Mining company MARA sold 13,597 BTC over six weeks for 1.1 billion USD to pay for AI data center expenses

GSR Content and Special Projects Director Frank Chaparro stated that the Bitcoin mining company MARA sold 13,597 BTC in six weeks, cashing out $1.1 billion, and plans to continue selling. He noted that MARA had previously indicated it would hold Bitcoin, but is currently selling its inventory of Bitcoin to repay debts and support arrangements for artificial intelligence data centers.

According to MARA's third-quarter shareholder letter, the aforementioned sales occurred after September 30, with an average transaction price of approximately $81,039, representing about 40% of the 34,012 BTC held at the end of the quarter. The company used $750 million of this to pay off a term loan secured by Bitcoin and released 17,477 BTC from collateral.

The letter stated that the company intends to continue using Bitcoin to raise cash, with purposes including artificial intelligence infrastructure, convertible bonds that can be exercised next year, and potential stock buybacks.