MARA Holdings disposed of 13,597 bitcoin for approximately $1.1 billion following the conclusion of the third quarter, allocating $750 million of those funds to completely settle its bitcoin-secured term loans, according to a statement issued Monday in the company’s Q3 shareholder letter.
The digital assets were transacted at roughly $81,039 per coin. Given that MARA possessed 34,012 BTC on September 30, this liquidation reduced about 40% of its treasury reserve within a span of weeks.
Settling the loans released 17,477 bitcoin previously held as collateral, bringing the portion of MARA’s reserves that are currently lent or pledged down to under 5%, the firm noted. Deducting the transaction from the quarter’s ending balance points to approximately 20,400 BTC remaining, before accounting for any newly mined coins.
The correspondence indicates that divestments will persist. “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 stated.
Additionally, the board approved a common stock buyback program valued at up to $500 million following the quarter’s close.
MARA’s treasury becomes a funding source
MARA spent years accumulating one of the most substantial corporate bitcoin reserves among publicly traded entities. The transition away from pure accumulation occurred gradually. The organization indicated it began permitting the sale of newly minted bitcoin in 2025 and subsequently broadened the policy in 2026 to encompass bitcoin already held on its balance sheet.
The company liquidated approximately 26,984 bitcoin for $1.9 billion over the first nine months of the year, which included 3,891 BTC during the third quarter at an average rate of $75,300. It produced 2,247 BTC during the quarter while acquiring none.
Year-to-date, MARA has reduced its cumulative liabilities by $1.4 billion, representing a 37% decrease. It closed September holding $946.5 million in cash alongside roughly $3.8 billion in total cash and bitcoin, supplemented by 1,408 BTC out on loan that generated about $2.5 million in interest throughout the quarter.
The post-quarter transaction secured approximately $6,800 more per token than the prevailing market price of bitcoin, which hovered near $74,200 on Tuesday morning.
Revenue falls as the AI pivot speeds up
The period’s headline earnings stemmed from the asset sales rather than mining operations. Total revenue contracted by 35% to $164.2 million compared to $252.4 million during the same period last year, even though the energized hashrate climbed 18% to reach 71.2 EH/s.
Net income expanded to $632.1 million, or $1.28 per diluted share, up from $123.1 million previously, bolstered by an $885.3 million valuation gain on digital assets.
The direct cost of mining experienced a minor increase. The cost of purchased electricity per bitcoin across company-operated facilities stood at $39,674, compared to $39,235 a year earlier, while successfully mined blocks advanced 2% to reach 644.
“Bitcoin built the foundation. Power created the opportunity,” the shareholder letter begins, outlining an objective to “maximize the value of every megawatt” under MARA’s management.
MARA disclosed plans to finalize two data center lease agreements before the conclusion of the year, though it cautioned that “market conditions are fluid and that timing could slip into next year.” It secured authorization from FERC for the acquisition of its Long Ridge natural gas facility, which currently holds approval to generate 485 MW, with the transaction anticipated to finalize in the upcoming weeks. Furthermore, the firm secured development rights for a location in Matagorda County, Texas, featuring up to 2 GW of electrical capacity, while its Exaion division finalized a four-year, $79 million GPU-as-a-service agreement with its inaugural domestic client.
This strategic shift aligns MARA with industry counterparts moving away from exclusive bitcoin retention. Competitors such as Riot and Hut 8 divested thousands of bitcoin to finance artificial intelligence initiatives and stock repurchases, Keel liquidated its entire reserve, and Core Scientific intends to discontinue mining operations prior to year-end.
MARA continues to characterize bitcoin mining as its operational base, serving to maintain revenue-generating facilities while higher-value infrastructure is constructed. With roughly 13,600 fewer tokens on its books alongside an explicit intention to continue offloading assets, the mining enterprise that once maintained one of the largest corporate reserves is now repurposing that capital to fund its future enterprise.
Originally published at https://bitcoinmagazine.com/news/mara-sells-13597-bitcoin-1-1-billion.
