MARA Dumps Over 13,500 Bitcoin for Over $1B to Wipe out Its BTC Loans

A $1.1 Billion Sale Disclosed successful the 10-Q

The merchantability surfaced successful MARA’s quarterly report filed with the Securities and Exchange Commission (SEC) connected Nov. 9, which work arsenic follows:

Subsequent to 4th end, the Company sold 13,597 bitcoin for aggregate proceeds of astir $1.1 billion.

The figures connote an mean merchantability terms of astir $81,000 per coin, and the loans that MARA cleared were new.

On Aug. 4, the institution took retired 2 bitcoin-collateralized word loans totaling $750 cardinal from Coinbase Credit and Two Prime. The Coinbase installation unsocial was $450 million, backed by 11,250 BTC, and was not owed until August 2028. As of Sept. 30, a full of 17,477 BTC was pledged against the 2 loans, the filing shows. All of it has present been returned to MARA.

In its shareholder letter, MARA said the repayment leaves little than 5% of its BTC holdings loaned oregon pledged. Combined with the $1.4 billion, oregon 37%, of full indebtedness it has chopped since January, the institution said, the determination “decreased our vulnerability to bitcoin terms volatility.”

Revenue Falls 35% arsenic Bitcoin’s Price Slides

The 4th itself showed however overmuch a weaker bitcoin terms has squeezed miners arsenic MARA reported Q3 2026 gross of $164.2 million, down 35% from $252.4 cardinal a twelvemonth earlier. It mined 2,247 BTC, up 5%, but the mean terms of the bitcoin it mined fell 37% to $71,688 from $114,440, according to the 10-Q.

Paper gains connected its bitcoin holdings and receivables pushed nett income to $632.1 million, from $123.1 cardinal a twelvemonth ago. Adjusted net earlier interest, taxes, depreciation and amortization (EBITDA) roseate to $857.7 cardinal portion energized hashrate climbed 18% to 71.2 exahashes per 2nd (EH/s), and purchased vigor outgo per BTC astatine its owned sites came successful astatine $39,674.

MARA has been a dependable seller each year, selling astir 26,984 BTC successful the archetypal 9 months of 2026 to money operations and different needs, the filing shows. In October, Bitcoin.com News reported that MARA-linked wallets had been sending bitcoin to exchanges successful 500 BTC tons arsenic its banal sank astir 45% successful little than a month.

Miners Keep Trading Bitcoin for Power

MARA is not unsocial successful the offloading arsenic Riot Platforms besides sold 10,599 BTC for $751.5 million successful the 3rd quarter, portion Hut 8 sold astir $250 cardinal worthy crossed Q3 and October arsenic some companies redirect superior into artificial intelligence (AI) infrastructure.

MARA postured its ain shift the aforesaid way, adding:

Bitcoin built the foundation. Power created the opportunity. Our strategy present is simple: maximize the worth of each megawatt we control.

It added that it is “not a pivot distant from bitcoin,” calling mining a flexible mode to monetize powerfulness portion higher-value projects are built.

Those projects are inactive successful progress, and the MARA squad said it received Federal Energy Regulatory Commission (FERC) support for its Long Ridge acquisition, a 485 MW earthy state works successful Ohio, and expects to adjacent successful the coming weeks. Its subsidiary Exaion signed a $79 million, four-year GPU-as-a-service declaration with its archetypal U.S. customer. MARA is targeting 2 information halfway leases earlier year-end, but warned that “timing could gaffe into adjacent year.”

The miner’s committee besides authorized a share repurchase program of up to $500 million.