MARA Holdings, a Nasdaq-listed Bitcoin mining firm, bought 13,597 BTC valued at roughly $1.1 billion after the third quarter ended and used $750 million of the proceeds to repay Bitcoin-backed loans. The transaction was introduced on November 9, as MARA builds liquidity for its AI infrastructure enlargement plans and upcoming capital obligations.
The sale marks a shift away from MARA’s earlier Bitcoin accumulation coverage, as the corporate begins utilizing its digital asset treasury to strengthen its steadiness sheet and fund its development technique. The potential for further gross sales stays open.
MARA Sells $1.1B of Bitcoin and Clears Secured Debt
MARA bought 13,597 BTC at a median worth of roughly $81,039 per coin. This quantity is equal to just about 40% of the 34,012 BTC the corporate held as of September 30 and is roughly six instances its complete Q3 manufacturing of two,247 BTC, highlighting the numerous scale of the transaction relative to the corporate’s mining operations.
Of the roughly $1.1 billion in proceeds, MARA used $750 million, or about 68%, to repay two Bitcoin-backed loans. The 2 loans had been established in August, consisting of roughly $450 million with Coinbase of which $150 million was used to refinance an current credit score facility and $300 million with Two Prime. The reimbursement allowed MARA to launch and recuperate 17,477 BTC that had been posted as collateral.
On the finish of September, MARA had 19,260 BTC loaned out or pledged as collateral, accounting for about 57% of its complete holdings. After the loans had been repaid, this ratio dropped to under 5%, in line with MARA’s Q3 shareholder letter. The discharge of collateral eliminates liquidation dangers related to the $750 million in loans and returns nearly all of its Bitcoin to unencumbered standing.
Whole digital property held as of September 30, 2026, and December 31, 2025. Supply: MARA, SEC
MARA has not disclosed its remaining Bitcoin holdings following the sale. The most recent confirmed determine is 34,012 BTC as of September 30, previous to accounting for the brand new transaction and Bitcoin mined after Q3.
The Finish of MARA’s Full-HODL Technique
The most recent sale marks a reversal from the treasury coverage MARA introduced in July 2024. Below its “full HODL” technique, the corporate dedicated to retaining all mined Bitcoin and periodically making open-market purchases. CEO Fred Thiel on the time described Bitcoin because the world’s finest treasury reserve asset.
The coverage started to shift in 2025, when MARA allowed the sale of mined Bitcoin. Getting into 2026, the corporate expanded the scope to incorporate Bitcoin amassed on its steadiness sheet.
Previous to the brand new transaction, MARA had bought 26,984 BTC within the first 9 months of 2026 at a median worth of $71,123, producing roughly $1.9 billion in proceeds. The post-Q3 sale brings MARA’s complete disclosed Bitcoin gross sales for the 12 months to 40,581 BTC, comparable to roughly $3 billion.
MARA continues to outline Bitcoin mining as its foundational enterprise. Below its present coverage, BTC holdings serve each as a long-term funding and a supply of liquidity which may be bought relying on market situations and capital allocation priorities.
AI Enlargement Drives the Money Construct
The $750 million in loans MARA simply repaid was raised in August to finance the Lengthy Ridge Power & Energy acquisition in Ohio. The roughly $1.5 billion deal will add a gas-fired energy plant permitted for 485 MW and greater than 1,600 acres of land that may be developed into an information heart campus. In response to MARA’s Q3 Type 10-Q submitting, the deal was accepted by the U.S. Federal Power Regulatory Fee on November 4 and is anticipated to shut within the coming weeks.
MARA additionally holds improvement rights for a website with as much as 2 GW of potential capability in Texas, whereas its subsidiary Exaion signed a four-year GPU-as-a-service contract valued at $79 million. Past capital wants for these tasks, MARA has $48.1 million in notes maturing in December 2026. In 2027, noteholders can require the corporate to repurchase two sequence of convertible notes with a mixed remaining principal quantity of roughly $924 million. The board of administrators has additionally licensed a share repurchase program of as much as $500 million, although it has not dedicated to executing it.
In Q3, MARA’s income fell 35% year-over-year to $164.2 million, whilst Bitcoin manufacturing rose 5%. The corporate reported web earnings of $632.1 million, although this end result contains $885.3 million in unrealized good points from the remeasurement of digital property.
What Comes Subsequent
MARA has not disclosed a minimal Bitcoin steadiness it intends to keep up, nor the timing or measurement of future gross sales. The corporate acknowledged that it might promote further Bitcoin relying on market situations and capital allocation priorities, whereas nonetheless retaining a portion of its Bitcoin for long-term funding functions.
Subsequent filings will replace its present Bitcoin steadiness and present whether or not proceeds proceed to be directed towards AI infrastructure, notice obligations, or the share repurchase program. Within the close to time period, key milestones to observe embody the closing of the Lengthy Ridge transaction, the notice repurchase put choices in 2027, and whether or not MARA executes its $500 million buyback authorization.
