MARA Offloads 13,597 Bitcoin Post-Q3, Signals Further Sales Ahead

MARA Holdings has sold 13,597 Bitcoin (BTC) since the end of the third quarter, generating approximately $1.1 billion. The company's Q3 shareholder letter, published Monday, indicates additional sales are coming.

This sale represents roughly 40% of the 34,012 BTC that MARA held as of September 30. For MARA shareholders, each share now corresponds to less Bitcoin as the proceeds are directed toward debt repayment, energy infrastructure, and artificial intelligence initiatives.

What Was the $1.1 Billion from MARA's Bitcoin Sales Used For?

According to its letter, MARA allocated $750 million to fully pay off its Bitcoin-backed term loans.

Those loans had financed its acquisition of Long Ridge, a natural gas power plant. Repaying them freed up 17,477 BTC that had been posted as collateral.

MARA took out the loans in August, when Bitcoin was trading around $64,000, and sold at roughly $81,039, per its presentation. The company estimates that difference was worth about $170 million after interest and expenses.

MARA had also been selling during the quarter, offloading 3,891 BTC in Q3 at an average price of $75,300. On-chain trackers additionally detected the firm moving coins to exchanges in October.

The October sale eliminated the loans, but the letter makes clear it was not the final one.

Where MARA's Remaining Bitcoin Might Be Directed

MARA's 2026 strategy permits it to sell Bitcoin held on its balance sheet. Its 2025 strategy only covered coins from its own mining activities.

"We expect to continue to monetize bitcoin to enhance our financial flexibility," the letter read.

The letter identifies three uses for the cash that future sales would generate.

• Convertible note puts: These become exercisable next year. They allow noteholders to request early repayment from MARA.
• Share buyback: After the quarter, the board authorized a buyback of up to $500 million. The program does not require MARA to purchase any specific amount.
• AI infrastructure: The funds would help finance new AI projects. MARA is aiming for two tenant leases before year-end, but acknowledges the timeline could extend into 2027.

MARA outlined these plans in the same letter that reported declining mining revenue.

A $632 Million Profit and a Flat Share Price

Third-quarter revenue fell 35% year over year to $164.2 million. A 37% decline in the average price of Bitcoin that MARA mined drove that drop.

Net income still rose to $632.1 million, largely due to an $885.3 million unrealized gain on its Bitcoin. That gain remains unrealized until MARA sells the coins.

Investors saw these results after Monday's close. MARA shares had closed November 9 at $6.64, up 4.57% from the previous close of $6.35, per Google Finance.

In after-hours trading, the stock ended down 0.06% at $6.64. MARA shares have declined 57.38% over the past 12 months.

The firm's holdings had already decreased from 53,822 BTC at the end of 2025. Even so, MARA's leadership still describes Bitcoin as the company's operational foundation.

"It is important to remember that this is not a pivot away from Bitcoin," Fred Thiel, MARA Chairman and CEO, said.

MARA is not alone among miners in reducing its coin holdings. Rival Bitcoin miner Riot Platforms sold 79% of its Bitcoin over three months, cutting its holdings to 2,418 BTC by September 30. However, Riot paired its November 4 results with a signed data center lease valued at about $28 billion. Its shares rose nearly 14% that day.

MARA's next updates will show whether the two leases are signed and how much more Bitcoin it sells. Together, those answers will indicate how long its remaining coins can sustain its plans.