Key takeaways
- MARA sells $1.1 billion in Bitcoin after quarter-end
- Quarterly revenue drops 35% despite $632 million profit
- Company redirects Bitcoin capital toward AI infrastructure expansion
Bitcoin mining giant MARA Holdings (NASDAQ: MARA) has sold 13,597 BTC for approximately $1.1 billion, marking another major shift away from its previous Bitcoin accumulation strategy as the company accelerates its expansion into artificial intelligence infrastructure.
According to its November 9 shareholder letter, MARA completed the sales after September 30 at an average price of approximately $81,039 per Bitcoin. The company used $750 million of the proceeds to repay Bitcoin-backed loans, releasing 17,477 BTC previously pledged as collateral.
The transactions follow a difficult quarter for the mining business, with revenue dropping 35% to $164.2 million despite higher Bitcoin production.
MARA Reports $632 Million Profit Despite Revenue Collapse
MARA's third-quarter revenue declined from $252.4 million a year earlier, largely reflecting weaker Bitcoin prices during the reporting period.
However, net income climbed to $632.1 million from $123.1 million in Q3 2025, creating an unusual contrast between deteriorating revenue and rising reported profitability.
The earnings increase was primarily supported by an $885.3 million fair-value gain on digital assets rather than a corresponding improvement in mining operations.
Bitcoin production increased 5% year over year to 2,247 BTC, while energized hashrate rose 18% to 71.2 exahashes per second.
Those results highlight the profitability challenges explored in Coinpaper's earlier coverage of rising mining difficulty and AI competition.
Why MARA Sold $1.1 Billion in Bitcoin
MARA's latest Bitcoin sales represent a significant departure from its former strategy of retaining newly mined coins.
During the first nine months of 2026, the company sold approximately 26,984 BTC for $1.9 billion. Its subsequent 13,597 BTC disposal brought total disclosed sales for the year above 40,000 BTC.
Management said the proceeds strengthened its balance sheet and created additional financial flexibility.
The $750 million debt repayment reduced exposure to Bitcoin price volatility and left less than 5% of its remaining holdings loaned or pledged.
MARA has now reduced total debt by $1.4 billion, or 37%, since the beginning of 2026.
The decision reflects a broader shift toward Bitcoin treasury sales as mining companies seek liquidity for operations and capital-intensive expansion.
MARA Accelerates AI Expansion as Mining Economics Weaken
MARA is increasingly positioning its energy infrastructure as a foundation for AI data centers rather than relying exclusively on Bitcoin mining.
The company secured development rights for a Texas site with potential capacity of up to 2 gigawatts and expects to complete its Long Ridge energy acquisition before year-end.
Management is also pursuing customer agreements intended to generate more predictable infrastructure revenue, although several projects remain under development.
The strategy builds on MARA's earlier AI and high-performance computing expansion.
Industry-wide, Bitcoin mining stocks recently suffered a 35% correction, even as analysts argued that access to electricity could become increasingly valuable for AI companies.
MARA faces similar financing and execution challenges as competitors such as Riot Platforms, which have also adjusted their Bitcoin holdings while developing alternative infrastructure businesses.
ENRICH your inbox with our best stories
Don’t miss out and join our newsletter to get the latest,
well-curated news from the crypto world!
Maya Bennett
Maya Bennett is a financial journalist with experience covering cryptocurrency, stocks, and broader market trends. Her work focuses on Bitcoin, major digital assets, equity markets, monetary policy, and the economic developments driving investor sentiment. She specializes in turning fast-moving market stories into clear, concise reporting.
https://coinpaper.com/38620/bitcoin-miner-mara-sells-13-597-btc-for-1-1-billion-as-revenue-drops-35-amid-ai-pivot
