MARA sold 13,597 BTC for $1.1 billion and repaid $750 million in loans

American company MARA Holdings (NASDAQ: MARA), engaged in Bitcoin mining and digital infrastructure development, sold 13,597 BTC for approximately $1.1 billion after the end of Q3 2026. According to the report dated November 9, the average selling price was $81,039 per Bitcoin. Of the proceeds, the company allocated $750 million to fully repay loans secured by BTC.

The debt repayment allowed MARA to release 17,477 BTC previously pledged as collateral to creditors. According to management estimates, financing operations and the subsequent sale of Bitcoins brought the company a net benefit of about $170 million, taking into account related expenses.

MARA's Revenue Decreased by 35% Despite BTC Mining Growth

For the III quarter, MARA's revenue amounted to $164.2 million compared to $252.4 million a year earlier. The $88.2 million decrease was mainly due to reduced income from Bitcoin mining.

Revenue from BTC mining decreased by $83.1 million. The average cost of mined Bitcoin fell by 37%, reducing income by $94.8 million. Additional mining partially offset this effect, providing $11.7 million.

During the quarter, MARA mined 2,247 BTC, 5% more than a year earlier. However, compared to the second quarter, production decreased by 7%.

Despite the revenue decline, the company reported a net profit of $632.1 million compared to $123.1 million for the same period in 2025. A significant impact came from a profit of $885.3 million from the revaluation of digital assets. This figure reflects the change in their book value, not cash inflow from sales.

MARA Changes Approach to Managing Bitcoin Reserves

As of September 30, the company held 34,012 BTC. Of these, 14,752 BTC were unrestricted, 1,408 BTC were loaned, and 17,852 BTC were used as collateral.

In the first nine months of 2026, MARA sold 26,984 BTC for about $1.9 billion. In 2026, the company expanded its reserve management policy to allow the sale of not only mined coins but also Bitcoins previously accumulated on the balance sheet.

MARA allows for further cryptocurrency sales to meet financial obligations and fund infrastructure projects. However, the volume of such operations will depend on market conditions and the company's needs.

On November 9, the board of directors also authorized a share buyback program of up to $500 million. It does not obligate MARA to acquire the entire amount of securities provided.

Company Continues to Expand AI Infrastructure

Part of MARA's financial strategy is related to the development of artificial intelligence infrastructure and high-performance computing.

The company plans to acquire the Long Ridge energy facility in the U.S. state of Ohio. On November 4, the U.S. Federal Energy Regulatory Commission (FERC) approved the deal. Its completion is expected by the end of 2026, subject to remaining conditions.

MARA also reported having energy capacities of about 1.9 GW with the potential to expand the portfolio to 4.8 GW. Through the company Exaion, it signed a four-year contract for computing services worth $79 million.

MARA CEO Fred Thiel emphasized that developing AI infrastructure does not mean abandoning Bitcoin mining. According to the stated strategy, BTC remains the core of the business, and new computing directions are meant to complement existing operations.

The company did not disclose the exact volumes of future Bitcoin sales and the timeline for revenue from all planned infrastructure projects.