MARA Sells 13,597 Bitcoin, Repays $750 Million in Loans as Q3 Revenue Falls 35%
MARA Holdings sold 13,597 Bitcoin for about $1.1 billion and used part of the proceeds to repay $750 million in Bitcoin-backed loans, according to its November 9 shareholder letter. The company also authorized a $500 million stock buyback as third-quarter revenue fell 35% year over year.
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Story Updates
- Updated Nov 10, 2026, 05:28 AM: CoinDesk reports MARA has repaid every Bitcoin-backed loan and plans further sales to fund AI data center expansion.
The Sale and Loan Repayment
MARA Holdings sold 13,597 Bitcoin at an average price of $81,039, raising approximately $1.1 billion, according to its November 9 shareholder letter. CoinDesk reports the sales took place over about six weeks. The company used the proceeds to repay every loan secured by its Bitcoin holdings, which released 17,477 BTC previously pledged as collateral.
The borrowing was taken out during the third quarter to help fund the planned acquisition of Long Ridge Energy & Power in Ohio. The $750 million facility comprised $600 million in new capital and $150 million to refinance an existing facility. When the loans were drawn, Bitcoin traded near $64,000, so the sale at roughly $81,000 is the basis for management's estimate of a net benefit of about $170 million after costs.
Revenue Decline and Reported Profit
Third-quarter revenue was $164.2 million, down from $252.4 million a year earlier, a decline of $88.2 million or about 35%. The company attributed $83.1 million of the drop to lower mining revenue, and said a 37% fall in the average price of Bitcoin mined reduced revenue by $94.8 million, partly offset by higher output.
Reported net income was $632.1 million, against $123.1 million a year earlier, and diluted earnings per share were $1.28 versus $0.27. The reporting sources note that this figure was driven largely by roughly $885.3 million in unrealized Bitcoin fair-value gains, not by operating results. Production rose 5% year over year to 2,247 BTC, though it fell 7% from the prior quarter's 2,422 BTC.
Treasury Policy and Forward Plans
MARA's Bitcoin sales have been substantial this year. It sold 23,093 BTC for about $1.63 billion in the first half of 2026 and another 3,891 BTC at an average of $75,300 in the third quarter, bringing nine-month sales to roughly 26,984 BTC and $1.9 billion. The company changed its treasury policy in 2026 to allow sales of Bitcoin already on its balance sheet, not only coins produced by mining. Holdings fell from 53,822 BTC at the end of 2025 to 34,012 BTC as of September 30.
CoinDesk reports that MARA plans to sell more Bitcoin and that the remaining coins can fund AI data center buildouts. The company said it expects to keep selling Bitcoin when needed to meet financial commitments, investments and capital projects. After the loan repayment, it said less than 5% of its holdings remained loaned or pledged.
Buyback and Data Center Outlook
The Defiant reports that MARA also authorized a new $500 million stock buyback. The same report says two planned data center leases could slip into 2027. Crypto.news does not mention the buyback or the lease timing, so these two items rest on a single source. The company's shareholder letter says it is focused on maximizing the value of its power capacity, with an energized hashrate of 71.2 exahashes per second, up 18% year over year.
Why It Matters
For Traders
MARA's ongoing Bitcoin sales add supply from a large public miner, though the company says it is selling to fund commitments rather than as a directional bet.
For Investors
Miners using Bitcoin treasuries as a financing source signals how mining balance sheets are being managed when revenue per coin falls.
For Builders
Miners increasingly treating power capacity and hosting contracts as the core asset means infrastructure teams should track data center lease timing alongside hashrate.
This article is for information only and is not financial advice. Read the full disclaimer.
