Big bitcoin sales and the math
MARA disclosed that it sold 13,597 BTC after September at an average price of about $81,039, totaling roughly $1.1 billion. That amount came to roughly 40% of the 34,012 bitcoin on hand as of the end of September.
The pace was brisk. Across roughly six weeks, the firm sold close to six times the volume it produced over the whole third quarter. Earlier in the year, sales had already reached 26,984 BTC through the first nine months of 2026, and the latest transactions pushed the 2026 total above 40,000 BTC.
Why MARA sold and where the cash went
In its statement, the company said, "We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities," and added that proceeds may also go toward paying down debt and executing share repurchases. Most of the money raised has gone to creditors. MARA used $750 million to retire loans secured by its bitcoin, which freed 17,477 coins that had been posted as collateral.
That cleanup reduced the slice of holdings that are pledged or lent to less than 5%, down from 57% at the end of September. Some bondholders gain the right to ask for early repayment starting next year, and the board has cleared up to $500 million in share repurchases.
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Strategy shift and expansion plans
Two years ago, MARA said it intended to hold all the bitcoin it mined. In July 2024, its treasury plan called for keeping production and adding to holdings in the market. That stance evolved: in 2025 it began allowing the sale of newly produced coins, and this year it broadened that to include coin reserves built up over time.
In August, the company borrowed funds to support its planned acquisition of Long Ridge, a natural gas power asset, and has subsequently sold bitcoin to wipe out that debt before closing. MARA expects to finalize the Long Ridge deal in the coming weeks. The site has authorization to market 485 megawatts of electricity, and the neighboring parcel could host a data center campus. The company also holds development rights for a Texas location with prospective capacity of up to 2 gigawatts.
MARA is aiming to lock down two new data center leases before year end, while noting negotiations could stretch into 2027.
The bottom line for investors
Revenue in the third quarter declined 35% to $164 million. MARA still posted a $632 million profit, helped by an $885 million noncash gain as bitcoin's value rose during the quarter. The company plans to keep turning bitcoin into dollars to support AI infrastructure, address debt obligations, and maintain flexibility for buybacks, while further unencumbering holdings and expanding its power and data center footprint.
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