Mara Holdings sells 13,597 BTC after Q3, still holds 34,012 BTC. Official MARA (MARA Holdings, Inc.) brand mark from mara.com The Bitcoin miner's latest disposal continues a dramatic strategic pivot away from accumulation and toward debt repayment, AI infrastructure, and shareholder returns. Sponsored: Vera - AI-powered prediction market intelligence, built for serious analysts Explore Vera Mara Holdings has sold 1,565 Bitcoin, bringing its total holdings down to 34,012 BTC. The move is the latest chapter in what has become one of the most significant strategy reversals in the Bitcoin mining industry. Not long ago, MARA, formerly Marathon Digital Holdings, was competing with MicroStrategy for the title of most aggressive Bitcoin accumulator among publicly traded companies. Now it is one of the sector's most active sellers. From hoarder to seller: how MARA got here. The 34,012 BTC figure was already established as of the end of September, according to the company's Q3 shareholder letter. What that letter revealed went well beyond a single quarterly snapshot. After September 30, MARA sold an additional 13,597 BTC at an average price of approximately $81,039, generating approximately $1.1 billion in proceeds. To put the scale of that disposal in perspective: the company mined only 2,247 BTC during the entire third quarter. It sold roughly six times its quarterly mining output in a single post-quarter transaction. The company directed $750 million of those proceeds toward fully repaying its Bitcoin-collateralized term loans. That debt repayment freed 17,477 BTC from collateral, dropping MARA's pledged or lent Bitcoin holdings to under 5% of total assets. At the end of the prior quarter, that figure stood at 57%. Year-to-date through the end of 2026, MARA has sold over 40,000 BTC in total, including approximately 26,984 BTC across the first nine months of the year. The news moving money, markets, and the world - before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. The financials tell a complicated story. MARA's Q3 revenue came in at $164 million, down 35% year-over-year. Net profit, however, told a different story entirely. The company reported $632 million in net profit for Q3, a figure boosted substantially by fair-value gains tied to Bitcoin's price appreciation during the period. Hash rate reached 71.2 EH/s during Q3, up 18% year-over-year. On-chain activity in early November pointed toward continued liquidity preparation. Approximately 1,650 BTC moved to firms including Galaxy Digital and Copper, consistent with the broader selling pattern the company has established throughout the year. What MARA is building toward. The company has stated its intention to keep monetizing Bitcoin holdings to fund three priorities: AI data center infrastructure, ongoing debt reduction, and potential stock repurchases of up to $500 million. By unwinding its collateral structure, MARA has removed a meaningful source of systemic risk from its balance sheet. Its Bitcoin holdings are now largely unencumbered, which paradoxically gives it more flexibility to hold or sell on its own timeline. The 36% year-over-year decline in MARA's Bitcoin holdings, driven almost entirely by sales rather than production shortfalls, represents a fundamental repositioning. Disclosure: This article was edited by John Chen. For more information on how Cryptobriefing create and review content, see its Editorial Policy.

MARA dumps over 13,500 bitcoin for over $1B to wipe out its BTC loans. Bitcoin miner MARA Holdings sold 13,597 BTC for about $1.1 billion after the third quarter closed and used $750 million of the proceeds to repay all of its bitcoin-backed loans. Key takeaways. * MARA repaid $750M owed to Coinbase Credit and Two Prime, freeing 17,477 BTC pledged as collateral. * MARA's Q3 2026 revenue fell 35% to $164.2M as the average price of bitcoin it mined dropped 37% to $71,688. * MARA's board approved a $500M buyback while the miner targets two AI data center leases before year-end. A $1.1 billion sale disclosed in the 10-Q. The sale surfaced in MARA's quarterly report filed with the Securities and Exchange Commission (SEC) on Nov. 9, which read as follows: Subsequent to quarter end, the Company sold 13,597 bitcoin for aggregate proceeds of approximately $1.1 billion. The figures imply an average sale price of roughly $81,000 per coin, and the loans that MARA cleared were new. On Aug. 4, the company took out two bitcoin-collateralized term loans totaling $750 million from Coinbase Credit and Two Prime. The Coinbase facility alone was $450 million, backed by 11,250 BTC, and was not due until August 2028. As of Sept. 30, a total of 17,477 BTC was pledged against the two loans, the filing shows. All of it has now been returned to MARA. In its shareholder letter, MARA said the repayment leaves less than 5% of its BTC holdings loaned or pledged. Combined with the $1.4 billion, or 37%, of total debt it has cut since January, the company said, the move "decreased our exposure to bitcoin price volatility." Revenue falls 35% as bitcoin's price slides. The quarter itself showed how much a weaker bitcoin price has squeezed miners as MARA reported Q3 2026 revenue of $164.2 million, down 35% from $252.4 million a year earlier. It mined 2,247 BTC, up 5%, but the average price of the bitcoin it mined fell 37% to $71,688 from $114,440, according to the 10-Q. Paper gains on its bitcoin holdings and receivables pushed net income to $632.1 million, from $123.1 million a year ago. