CoinDesk
MARA Holdings sold 13,597 BTC for $1.1 billion at an average price of about $81,039, representing 40% of the 34,012 BTC it held at the end of September. The sales occurred over roughly six weeks and totaled six times the bitcoin MARA mined during the entire third quarter. Most of the proceeds went to retiring bitcoin-backed loans, while management said additional sales could fund AI infrastructure, debt repayment and share repurchases.
Why it matters
MARA used $750 million of the sale proceeds to repay loans secured by its bitcoin. The transaction released 17,477 BTC from collateral, leaving less than 5% of its remaining holdings pledged or lent out, down from 57% at September's end.
The sales mark a clear reversal of MARA's July 2024 policy of retaining every bitcoin it mined. The change came as third-quarter revenue fell 35% to $164 million. MARA reported a $632 million profit, but that included an $885 million accounting gain from bitcoin's appreciation during the quarter.
Market impact
The transactions add potential supply pressure from a major mining company, particularly because MARA's 2026 sales have now exceeded 40,000 BTC. Repaying secured loans reduces MARA's collateral and refinancing risk, but investors are likely to focus on whether further sales become a recurring source of funding.
MARA expects to close its Long Ridge natural-gas power acquisition in the coming weeks. The business has authorization to sell 485 megawatts of power, while a Texas site offers potential capacity of up to 2 gigawatts for data centers. MARA is targeting two new leases before year-end, though negotiations could continue into 2027. Bondholders can seek early repayment from next year, and the board has authorized up to $500 million in share buybacks, creating several potential calls on the same liquidity.
Frequently asked questions
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How much of MARA's September bitcoin holdings did the company sell?
MARA sold 13,597 BTC, representing 40% of the 34,012 BTC it held at the end of September.
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Why did MARA sell much more bitcoin than it mined?
MARA needed liquidity for debt repayment and its transition toward power assets and AI data-center infrastructure. It sold six times as much BTC as it mined during the third quarter.
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How did the bitcoin sales change MARA's collateral exposure?
The company repaid $750 million of bitcoin-backed loans and released 17,477 pledged coins. Pledged or lent holdings fell to less than 5% from 57%.
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What financial pressure drove MARA to reverse its bitcoin-retention policy?
Third-quarter revenue fell 35% to $164 million as MARA pursued major power and data-center commitments. Its reported $632 million profit included an $885 million accounting gain from bitcoin's rise.
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What could lead MARA to sell more bitcoin?
MARA says it may continue using bitcoin to build cash for AI infrastructure. Bondholder repayment options and up to $500 million in authorized share buybacks also compete for liquidity.
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