After the end of the third quarter, MARA Holdings sold 13,597 bitcoins, cashing out approximately $1.1 billion, and used part of the proceeds to repay a $750 million bitcoin-backed loan due to a 35% decline in quarterly revenue.
According to the company’s shareholder letter dated November 9, the Nasdaq-listed Bitcoin miner sold these Bitcoin at an average price of $81,039. After repaying the loan, 17,477 Bitcoin previously pledged as collateral were released. The company reported a quarterly net profit of $632.1 million, primarily driven by unrealized gains on digital assets.
MARA uses proceeds from Bitcoin sales to repay $750 million in debt.
In the third quarter, the company borrowed against its Bitcoin holdings to support its plan to acquire Long Ridge Energy & Power in Ohio. The $750 million financing included $600 million in new funds and $150 million to refinance existing debt.
At the time of the loan, the price of Bitcoin was approximately $64,000. MARA subsequently sold 13,597 Bitcoin at an average price of $81,039 to repay the loan and reclaim the pledged collateral.
Management estimates that, after accounting for associated costs, the net proceeds from this financing arrangement and the subsequent sale of Bitcoin will be approximately $170 million.
The latest transaction continues a pattern of Bitcoin treasury sales over the past several months. Crypto.news previously reported that MARA sold 23,093 bitcoins in the first half of 2026, generating approximately $1.63 billion in cash to fund operations, investments, and liquidity needs.
In the third quarter, the company sold 3,891 bitcoins at an average price of $75,300. For the first nine months, total bitcoin sales amounted to approximately 26,984 bitcoins, generating $1.9 billion in revenue.
In 2026, MARA adjusted its treasury policy to permit the sale of Bitcoin already held on its balance sheet. Its previous policy, introduced in 2025, allowed sales only of Bitcoin generated through mining.
The company stated that it will continue to sell Bitcoin in the future when needed to support financial obligations, investments, and capital projects.
Despite increased Bitcoin production, quarterly revenue declined.
MARA reported third-quarter revenue of $164.2 million, down $88.2 million, or approximately 35%, from $252.4 million in the same period last year.
According to the financial report, revenue decreased by $83.1 million due to reduced Bitcoin mining income. The average price at which Bitcoin was mined fell by 37%, resulting in a $94.8 million decline in revenue; however, higher production partially offset this impact, contributing an additional $11.7 million.
Despite the decline in revenue, net profit reached $632.1 million, higher than $123.1 million in the same period last year. Net profit attributable to common shareholders was $634.4 million.
This profit data includes approximately $885.3 million in unrealized fair value gains from Bitcoin, compared to $343.1 million in the third quarter of last year. Diluted earnings per share were $1.28, up from $0.27.
Meanwhile, Bitcoin production increased by 5% year-over-year, rising from 2,144 to 2,247 coins. This quarter, MARA won 644 blocks, compared to 633 during the same period in 2025.
Its enabled hashrate has reached 71.2 EH/s, a 18% year-over-year increase. However, quarterly production decreased by 7% to 2,422 coins compared to the previous quarter.
Bitcoin holdings decrease as company approves $500 million buyback program
As of September 30, MARA held 34,012 bitcoins, including those lent to counterparties or pledged as collateral. This represents a decrease from 53,822 bitcoins at the end of 2025.
As of the end of September, 14,752 bitcoins were unencumbered, 1,408 were lent out, and 17,852 were pledged as collateral.
The company earned approximately $2.5 million in interest income from Bitcoin lending this quarter. After loan repayments were completed, MARA stated that the proportion of its holdings that have been lent out or pledged has fallen below 5%.
Previously, MARA’s transfer of Bitcoin to institutional counterparties in October drew attention, as blockchain trackers revealed nearly 1,000 Bitcoin moved to Galaxy Digital. However, these transfers alone cannot independently confirm that the sales were completed.
In addition, the MARA board authorized a share repurchase program of up to $500 million following the third quarter. This authorization permits management to repurchase shares through open market transactions or other permissible methods, without requiring a fixed purchase amount.
According to Google Finance, MARA's stock closed at $6.64 on November 9, rising 4.57% during regular trading hours. After-hours trading subsequently declined by 0.06%.
MARA is expanding its AI infrastructure.
In addition to its mining operations, MARA is continuing to develop artificial intelligence and high-performance computing infrastructure through its energy assets and partnerships.
The company is advancing the acquisition of Long Ridge as part of its expansion in energy infrastructure. The shareholder letter confirms that the U.S. Federal Energy Regulatory Commission has approved the transaction following the end of the quarter, with completion expected by the end of 2026.
MARA Chairman and CEO Fred Thiel said that Bitcoin remains central to the company’s operations.
“This is not a departure from Bitcoin,” Thiel wrote in the shareholder letter.
The company has secured approximately 1.9 gigawatts of power capacity and plans to expand it to 4.8 gigawatts. The related initiatives include facilities to support Bitcoin mining, data centers, and computing services.
Through Exaion, MARA has secured a four-year, $79 million contract for computing services. Management stated that, while advancing its infrastructure portfolio, the company will prioritize securing customer agreements and generating cash flow.
