Bitcoin mining company MARA sold approximately 14,000 bitcoins after the season, bringing in 1.1 billion dollars

MARA Holdings (MARA), a Bitcoin mining company, disclosed in its third quarter report and shareholder letter submitted on November 9 that after the end of the third quarter, the company sold 13,597 Bitcoins at an average price of approximately $81,039, bringing in about $1.1 billion, and used $750 million of that to fully repay Bitcoin collateralized loans borrowed from Coinbase Credit and Two Prime, while also releasing 17,477 Bitcoins that were previously pledged. This sale accounted for about 40% of the company's holdings of 34,012 Bitcoins as of September 30.

The shareholder letter stated that the aforementioned $750 million loan was borrowed on August 4, of which $600 million was new financing and $150 million was used to replace the original credit line, intended to fund the acquisition of Long Ridge. The company collateralized the loan when Bitcoin was priced at approximately $64,000 and later sold at the aforementioned average price, estimating a net gain of about $170 million from this transaction. After repayment, the proportion of borrowed or pledged Bitcoins fell to below 5%, with that ratio being approximately 57% at the end of the third quarter. The company also stated that it has reduced its debt by $1.4 billion since the beginning of 2026, equivalent to 37% of total debt.

The shareholder letter also mentioned that it will continue to sell Bitcoins depending on market conditions to enhance financial flexibility, with proceeds potentially used for artificial intelligence infrastructure, convertible bond repurchases that can be exercised next year, and potential stock buybacks. In the first nine months of this year, MARA has sold approximately 26,984 Bitcoins, bringing in $1.9 billion.