Bitcoin miner MARA Holdings sold 13,597 BTC for approximately $1.1 billion after September 30, using $750 million to eliminate its Bitcoin-backed loans as the company redirects capital toward
Bitcoin miner MARA Holdings sold 13,597 BTC for approximately $1.1 billion after September 30, using $750 million to eliminate its Bitcoin-backed loans as the company redirects capital toward artificial intelligence infrastructure and data-center development.
The Bitcoin was sold at an average price of $81,039, while the debt repayment released 17,477 BTC previously pledged as collateral. The transactions reduced the proportion of MARA’s remaining holdings loaned or pledged from 57% at the end of September to less than 5%.
The sale represented approximately 40% of the 34,012 BTC MARA held on September 30. Subtracting those coins leaves 20,415 BTC before accounting for subsequent mining, purchases or other transactions, although the company has not confirmed a new treasury balance.
MARA had already sold 26,984 BTC for $1.9 billion during the first nine months of 2026, bringing its reported Bitcoin sales for the year above 40,000 coins.
The company borrowed $750 million through Coinbase Credit and Two Prime in August to finance its planned acquisition of the Long Ridge power business. The facilities were initially backed by 18,750 BTC, with 17,477 BTC remaining pledged at the end of September.
Repaying both loans removed their outstanding balances and collateral requirements. MARA has reduced its total debt by approximately $1.4 billion, or 37%, since the beginning of 2026.
The transactions extend a treasury policy shift that began last year. MARA initially committed to retaining its mined Bitcoin but started selling production in 2025 before expanding the policy to accumulated holdings in 2026.
Earlier this year, the miner sold 23,093 BTC for $1.6 billion during the first half, partly to fund debt repayments and its expansion into AI and energy infrastructure.
The strategy contrasts with Michael Saylor’s Strategy, which continued buying Bitcoin despite its holdings falling below their acquisition cost, while facing removal from MSCI’s major equity indexes.
MARA expects additional Bitcoin sales to provide liquidity for AI infrastructure projects, potential early repayments of convertible notes beginning in 2027 and share repurchases.
Its board authorized a discretionary $500 million stock buyback on November 9, although the program does not require the company to purchase any specific number of shares.
The miner is also preparing to complete its acquisition of Long Ridge, a natural-gas power facility authorized to sell 485 megawatts. The property includes more than 1,600 acres suitable for data-center development, with the combined site offering over one gigawatt of potential capacity.
Federal regulators approved the acquisition on November 4, leaving the transaction subject to customary closing conditions.
MARA has separately secured development rights for a Texas site with potential capacity of up to two gigawatts. Its Exaion subsidiary also signed a four-year, $79 million GPU-as-a-service contract with its first US customer.
The expansion follows a difficult quarter for the mining business. Revenue fell 35% year over year to $164.2 million, although net income reached $632.1 million, helped by gains in the value of its digital assets.
MARA is targeting two new data-center lease agreements before the end of 2026 but has warned that negotiations could extend into 2027.
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