MARA Holdings Sold 13,597 Bitcoin After Quarter-End for $1.1B

MARA Holdings sold 13,597 Bitcoin (BTC) for about $1.1 billion after the third quarter, then used $750 million of the proceeds to repay bitcoin-backed loans and free pledged coins.

MARA's Nov. 9 third-quarter report and shareholder letter disclosed an average sale price of about $81,039 per BTC. The sale represented about 40% of the 34,012 BTC the company held Sept. 30.

MARA repaid loans from Coinbase Credit and Two Prime in full and released 17,477 BTC that had been pledged. The company borrowed the $750 million on Aug. 4 to help fund its Long Ridge acquisition: $600 million was new financing, while $150 million replaced an existing credit facility.

After repayment, less than 5% of MARA's bitcoin holdings were loaned or pledged, down from about 57% at quarter-end. MARA estimated that borrowing when bitcoin was near $64,000 and later selling at the higher average price generated about $170 million in net gains.

MARA also said it had cut debt by $1.4 billion since the start of 2026, equal to 37% of its total debt. It expects to keep selling bitcoin as market conditions warrant; proceeds may go toward AI infrastructure, convertible notes eligible for put exercise next year or potential share repurchases. The company sold about 26,984 BTC for $1.9 billion in the first nine months of 2026.