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MARA Holdings sold 13,597 bitcoin for about $1.1 billion in roughly six weeks, according to its third-quarter shareholder letter. It used $750 million to repay bitcoin-backed loans and says it plans further sales to fund AI infrastructure opportunities, debt repayments and potentially share buybacks.
MARA Holdings sold 13,597 bitcoin for about $1.1 billion over roughly six weeks after September and plans further sales, according to its third-quarter shareholder letter. The bitcoin miner said it will use sales to build cash for AI infrastructure opportunities, while also facing debt repayments and having authorization for share buybacks.
MARA sold the coins at an average price of about $81,039 per bitcoin, according to the letter. The amount was equivalent to 40% of the 34,012 BTC the company held at the end of September. The report said MARA sold six times as much bitcoin in this period as it mined during the entire third quarter.
The company directed $750 million of the proceeds to repaying loans backed by bitcoin. That repayment released 17,477 BTC previously pledged as collateral. MARA reported that less than 5% of its remaining bitcoin holdings are now lent out or pledged, down from 57% at the end of September.
MARA’s letter says it intends to continue using bitcoin to build cash for AI infrastructure opportunities. The company also has obligations and potential uses for cash beyond data-center development: certain bondholders can demand early repayment starting next year, and its board has approved up to $500 million in share repurchases. The letter does not specify how much of any future bitcoin sales would go to each purpose.
Bitcoin Sales Fund MARA’s AI Push
The sales show how MARA is drawing on its bitcoin reserves as it pursues power assets and data-center projects, rather than relying only on newly mined coins to fund expansion. Selling a large portion of its reported September holdings gives the company cash and reduces bitcoin-backed borrowing, but also leaves it with fewer coins if bitcoin prices rise.
The move comes as the business faces weaker mining revenue. MARA reported third-quarter revenue of $164 million, down 35%, while posting a $632 million profit that included an $885 million accounting gain tied to bitcoin’s price increase during the quarter. The reported profit therefore included a substantial non-cash valuation gain, while the sales converted some holdings into cash.
For investors, the balance between mining, bitcoin ownership and infrastructure investment is changing. MARA’s plans could make its results more dependent on whether it can develop power and data-center assets successfully, as well as on bitcoin’s volatile price. The disclosures do not establish that future AI projects will produce returns sufficient to replace revenue or gains associated with holding bitcoin.
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From Hold-All Policy to Sales
The sales reverse a policy MARA announced in July 2024, when it committed to retaining all bitcoin produced by its mining operations and buying additional coins in the market. The company began allowing sales of newly mined bitcoin in 2025, then broadened the policy this year to include bitcoin already held in its treasury.
According to the report, MARA sold 26,984 BTC in the first nine months of 2026. Including the latest disposals, its sales for the year exceed 40,000 BTC. The company took out bitcoin-backed loans in August to help fund its planned acquisition of Long Ridge, a natural-gas power business; it has since sold bitcoin to repay that borrowing ahead of the expected acquisition closing.
Long Ridge is authorized to sell 485 megawatts of power, and its surrounding land could accommodate a data-center campus, the report said. MARA also has development rights at a Texas site with potential capacity of up to 2 gigawatts. The company is targeting two new data-center leases before year-end, while warning negotiations could continue into 2027.
“We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities.”
— MARA Holdings, in its third-quarter shareholder letter
How Much Bitcoin Will MARA Sell?
MARA has not disclosed how much bitcoin it plans to sell next, when future disposals would occur, or how proceeds would be divided among AI projects, debt repayment and possible share buybacks. The reported average sale price and total proceeds describe the completed transactions, not the terms or scale of any future sales.
The company also has not confirmed the expected cost, financing structure or returns of specific data-center projects in the information summarized in the report. Long Ridge is expected to close in the coming weeks, but the closing date and any conditions still pending were not specified. MARA’s target of two leases before year-end is a company goal, and negotiations could extend into 2027.
Bitcoin prices can change sharply, and the value of the company’s remaining holdings and future sale proceeds will depend on market conditions. The report does not identify a fixed price threshold or schedule that would trigger further sales.
Long Ridge and Lease Milestones
MARA expects to close its Long Ridge acquisition in the coming weeks, according to the report. The transaction would give it access to a power business and land that could support data-center development, though the report does not provide a confirmed closing date.
The company is also pursuing two data-center leases before the end of 2026. MARA has cautioned that negotiations may run into 2027, so the year-end target is not a guarantee that agreements will be finalized. Its next updates on the acquisition, lease negotiations and any additional bitcoin sales should clarify how quickly it can turn its holdings and power assets into funding for AI infrastructure.
Key Questions
How much bitcoin did MARA sell?
MARA sold 13,597 BTC for about $1.1 billion over roughly six weeks after September, at an average price of about $81,039 per coin, according to its shareholder letter.
What did MARA do with the sale proceeds?
The company used $750 million to repay bitcoin-backed loans, releasing 17,477 BTC that had been pledged as collateral. MARA also said further sales could build cash for AI infrastructure and other corporate needs.
Does MARA plan to sell more bitcoin?
Yes. MARA said it intends to continue using bitcoin to build cash for AI infrastructure opportunities. It has not disclosed the amount or timing of its next sales.
Why is MARA selling bitcoin?
The company is pursuing power and data-center projects linked to AI infrastructure, while also facing debt obligations and having board approval for up to $500 million in share repurchases. The report does not say how future sale proceeds will be allocated among those uses.
What remains uncertain about MARA’s plans?
The amount and schedule of future bitcoin sales, the allocation of proceeds, the timing of the Long Ridge closing and the outcome of data-center lease negotiations have not been confirmed. Bitcoin is volatile, and its price can affect both the value of MARA’s remaining holdings and proceeds from future sales.
Source: coindesk.com
