MARA Sells 13,597 Bitcoins for $1.1 Billion

MARA Holdings (MARA), a Bitcoin mining company, disclosed in a report on November 9 that it sold 13,597 Bitcoins at an average price of approximately $81,039 after the end of the third quarter, raising about $1.1 billion. The company used $750 million of this amount to fully repay Bitcoin collateral loans borrowed from Coinbase Credit and Two Prime, and to unpledge 17,477 Bitcoins. This sale accounted for about 40% of the company's holdings of 34,012 Bitcoins as of September 30. According to the shareholder letter, the $750 million loan was borrowed on August 4, of which $600 million was new financing and $150 million was used to replace the existing credit line. The company collateralized its loans when Bitcoin was priced at around $64,000 and sold them at an average price afterward, expecting to gain approximately $170 million in net profit. After repayment, the proportion of borrowed or pledged Bitcoins in its holdings fell to below 5%, with this ratio being about 57% at the end of the third quarter. Since early 2026, the company has reduced its debt by $1.4 billion, equivalent to 37% of its total debt. The shareholder letter mentioned that it will continue to sell Bitcoins depending on market conditions to enhance financial flexibility, with proceeds potentially used for AI infrastructure, convertible bond repurchases, and potential stock buybacks. In the first nine months of this year, MARA has sold approximately 26,984 Bitcoins, raising $1.9 billion.

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