Bitcoin miner MARA sold 13,597 BTC for $1.1 billion in six weeks, plans to sell more

Bitcoin miner MARA Holdings MARA$6.6360·Market Closed sold $1.1 billion of bitcoin after September and plans to keep selling coins to raise cash for AI infrastructure, debt repayments and potential share buybacks.

The company sold 13,597 BTC at an average of about $81,039, according to its third-quarter shareholder letter, filed Monday. That is equivalent to 40% of the 34,012 bitcoin it held at the end of September.

It sold six times as much bitcoin in roughly six weeks as it mined during the entire third quarter.

Most of the cash went straight to lenders. MARA used $750 million to repay loans secured against its bitcoin, releasing 17,477 coins it had pledged as collateral. Less than 5% of its remaining holdings are now lent out or pledged, down from 57% at September’s end.

The company had taken out those loans in August to help fund its planned purchase of Long Ridge, a natural-gas power business. It has now sold bitcoin to clear the borrowing before the acquisition closes.

Two years ago, MARA was promising to keep every bitcoin its machines mined. Its July 2024 treasury policy committed to retaining production and buying more coins in the market.

It began allowing sales of newly mined bitcoin in 2025, then widened the policy this year to include its accumulated holdings. Sales reached 26,984 BTC in the first nine months of 2026. The latest disposals take 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 cash also has other claims on it. Some bondholders can demand early repayment starting next year, and MARA’s board has authorized share repurchases of up to $500 million.

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

MARA expects to close Long Ridge in the coming weeks. The plant is authorized to sell 485 megawatts of power, and its surrounding land would give the company room to develop a data-center campus. MARA also holds development rights to a Texas site with potential capacity of up to 2 gigawatts.

It is targeting two new data-center leases before year-end, while warning that negotiations could run into 2027.