MARA Sells 13,597 Bitcoin for About $1.1 Billion, Repays Bitcoin-Backed Loans
Key Facts
MARA Holdings sold 13,597 bitcoin at an average of about $81,039 per coin, generating proceeds of about $1.1 billion after the end of the third quarter of 2026, according to the shareholder letter filed with the U.S. Securities and Exchange Commission. The company used $750 million of the proceeds to fully repay its bitcoin-backed loans. The repayment released 17,477 bitcoin that had been pledged as collateral for those loans. MARA estimated the net benefit from the transaction at about $170 million. It said its disciplined and measured execution enabled it to realize this benefit. The move is part of a broader debt reduction, with the company saying it had cut total debt by $1.4 billion, or 37%, since the start of the year.
The deal represents a liquidation of part of the company's holdings after MARA expanded its policy in 2026 to allow the sale of bitcoin held on its balance sheet. The company changed its approach in 2025 to allow the sale of bitcoin generated by its operations. In July 2024, it announced a “full hodl” bitcoin policy, which included keeping all the bitcoin it mined and making periodic strategic purchases on the open market. MARA said it expects to continue liquidating bitcoin to strengthen its financial flexibility, including by providing liquidity and funding capital projects. The company linked this approach to market conditions and capital allocation priorities, saying initiatives that support long-term shareholder value could benefit from this flexibility.
MARA sold about 26,984 bitcoin during the nine months ended September 30, 2026, generating proceeds of $1.9 billion, before the additional sale after the quarter ended. Its holdings totaled 34,012 bitcoin on September 30, of which 19,260 bitcoin were loaned or pledged as collateral. The company valued its bitcoin holdings at about $2.8 billion on that date. Cash and bitcoin combined totaled about $3.8 billion at quarter-end, according to the shareholder letter. The combined value includes loaned and pledged bitcoin, the company said. These figures show that the post-quarter sale followed extensive liquidations during the nine months, while part of the holdings at the end of September remained tied to loans or collateral.
On results, third-quarter revenue fell to $164.2 million from $252.4 million in the same period of 2025, a decline of 35%. The company, however, posted net income of $632.1 million, including a gain of $885.3 million related to the fair value of digital assets. MARA produced 2,247 bitcoin in the quarter, up 5% year over year. Energized hashrate reached 71.2 exahashes per second, compared with 60.4 a year earlier, an increase of 18%. But higher production and hashrate did not prevent revenue from falling, as the average price of mined bitcoin declined 37% compared with the third quarter of 2025.
The company said bitcoin mining revenue declined by $83.1 million year over year. It attributed the decrease mainly to a lower average price of mined bitcoin, which reduced revenue by about $94.8 million. Higher production offset part of the impact, adding $11.7 million to revenue compared with the year-earlier period. These factors put production growth against price pressure that weighed on mining revenue. On debt, as of September 30 the company had $48.1 million of principal remaining on its December 2026 notes, due at maturity in December. It also had $291.6 million of principal remaining on its June 2031 notes classified as a current liability, with holders able to require repurchase starting in June 2027.
MARA is seeking to expand its power and computing businesses while reducing debt. The Federal Energy Regulatory Commission approved the company's acquisition of Long Ridge on November 4, 2026, and MARA said it expects to close the deal in the following weeks, subject to the remaining conditions being met. The plant currently holds a permit for up to 485 megawatts, while the company expects to reach its nameplate capacity of 505 megawatts in the first half of 2027. In computing, Exaion signed a four-year, $79 million contract to provide services through graphics processing units, on terms requiring the customer to pay in full for the capacity. MARA said it is targeting the signing of two lease agreements before the end of 2026, though timing could slip into 2027 because of changing market conditions.
The company said its potential pipeline exceeds $3 billion, with about $1 billion of it targeted for delivery by the end of 2027. It said these orders reflect indications of interest and have not yet become contracts or binding commitments. After the quarter ended, the board authorized a program to repurchase up to $500 million of common stock. The authorization does not require the company to buy any specified amount of shares. EL7 data showed MARA stock closed at $6.64 on November 9, 2026, while EL7 published a report that same day on the stock's decline after revenue missed expectations despite a profit surge. This market performance puts the quarterly results and buyback program in the context of the stock's recent moves, while the company said decisions on bitcoin liquidation will remain tied to market conditions and capital priorities.