MARA’s latest Bitcoin sales preceded a 19.9% price decline. The miner repaid $750 million in cryptocurrency-backed loans. Unrealized gains masked weaker third-quarter mining revenue. MARA Hol
MARA Holdings’ decision to liquidate part of its Bitcoin treasury has become more consequential following the cryptocurrency’s November selloff.
The miner’s latest disclosed disposals occurred at an average price of $81,039. Bitcoin subsequently fell below $65,000, leaving a $219.5 million valuation difference on those transactions compared with holding the same coins at the November 15 market price.
The company was not trading Bitcoin for short-term profit. Its sales were part of a broader effort to reduce financial obligations and secure funding for energy and artificial intelligence infrastructure.
That distinction changes how investors should evaluate the transactions. The relevant question is no longer whether MARA sold near a local market high, but whether the capital raised can produce returns that justify reducing its cryptocurrency exposure.
MARA entered 2026 with a substantial Bitcoin reserve accumulated under its previous holding strategy. Management subsequently expanded its treasury policy to permit sales of existing holdings rather than limiting disposals to newly mined coins.
According to its third-quarter shareholder letter, the company sold 40,581 BTC through November 9, generating approximately $3 billion.
Those disposals were equivalent to 75.4% of its opening holdings, although that comparison does not represent the actual percentage decline in its treasury because mining production and other transactions also affected balances.
MARA Bitcoin Treasury Reported holdings and post-quarter calculation December 31, 2025 53,822 BTC September 30, 2026 34,012 BTC Subsequent sales −13,597 BTC Implied balance* 20,415 BTC*Calculation excludes subsequent production and other treasury movements. Not a confirmed current balance. Source: MARA Q3 2026 disclosures.
The company’s post-quarter sales imply a lower cryptocurrency balance before subsequent production and other movements. MARA has not established that calculated figure as its confirmed November 15 holdings.
Its remaining coins are also less heavily committed to financing arrangements. Following repayment of secured borrowing, management reported a substantial reduction in the share of Bitcoin loaned or pledged as collateral.
The miner arranged $750 million in Bitcoin-backed financing during the third quarter to support its planned acquisition of Long Ridge, an Ohio energy business.
After September, MARA sold cryptocurrency and repaid those loans in full, releasing 17,477 BTC previously pledged as collateral. Management estimated a net financial benefit of approximately $170 million from the timing of its financing and subsequent sales, after associated costs.
The transactions also reduced exposure to collateral requirements during further cryptocurrency price declines.
Long Ridge operates a natural-gas generating facility with 485 MW of authorized electricity sales and 505 MW of nameplate capacity. MARA expects the facility to reach its full rated output during the first half of 2027.
The property includes more than 1,600 contiguous acres and supporting infrastructure that could accommodate future data-center development.
However, MARA has not disclosed an equivalent volume of contracted AI computing capacity at the site. Electricity generation and revenue-producing data-center operations remain separate stages of the investment.
The company received federal energy regulatory approval for the acquisition in November, with completion still subject to customary closing conditions at the time of its latest disclosure.
MARA’s quarterly financial statements reveal a disconnect between cryptocurrency accounting gains and underlying operating performance.
Revenue contracted as weaker Bitcoin mining prices outweighed increased production. At the same time, changes in the fair value of the company’s digital assets substantially increased reported net income.
MARA Q3 Earnings Breakdown USD millions, except percentage change Metric Q3 2025 Q3 2026 Revenue $252.4M $164.2M Net income $123.1M $632.1M Unrealized digital-asset gain — $885.3MSource: MARA Q3 2026 Form 10-Q. Dash indicates the comparative figure is not shown in this table.
The unrealized gain exceeded quarterly net income, showing how heavily the company’s reported results depended on asset revaluation.
MARA’s nine-month cumulative net loss provides a different perspective from the profitable third quarter alone. Neither measure should be interpreted as a direct substitute for operating cash flow.
The miner’s disclosed electricity cost at owned facilities also captures only part of its production economics. It excludes other expenses associated with running the business and maintaining mining equipment.
Investors evaluating MARA’s infrastructure strategy consequently need to distinguish recurring operating cash generation from movements in the value of its cryptocurrency holdings.
MARA’s majority-owned Exaion subsidiary signed a four-year GPU-as-a-service contract worth $79 million with its first U.S. customer.
The take-or-pay agreement provides a defined commercial commitment, equivalent to approximately $19.75 million annually if its nominal value were distributed evenly across the contract period. Actual revenue recognition will depend on contractual delivery terms.
Management has also identified a potential commercial pipeline exceeding $3 billion, although those opportunities have not all become binding agreements.
Other publicly traded miners, including Core Scientific, have pursued AI and high-performance computing through hosting infrastructure and long-term customer arrangements. MARA’s approach places additional emphasis on controlling the power assets that could support future computing facilities.
The two strategies involve different capital requirements and development timelines. MARA’s ownership of generation infrastructure could provide operational flexibility, but its economic value will depend on the commercial terms secured for that capacity.
Meanwhile, the company’s authorized $500 million share repurchase program creates another potential destination for capital alongside acquisitions, debt management and computing development.
Bitcoin traded at $64,897.86 on November 15, according to the four-hour TradingView chart.
The cryptocurrency had recovered from an intraday move toward $62,000 but remained in a broader sequence of lower highs and lower lows.
For MARA, the immediate relevance is financial rather than technical. Its recent sales preserved liquidity that would otherwise have remained exposed to the market decline.
Bitcoin shows early signs of stabilization after a sharp selloff. Chart by Alexander Zdravkov, TradingView.
Bitcoin/USD four-hour chart by Alexander Zdravkov, TradingView, November 15, 2026.
The company’s capital allocation now has a measurable opportunity cost in both directions. Further Bitcoin weakness would favor the earlier decision to monetize holdings, while a substantial recovery would increase the value of the cryptocurrency MARA no longer owns.
The longer-term outcome rests on a separate calculation: whether the company’s power and computing investments can generate enough recurring cash flow to compensate for that reduced exposure.
MARA has improved its financing position. Its next challenge is demonstrating that the infrastructure acquired with those proceeds can become a durable earnings business.
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