Key Takeaways
MARA repaid $750M owed to Coinbase Credit score and Two Prime, liberating 17,477 BTC pledged as collateral.MARA’s Q3 2026 income fell 35% to $164.2M as the typical value of bitcoin it mined dropped 37% to $71,688.MARA’s board authorized a $500M buyback whereas the miner targets two AI information middle leases earlier than year-end.
A $1.1 Billion Sale Disclosed within the 10-Q
The sale surfaced in MARA’s quarterly report filed with the Securities and Change Fee (SEC) on Nov. 9, which learn as follows:
Subsequent to quarter finish, the Firm offered 13,597 bitcoin for mixture proceeds of roughly $1.1 billion.
The figures suggest a mean sale value of roughly $81,000 per coin, and the loans that MARA cleared have been new.
On Aug. 4, the corporate took out two bitcoin-collateralized time period loans totaling $750 million from Coinbase Credit score and Two Prime. The Coinbase facility alone was $450 million, backed by 11,250 BTC, and was not due till August 2028. As of Sept. 30, a complete of 17,477 BTC was pledged towards the 2 loans, the submitting reveals. All of it has now been returned to MARA.
In its shareholder letter, MARA mentioned the compensation leaves lower than 5% of its BTC holdings loaned or pledged. Mixed with the $1.4 billion, or 37%, of complete debt it has lower since January, the corporate mentioned, the transfer “decreased our publicity to bitcoin value volatility.”
Income Falls 35% as Bitcoin’s Worth Slides
The quarter itself confirmed how a lot a weaker bitcoin value has squeezed miners as MARA reported Q3 2026 income of $164.2 million, down 35% from $252.4 million a yr earlier. It mined 2,247 BTC, up 5%, however the common value of the bitcoin it mined fell 37% to $71,688 from $114,440, based on the 10-Q.
Paper positive aspects on its bitcoin holdings and receivables pushed internet revenue to $632.1 million, from $123.1 million a yr in the past. Adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) rose to $857.7 million whereas energized hashrate climbed 18% to 71.2 exahashes per second (EH/s), and bought power value per BTC at its owned websites got here in at $39,674.
MARA has been a gradual vendor all yr, promoting about 26,984 BTC within the first 9 months of 2026 to fund operations and different wants, the submitting reveals. In October, Bitcoin.com Information reported that MARA-linked wallets had been sending bitcoin to exchanges in 500 BTC tons as its inventory sank almost 45% in lower than a month.
Miners Hold Buying and selling Bitcoin for Energy
MARA isn’t alone within the offloading as Riot Platforms additionally offered 10,599 BTC for $751.5 million within the third quarter, whereas Hut 8 offered about $250 million value throughout Q3 and October as each corporations redirect capital into synthetic intelligence (AI) infrastructure.
MARA postured its personal shift the identical method, including:
Bitcoin constructed the muse. Energy created the chance. Our technique now could be easy: maximize the worth of each megawatt we management.
It added that it’s “not a pivot away from bitcoin,” calling mining a versatile approach to monetize energy whereas higher-value initiatives are constructed.
These initiatives are nonetheless in progress, and the MARA crew mentioned it obtained Federal Vitality Regulatory Fee (FERC) approval for its Lengthy Ridge acquisition, a 485 MW pure fuel plant in Ohio, and expects to shut within the coming weeks. Its subsidiary Exaion signed a $79 million, four-year GPU-as-a-service contract with its first U.S. buyer. MARA is concentrating on two information middle leases earlier than year-end, however warned that “timing might slip into subsequent yr.”
The miner’s board additionally approved a share repurchase program of as much as $500 million.
