MARA Sells 13,597 Bitcoin for $1.1 Billion, Pays Off Its BTC-Backed Loans and Plans More Sales

MARA Holdings, the miner that promised two years ago to keep every bitcoin it mined, has sold 13,597 bitcoin for about $1.1 billion since the end of September. And it says it isn't finished.

The disclosure came in the company's third-quarter shareholder letter, filed with the SEC on Monday, November 9. MARA sold the coins at an average price of roughly $81,039 and used $750 million of the cash to fully repay the loans it had taken out against its bitcoin.

CoinDesk calculated that the sale equals 40% of the 34,012 BTC MARA held at the end of September, and about six times the 2,247 BTC its machines mined during the entire third quarter.

What MARA sold and why

The loans date back to the summer. During the third quarter, MARA took on $750 million of bitcoin-collateralized borrowing, $600 million of it new money and $150 million refinancing an older facility, to pay for its planned purchase of Long Ridge, a natural-gas power plant.

After the quarter closed, it sold bitcoin and paid all of that back. The repayment returned 17,477 BTC that had been pledged as collateral, and the company says less than 5% of its bitcoin is now loaned out or pledged. At the end of September, that figure was about 57%.

MARA presented the trade as a win. "We borrowed against bitcoin while it was trading around $64,000," the letter says, and by selling later at about $81,039 the company estimates it captured a net benefit of $170 million.

The letter does not say exactly when or where the coins were sold, only that the sales happened after September 30.

A long way from "hodl"

The bigger story is the change in attitude. As CoinDesk points out, MARA's July 2024 treasury policy committed it to keeping every bitcoin it mined and buying more on the open market.

In 2025 the company started allowing sales of newly mined coins. This year it widened the policy to cover bitcoin already sitting on its balance sheet. It sold about 26,984 BTC for $1.9 billion in the first nine months of 2026, so the latest sales push the year's total above 40,000 BTC.

It also did not buy a single bitcoin in the third quarter, according to the letter.

"We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities, to satisfy the puts on our convertible notes that become exercisable next year, and potential share repurchases," MARA wrote. Its board has authorized buybacks of up to $500 million.

If you want a refresher on how miners earn coins in the first place, our explainer on what bitcoin mining is walks through the basics.

Profit on paper, weaker mining revenue

The quarter's headline numbers look strong but need context. Revenue fell 35% to $164.2 million from $252.4 million a year earlier, mainly because the average price of the bitcoin MARA mined was 37% lower, the letter says.

Net income still jumped to $632.1 million from $123.1 million, or $634.4 million attributable to common shareholders, the figure The Block reported. The jump was driven by an $885.3 million unrealized gain on the value of its bitcoin, not by mining.

Operationally, MARA mined 2,247 BTC, won 644 blocks and lifted its energized hashrate 18% year over year to 71.2 EH/s. It ended September with $946.5 million in cash and says it has cut total debt by $1.4 billion, or 37%, since January.

Lower bitcoin prices have squeezed mining revenue, which helps explain why miners are rethinking what their power is worth. Our guide to hashrate, difficulty and hash price explains the mechanics.

Why it matters

MARA is not a small holder. The Block describes it as the fifth-largest corporate bitcoin treasury, recently overtaken by Strive. When a company of that size shifts from accumulating to selling, it changes the picture of who is reliably buying.

The timing is awkward for bulls. Bitcoin traded around $74,750 early Tuesday, CoinDesk reported, down from a peak above $87,000 in early October. Spot bitcoin ETFs have also stopped providing steady demand, as we covered when bitcoin ETF flows turned negative for 2026.

It also says a lot about where miners see their future. CEO Fred Thiel wrote that "the opportunity is bigger than monetizing the megawatt," describing a move "from power to infrastructure to compute, and ultimately to fully integrated cloud solutions."

MARA insists this is "not a pivot away from bitcoin," calling mining its operating foundation. But the cash from its coins is now clearly earmarked for data centers, debt and buybacks rather than a growing stack.

The AI buildout behind the sales

Long Ridge is central to that plan. MARA says it recently received FERC approval and expects to close the deal in the coming weeks. The plant is authorized to sell 485 megawatts, expected to rise to its full 505 MW in the first half of 2027, and comes with more than 1,600 acres for a data-center campus.

The company has also secured rights to develop a site in Matagorda County, Texas, with up to 2 gigawatts of power capacity. Its majority-owned subsidiary Exaion signed a four-year, $79 million GPU-as-a-service contract with its first US customer.

MARA says it is targeting two data-center leases before year-end, but warns that "market conditions are fluid and that timing could slip into next year."

How the market took it

Investors did not panic. MARA's stock rose more than 4.5% in Monday's regular session and was little changed after hours, according to The Block.

Bitcoin itself was trading weakly ahead of US October inflation data due Tuesday at 8:30 a.m. ET. Analysts quoted by CoinDesk flagged $73,000 as key support, with BRN warning that a daily close below it could open a move toward $70,000.

What's next

Three things to watch. First, whether Long Ridge closes on schedule and MARA signs the data-center leases it is targeting. Second, how much more bitcoin it sells, since it has already said further sales are coming to cover the convertible note puts next year and possible buybacks.

Third, whether other listed miners follow the same path. Two years ago MARA was promising to hold every coin it mined. Today it is one of the clearest examples of a miner turning its bitcoin treasury into a funding source.

Sources: MARA's Q3 2026 shareholder letter filed with the SEC, CoinDesk and The Block.