1.1 billion
Bitcoin-backed loans repaid	$750 million
BTC released from collateral	17,477
BTC held on September 30	34,012
BTC produced in the third quarter	2,247

A treasury that now sells

MARA first permitted sales of newly mined Bitcoin in 2025 and in 2026 extended them to the Bitcoin it already held, according to the letter. It sold about 26,984 BTC for $1.9 billion in the first nine months of 2026. Including the sales after September 30, MARA has sold more than 40,000 BTC so far in 2026.

The company said it intends "to continue using bitcoin to build cash" for uses including AI infrastructure opportunities, the puts on its convertible notes, and potential share repurchases. The puts let noteholders require MARA to buy back their notes early; the first of them becomes exercisable in June 2027, according to MARA's quarterly report. On November 9, its board authorized buybacks of up to $500 million of common stock.

Third-quarter results

• Revenue fell 35% to $164.2 million from $252.4 million a year earlier.
• Net income rose to $632.1 million from $123.1 million, including an $885.3 million gain on the fair value of its digital assets.
• Adjusted EBITDA was $857.7 million, up from $395.6 million.
• Energized hashrate—the computing power its installed, powered-on mining machines could produce—rose 18% to 71.2 exahashes per second (EH/s) from 60.4 EH/s a year earlier.

Long Ridge and leasing plans

MARA said the Federal Energy Regulatory Commission (FERC) approved its Long Ridge acquisition on November 4 and that it expects the deal to close within weeks, once the remaining standard conditions are met. The plant is currently authorized to sell 485 megawatts of power. MARA said it aims to sign two leases with tenants at its sites by the end of 2026, but that fluid market conditions could push the timing into 2027.

Why it matters

Miners and corporate treasuries hold Bitcoin on their balance sheets, so a shift from holding to selling changes how much supply they can bring to the market. MARA's decision runs the other way from Strategy (MSTR), which bought 1,036 BTC from November 2 to 8, according to a November 9 SEC filing, after adding 811 BTC the week before. MARA said repaying the Bitcoin-backed loans reduced its exposure to swings in the Bitcoin price.

What it could mean for traders

MARA has not given a schedule for further sales and said they will depend on market conditions and its capital allocation priorities. One fixed date among the uses MARA named is June 2027, when the first noteholder puts become exercisable. The figures to watch are its next production and holdings updates, the closing of Long Ridge, and whether it signs the two leases it is targeting.

Bitcoin traded at $74,756 at 07:32 UTC on November 10, below MARA's average sale price of about $81,039, according to CoinGecko data, after sliding on November 8 and 9 to its lowest level since August.