MARA Holdings sold 13,597 bitcoin for about $1.1 billion after the third quarter, and says further sales may follow to fund artificial intelligence projects and arrangements tied to convertible notes. The proceeds also went toward debt repayment, while the sale reduced the company’s bitcoin holdings—developments investors will weigh against its financing and business plans.
Post-quarter sale equaled about 40% of Q3 holdings
MARA held 34,012 bitcoin as of September 30. The 13,597 bitcoin sold after quarter-end amounted to about 40% of that balance. The transaction generated cash but also reduced the company’s digital-asset reserves, a key part of its asset mix for shareholders tracking its bitcoin exposure.
MARA also sold 3,891 bitcoin during the third quarter, at an average price of $75,300 per coin. The shareholder letter said the company transferred bitcoin to trading platforms in October; subsequent sales were used in part to address financing arrangements.
$750 million used to repay bitcoin-backed loan
MARA said it used $750 million of the roughly $1.1 billion in proceeds to repay in full a term loan secured by bitcoin. The company had borrowed the funds to advance its acquisition of the Long Ridge natural gas power plant. Repayment released 17,477 bitcoin that had been pledged as collateral.
MARA obtained the loan in August, when bitcoin was trading at about $64,000. The coins were sold at roughly $81,039 each. In its earnings presentation, the company estimated that the price difference represented about $170 million in gains after interest and fees. That estimate reflects the change in bitcoin’s price between borrowing and selling; it is separate from the amount of the loan repayment.
Further sales may support AI and convertible-note plans
Repaying the loan does not mark the end of MARA’s bitcoin sales. The shareholder letter said the company’s 2026 strategy allows for further disposals, with proceeds also potentially supporting AI projects and put-related arrangements involving convertible notes. MARA did not disclose the volume or timing of future sales, or how proceeds would be allocated.
The sales reduce MARA’s bitcoin exposure while providing funds for debt repayment and other corporate uses. The disclosures show that the company’s bitcoin reserves may be sold in line with its financing and business plans rather than held as a static asset. Investors will be watching the scale of any further sales and how the proceeds are divided between AI investment and convertible-note arrangements.