At a glance
- The coins went for roughly $81,039 each, about $6,800 more than bitcoin's price near $74,200 on Tuesday morning.
- Advisors using the equity as a stand-in for spot bitcoin now hold exposure to a treasury policy, not a static coin position.
- The board authorized a buyback of up to $500 million of common stock after quarter-end.
MARA Holdings sold 13,597 bitcoin for about $1.1 billion after its third quarter ended. It used $750 million of the cash to repay all of its bitcoin-backed term loans, the company said in its third-quarter shareholder letter Monday.
The coins went for roughly $81,039 each, about $6,800 more than bitcoin's price near $74,200 on Tuesday morning. The sale cut about 40% of the 34,012 BTC MARA held on Sept. 30, and repaying the loans released 17,477 bitcoin pledged as collateral. Less than 5% of the company's holdings are now loaned or pledged, and MARA held about 20,400 BTC after the sale, before counting coins mined since.
Advisors using the equity as a stand-in for spot bitcoin now hold exposure to a treasury policy, not a static coin position. The company said it will keep selling bitcoin to build cash, citing AI infrastructure and the puts on its convertible notes, which become exercisable next year. Quarterly net income rose to $632.1 million on an $885.3 million fair value gain on digital assets, while mining revenue fell 35% to $164.2 million.
The board authorized a buyback of up to $500 million of common stock after quarter-end.
The company began allowing sales of mined bitcoin in 2025 and extended the policy to its balance sheet in 2026. It sold about 26,984 bitcoin for $1.9 billion in the first nine months of the year, including 3,891 BTC in the third quarter at an average of $75,300. It mined 2,247 BTC in the quarter and bought none.
Year to date MARA has cut total debt by $1.4 billion, or 37%, and ended September with $946.5 million in cash and about $3.8 billion in cash and bitcoin combined.
MARA said it is targeting two data center leases before year-end.
MARA sold 40% of its bitcoin and repaid every coin-backed loan
Bitcoin held by MARA before and after its post-quarter sale, with pledged collateral and coin-backed debt
Sept. 30
34,012 BTC
- Pledged collateral
- 17,477 BTC
- BTC-backed term loans
- $750M
After the sale
~20,400 BTC
- Pledged collateral
- Under 5% of holdings
- BTC-backed term loans
- Repaid in full
Show as table
| Sept. 30 | After the sale | |
|---|---|---|
| Figure | 34,012 BTC | ~20,400 BTC |
| Pledged collateral | 17,477 BTC | Under 5% of holdings |
| BTC-backed term loans | $750M | Repaid in full |
Reported by the Adoption desk from Bitcoin Magazine and MARA Holdings Q3 shareholder letter. Published . Corrections