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $857.7 million while energized hashrate climbed 18% to 71.2 exahashes per second (EH/s), and purchased energy cost per BTC at its owned sites came in at $39,674. MARA has been a steady seller all year, selling about 26,984 BTC in the first nine months of 2026 to fund operations and other needs, the filing shows. In October, Bitcoin.com News reported that MARA-linked wallets had been sending bitcoin to exchanges in 500 BTC lots as its stock sank nearly 45% in less than a month. Miners keep trading bitcoin for power. MARA is not alone in the offloading as Riot Platforms also sold 10,599 BTC for $751.5 million in the third quarter, while Hut 8 sold about $250 million worth across Q3 and October as both companies redirect capital into artificial intelligence (AI) infrastructure. Bitcoin built the foundation. Power created the opportunity. Its strategy now is simple: maximize the value of every megawatt Dock Labs AG control. It added that it is "not a pivot away from bitcoin," calling mining a flexible way to monetize power while higher-value projects are built. Those projects are still in progress, and the MARA team said it received Federal Energy Regulatory Commission (FERC) approval for its Long Ridge acquisition, a 485 MW natural gas plant in Ohio, and expects to close in the coming weeks. Its subsidiary Exaion signed a $79 million, four-year GPU-as-a-service contract with its first U.S. customer. MARA is targeting two data center leases before year-end, but warned that "timing could slip into next year." The miner's board also authorized a share repurchase program of up to $500 million. WRITTEN BYShiraz JagatiCrypto Reporter Shiraz is a journalist and analyst whose work has covered the digital asset arena and blockchain-related developments since 2016.

MARA posts $634 million Q3 profit, sells 13,597 BTC to repay debt. MARA repaid $750 million of bitcoin-backed debt after Q3 2026, freeing all pledged collateral, and authorized a $500 million stock buyback. MARA ended its third quarter with less debt and more control over its bitcoin. The miner said it repaid $750 million of bitcoin-backed debt after the quarter closed, using proceeds from bitcoin sales, which released every coin it had pledged as collateral and left less than 5% of its holdings loaned or pledged (shareholder letter). Its board also authorized a share repurchase program of up to $500 million of common stock, the same filing shows. * The news: MARA repaid $750 million of bitcoin-backed debt after Q3 2026 using proceeds from bitcoin sales, freeing all pledged collateral, and its board authorized a buyback of up to $500 million of stock. * The figure: MARA's energized hashrate rose 18% to 71.2 EH/s in Q3 2026, up from 60.4 EH/s in Q3 2025. * What's next: MARA is targeting two data center leases before the end of the year, though it warned that timing could slip into 2027. Our Q3 2026 Shareholder Letter is here. Bitcoin built the foundation. Power created the opportunity. Our strategy now is simple: maximize the value of every megawatt we control. Highlights: - Tenants: Since the end of last quarter, we have made great progress and our Show more The bitcoin that was pledged is back. Borrowing against bitcoin means handing a lender a claim on those coins. MARA's repayment unwound that arrangement: the filing says the payment released all bitcoin that had been pledged as collateral, leaving less than 5% of its holdings loaned or pledged. The coins are the company's own again. Other bitcoin treasuries are unwinding similar loans. Metaplanet plans to repay its bitcoin-backed loans with a convertible bond, which makes MARA's repayment part of a broader balance-sheet trend. A buyback of up to $500 million. The board authorized repurchases of up to $500 million of common stock. An authorization is a ceiling, not a completed purchase, so what MARA actually spends over the coming quarters will matter more than the headline number. Hashrate up 18%, power pipeline at 4.8 GW. MARA's energized hashrate rose 18% to 71.2 EH/s in the third quarter, from 60.4 EH/s a year earlier. Energized hashrate is the computing power plugged in and running, rather than the total of rigs a company owns. The company says it holds 1.9 GW of energized capacity across nearly 20 sites on four continents, with a clear path to about 4.8 GW (Q3 2026 results). Capacity is the power on hand; hashrate is what that power turns into. Exaion's first US contract. MARA's majority-owned subsidiary Exaion signed a four-year, $79 million GPU-as-a-service contract with its first US customer. The terms are 100% take-or-pay, meaning the customer pays for the computing capacity whether or not it uses it, a clause that turns a forecast into something closer to billed revenue. Customer demand has built a pipeline of more than $3 billion in total contract value, with about $1 billion of that targeted for delivery by the end of 2027. The $79 million deal is the signed part; the rest is a pipeline, and MARA has not confirmed how much of it is committed. What investors should watch next. The filing supports the debt repayment, the buyback, the hashrate and the Exaion contract. Two figures often attached to the quarter are not confirmed here: the net income reported in the press, which could not be checked against MARA's shareholder letter or press release, and the size of the bitcoin sale behind the repayment, meaning the number of coins sold and the proceeds. Timing is the other open question. MARA is targeting two data center leases before year-end but said market conditions are fluid and the timing could slip into next year. The next checkpoint is whether those two leases get signed before 31 December, or slide into 2027.