Bitcoin miner MARA Holdings sold about $1.1 billion in BTC in roughly six weeks after September and plans further sales, according to its latest shareholder letter.
The company is using its reserves to repay borrowing and expand its infrastructure business.
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Bitcoin sales clear secured loans
The company disclosed sales of 13,597 BTC at an average price near $81,039. This equaled about 40% of the 34,012 BTC held on September 30.
Its quarterly filing confirms that it used $750 million to repay loans secured against its Bitcoin, releasing 17,477 coins it had pledged as collateral.
The borrowing had supported its planned acquisition of Long Ridge, a natural-gas power business.
A change in treasury strategy
In July 2024, MARA pledged to retain all Bitcoin it mined. This allowed sales of newly mined BTC in 2025 and expanded that policy to accumulate reserves in 2026.
The company’s sales have already reached 26,984 BTC in the first nine months of 2026. The latest sale takes the year’s total above 40,000 BTC.
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, said MARA.
AI expansion meets weaker mining revenue
MARA’s third-quarter revenue fell 35% to $164.2 million. The decline came despite a 5% rise in Bitcoin production to 2,247 BTC. Net income reached $632.1 million, helped by an $885.3 million unrealized gain on digital assets, which shows how Bitcoin valuations can lift reported profit despite weaker revenue.
MARA is targeting two data-center leases before year-end, although negotiations could extend into 2027. Its board also authorized up to $500 million in a share repurchase program, without requiring any purchases.
Some convertible bondholders can demand early repayment starting in 2027, creating another potential cash call.
The company says Bitcoin mining remains its operating foundation as it develops AI and computing infrastructure.
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