MARA Holdings sold 13,597 bitcoin after the third quarter closed, raising about $1.1 billion, and used $750 million of it to repay its bitcoin-backed term loans in full. The miner disclosed the sale in its Q3 2026 shareholder letter on Monday, and said it expects to keep selling. That matters beyond one company: MARA is one of the largest corporate holders of bitcoin, and it has now told investors that its treasury is a source of cash rather than a stash it plans to hold.
What MARA sold and why
According to the letter, the 13,597 BTC went at an average price of around $81,039. MARA held 34,012 BTC on Sept. 30, so the sale equals roughly 40% of its quarter-end holdings. The company has not published an updated total. Subtracting the sale alone leaves about 20,400 BTC, before counting coins mined since the end of September.
The loans being repaid were taken out during the quarter. MARA borrowed $750 million against bitcoin, $600 million of it new money and $150 million refinancing an existing facility, to pay for the Long Ridge power plant acquisition in Ohio. It borrowed while bitcoin traded around $64,000 and sold above $81,000, a spread MARA puts at an “estimated net benefit of $170.0 million.”
Repaying the loans returned 17,477 BTC that had been pledged as collateral. MARA said that leaves less than 5% of its bitcoin loaned or pledged, down from 19,260 coins, or about 57% of holdings, at the end of September.
The timing looks good in hindsight. Bitcoin was trading near $74,600 on Coinbase early on Tuesday, about 8% below MARA’s average sale price. At that level the coins sold would fetch roughly $1.01 billion.
A paper profit, a weaker mining business
The headline earnings came almost entirely from bitcoin’s price. MARA reported Q3 net income of $632.1 million, or $1.28 per diluted share, against $123.1 million a year earlier. That figure includes an $885.3 million unrealized mark-to-market gain on its bitcoin, as the price rose to $83,556 at quarter-end. Adjusted EBITDA was $857.7 million.
The operating business went the other way. Revenue fell 35% to $164.2 million from $252.4 million, because a 37% drop in the average price of bitcoin mined cut $94.8 million from revenue. Production actually rose: MARA mined 2,247 BTC in the quarter, up 5% year on year, and won 644 blocks. Energized hashrate reached 71.2 EH/s. During the quarter it also sold 3,891 BTC at an average of $75,300, and for the first nine months of 2026 it sold about 26,984 BTC for $1.9 billion.
The pattern is familiar across the sector. Last week Cipher Digital reported that it had sold most of its bitcoin as mining revenue fell 71% while it shifted toward data centers.
A policy change, not a one-off
The more lasting part of the letter is the change in policy. MARA wrote that in 2025 it “changed our strategy to permit sales of bitcoin generated from operations and in 2026 we expanded this strategy to allow for sales of bitcoin held on our balance sheet.” It added: “We expect to continue to monetize bitcoin to enhance our financial flexibility.”
The letter names three uses for future sales. MARA said it intends to keep “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.” The board approved a buyback of up to $500 million after the quarter, though the program does not oblige the company to buy any set amount.
Chief executive Fred Thiel framed bitcoin as a tool for deciding how each megawatt gets used. “Bitcoin gives us optionality: we can keep each megawatt in mining or redirect it to AI or HPC when those uses offer the greatest risk-adjusted return,” Thiel said.
What to watch next
Three items will show how much more bitcoin MARA has to sell. The first is Long Ridge: MARA received FERC approval and expects to close the deal by year-end. The second is leasing. The company is targeting two AI and high-performance computing tenant leases before year-end but warned that timing “could slip into next year.” The third is the convertible note puts in 2027, which could require cash if holders exercise them.
MARA has reduced total debt by $1.4 billion, or 37%, since the start of the year. The Block reported that MARA’s stock was little changed in after-hours trading after the results. The next firm count of its remaining bitcoin is likely to come with its fourth-quarter results.
FAQ
How much bitcoin did MARA sell after Q3?
MARA sold 13,597 BTC at an average price of around $81,039, for proceeds of about $1.1 billion. It used $750 million of that to fully repay its bitcoin-collateralized term loans.
Was MARA’s $632 million Q3 profit from mining?
No. Net income included an $885.3 million unrealized gain on the value of its bitcoin. Revenue from operations fell 35% to $164.2 million.
Will MARA sell more bitcoin?
The company said it expects to continue monetizing bitcoin to fund AI infrastructure, cover convertible note puts that become exercisable next year, and support potential share repurchases. It has not given a target amount.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
