MARA Holdings has sold 13,597 Bitcoin for approximately $1.1 billion after the third quarter, using part of the proceeds to repay $750 million in Bitcoin-backed loans as its quarterly revenue fell 35%.
Summary
- MARA sold 13,597 Bitcoin for approximately $1.1 billion after the third quarter ended in September.
- The company repaid $750 million in Bitcoin-backed loans, releasing 17,477 BTC previously pledged as collateral.
- Third-quarter revenue declined 35% to $164.2 million, while net income reached approximately $632.1 million.
- Unrealized Bitcoin gains totaled $885.3 million, supporting quarterly earnings despite lower revenue from mining operations.
- MARA approved a $500 million share repurchase program while continuing investments in AI computing infrastructure.
According to its November 9 shareholder letter, the Nasdaq-listed Bitcoin miner sold the coins at an average price of $81,039. The repayment released 17,477 BTC previously pledged as collateral, while the company reported $632.1 million in quarterly net income, largely supported by unrealized gains on its digital assets.
MARA clears $750 million debt with Bitcoin sales
The company had borrowed against its Bitcoin holdings during the third quarter to support its planned acquisition of Long Ridge Energy & Power in Ohio. The $750 million financing included $600 million in new capital and $150 million used to refinance an existing facility.
At the time of borrowing, Bitcoin traded around $64,000. MARA later sold 13,597 BTC at an average price of $81,039, allowing it to settle the loans and recover the pledged collateral.
Management estimated a net benefit of approximately $170 million from the financing arrangement and subsequent Bitcoin sale, after accounting for associated costs.
The latest transactions followed several months of Bitcoin treasury sales. As crypto.news previously reported, MARA sold 23,093 BTC for approximately $1.63 billion during the first half of 2026, using the proceeds for operations, investments, and liquidity needs.
During the third quarter, the company sold another 3,891 BTC at an average price of $75,300. Total Bitcoin sales for the first nine months reached approximately 26,984 BTC, generating $1.9 billion.
MARA changed its treasury policy in 2026 to permit sales of Bitcoin already held on its balance sheet. Its previous policy, introduced in 2025, allowed sales of coins produced through mining operations.
The company expects to continue selling Bitcoin when needed to support its financial commitments, investments, and capital projects.
Quarterly revenue falls despite higher Bitcoin production
MARA reported third-quarter revenue of $164.2 million, compared with $252.4 million during the same period last year. The $88.2 million decline represented a year-over-year decrease of approximately 35%.
According to the earnings report, Bitcoin mining revenue accounted for $83.1 million of the decline. A 37% decrease in the average price of Bitcoin mined reduced revenue by $94.8 million, partially offset by $11.7 million from higher production.
Despite the revenue decline, net income reached $632.1 million, compared with $123.1 million a year earlier. Net income attributable to common shareholders totaled $634.4 million.
The earnings figure included approximately $885.3 million in unrealized Bitcoin fair-value gains, compared with $343.1 million in the previous year’s third quarter. Diluted earnings per share reached $1.28, up from $0.27.
Meanwhile, Bitcoin production rose 5% to 2,247 BTC from 2,144 BTC a year earlier. MARA won 644 blocks during the quarter, compared with 633 in the corresponding period of 2025.
Its energized hashrate reached 71.2 exahashes per second, up 18% year over year. However, quarterly production fell 7% from the previous quarter’s 2,422 BTC.
Bitcoin holdings decline as company approves $500 million buyback
As of September 30, MARA held 34,012 BTC, including coins loaned to counterparties or pledged as collateral. Its holdings had declined from 53,822 BTC at the end of 2025.
Of the September total, 14,752 BTC were unrestricted, while 1,408 BTC were loaned and 17,852 BTC were pledged as collateral.
The company earned approximately $2.5 million in interest income from Bitcoin lending during the quarter. Following its loan repayment, MARA said less than 5% of its holdings remained loaned or pledged.
MARA’s October Bitcoin transfers to institutional counterparties had previously drawn attention after blockchain trackers identified nearly 1,000 BTC moving to Galaxy Digital. Those transfers did not independently establish a completed sale.
Separately, MARA’s board authorized a share repurchase program of up to $500 million following the third quarter. The authorization allows management to purchase shares through open-market transactions or other permitted methods without requiring a fixed purchase amount.
MARA shares closed November 9 at $6.64, gaining 4.57% during regular trading, according to Google Finance. The stock subsequently slipped 0.06% in after-hours trading.
MARA advances AI infrastructure expansion
Alongside its mining operations, MARA continues developing artificial intelligence and high-performance computing infrastructure through its energy assets and partnerships.
The company is pursuing the Long Ridge acquisition as part of its energy infrastructure expansion. Its shareholder letter confirmed that the Federal Energy Regulatory Commission approved the transaction after quarter-end, with closing expected before the end of 2026.
MARA Chairman and CEO Fred Thiel maintained that Bitcoin remains central to the company’s operations.
“This is not a pivot away from bitcoin,” Thiel wrote in the shareholder letter.
The company has secured approximately 1.9 gigawatts of power capacity, with a development path toward 4.8 gigawatts. Its plans include facilities supporting Bitcoin mining, data centers, and computing services.
Through Exaion, MARA has secured a four-year computing services contract worth $79 million. Management said it is prioritizing customer agreements and cash generation as it develops its infrastructure portfolio.
