MARA Sells 13,597 Bitcoin for $1.1 Billion, Says More Sales Are Coming

MARA sold about 40% of its bitcoin stack after Sept. 30, used $750 million to repay all its BTC-backed term loans and said it will keep selling to fund AI infrastructure, convertible note puts and buybacks.

MARA Holdings sold 13,597 bitcoin for about $1.1 billion after the third quarter ended and used $750 million of the cash to pay off all of its bitcoin-backed term loans, the miner said Monday in its Q3 shareholder letter.

The coins went for roughly $81,039 each. MARA held 34,012 BTC on Sept. 30, so the sale cut about 40% of the stack in a matter of weeks.

Repaying the loans returned 17,477 bitcoin that had been pledged as collateral, leaving less than 5% of MARA’s holdings loaned or pledged, the company said. Subtracting the sale from the quarter-end figure implies about 20,400 BTC left, before counting coins mined since.

The letter makes clear the selling is not over. “We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities, to satisfy the puts on our convertible notes that become exercisable next year, and potential share repurchases,” MARA wrote.

The board also authorized a buyback of up to $500 million of common stock after quarter-end.

MARA spent years building one of the largest bitcoin stacks among public companies. The shift away from holding came in stages. The company said it began permitting sales of mined bitcoin in 2025 and in 2026 expanded the policy to cover bitcoin already on its balance sheet.

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%. It ended September with $946.5 million in cash and about $3.8 billion in cash and bitcoin combined, plus 1,408 BTC lent out that earned about $2.5 million in interest during the quarter.

MARA’s post-quarter sale fetched about $6,800 more per coin than bitcoin’s price near $74,200 on Tuesday morning.