MARA Dumps 13,597 Bitcoin Worth $1.1B in Six Weeks, More Sales Ahead

MARA has repaid all loans backed by its Bitcoin holdings and says its remaining coins could help finance its expansion into AI data centers.

Bitcoin miner MARA Holdings has sold approximately $1.1 billion worth of Bitcoin since September and intends to continue liquidating part of its reserves to generate funding for AI infrastructure, debt repayments and possible stock buybacks.

According to its third-quarter shareholder letter filed on Monday, the company sold 13,597 BTC at an average price of roughly $81,039. The amount represents about 40% of the 34,012 BTC MARA held at the end of September.

Over approximately six weeks, MARA sold six times more Bitcoin than it mined throughout the entire third quarter.

A significant portion of the proceeds went toward settling outstanding debt. The miner allocated $750 million to repay loans secured by its Bitcoin holdings, freeing up 17,477 BTC that had been pledged as collateral. Less than 5% of its remaining Bitcoin is now lent out or used as collateral, compared with 57% at the end of September.

MARA originally borrowed the funds in August to support its planned acquisition of Long Ridge, a natural gas-powered energy business. The company has since sold Bitcoin to eliminate that debt ahead of the acquisition’s expected completion.

The latest move marks a departure from MARA’s earlier strategy of retaining its mined Bitcoin. In July 2024, the company adopted a treasury policy committing to hold all newly mined coins while also purchasing additional BTC on the open market.

MARA began permitting sales of newly mined Bitcoin in 2025. Earlier this year, it expanded that approach to include its existing reserves. The company sold 26,984 BTC during the first nine months of 2026, bringing its total Bitcoin sales for the year to more than 40,000 BTC after the latest transactions.

“We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities,” MARA stated in its shareholder letter.

However, the cash generated from these sales may also be needed for other financial commitments. Certain bondholders will gain the option to demand early repayment beginning next year, while the company’s board has approved a share repurchase program of up to $500 million.

The strategy shift comes as profitability in the Bitcoin mining business faces increasing pressure. MARA’s third-quarter revenue dropped 35% to $164 million. The company nevertheless reported a $632 million profit, largely supported by an $885 million accounting gain resulting from Bitcoin’s price appreciation during the quarter.

MARA expects to finalize its Long Ridge acquisition within the next few weeks. The facility has authorization to sell 485 megawatts of electricity, while its surrounding land provides an opportunity to develop a large data-center campus. The company also holds development rights to a Texas property with potential power capacity of up to 2 gigawatts.

The miner is aiming to secure two additional data-center lease agreements before the end of the year, although it cautioned that negotiations could extend into 2027.

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