MARA Holdings sold 13,597 Bitcoin (BTC) after the third quarter closed, raising about $1.1 billion. Its Q3 shareholder letter, released Monday, says more sales are expected.
That sale equals about 40% of the 34,012 BTC MARA held on September 30. For MARA shareholders, each share now carries less Bitcoin as the coins go toward debt, power, and AI projects.
Where Did the $1.1 Billion in MARA Bitcoin Sale Proceeds Go?
MARA put $750 million toward fully repaying its Bitcoin-backed term loans, according to its letter.
Those loans had funded its pending purchase of Long Ridge, a natural gas power plant. Repaying them released 17,477 BTC pledged as collateral.
MARA drew the loans in August, when Bitcoin traded near $64,000, and sold at about $81,039, per its presentation. It estimates that gap was worth about $170 million after interest and fees.
MARA was already selling during the quarter, with 3,891 BTC sold in Q3 at an average of $75,300. On-chain trackers also flagged the firm moving coins to exchanges in October.
The October sale cleared the loans, but the letter makes clear it was not the last.
Where MARA’s Remaining Bitcoin Could Go
MARA’s 2026 strategy allows it to sell Bitcoin held on its balance sheet. Its 2025 strategy covered only coins from its own mining operations.
“We expect to continue to monetize bitcoin to enhance our financial flexibility,” the letter read.
The letter points to three uses for the cash those future sales would raise.
- Convertible note puts: These become exercisable next year. They let noteholders ask MARA to repay them early.
- Share buyback: The board approved a buyback of up to $500 million after the quarter. The program does not oblige MARA to buy any set amount.
- AI infrastructure: The cash would help fund new AI projects. MARA is targeting two tenant leases before year-end, but says the timing could slip into 2027.
MARA laid out these plans in the same letter that reported falling mining revenue.
A $632 Million Profit and a Flat Share Price
Third-quarter revenue fell 35% year over year to $164.2 million. A 37% drop in the average price of Bitcoin MARA mined drove the decline.
Net income still rose to $632.1 million, mainly due to an $885.3 million unrealized gain on its Bitcoin. That gain stays on paper until MARA sells the coins.
Investors saw these results after Monday’s close. MARA shares had closed November 9 at $6.64, up 4.57% from the previous close of $6.35, per Google Finance.
After hours, the stock ended down 0.06% at $6.64. MARA shares have fallen 57.38% over the past 12 months.
The firm’s stack had already shrunk from 53,822 BTC at the end of 2025. Even so, MARA’s leadership still describes Bitcoin as the company’s operating foundation.
“It is important to remember that this is not a pivot away from Bitcoin,” Fred Thiel, MARA Chairman and CEO, said.
MARA is not the only miner drawing down its coins. Rival Bitcoin miner Riot Platforms sold 79% of its Bitcoin in 3 months, cutting holdings to 2,418 BTC by September 30. But Riot paired its November 4 results with a signed data center lease worth about $28 billion. Its shares rose nearly 14% that day.
MARA’s next updates will show whether the two leases get signed and how much more Bitcoin it sells. Together, those answers will indicate how long its remaining coins can fund its plans.
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