MARA Holdings has fully repaid $750 million in Bitcoin-backed borrowing, removing the associated risk of collateral liquidation. MARA's November 9 filing disclosed sales of 13,597 Bitcoin after September 30 for approximately $1.1 billion. The filing said MARA applied $750 million of the proceeds to repay the loans completely. Further Bitcoin sales could provide cash for bondholder demands, AI infrastructure and possible share repurchases. Management's quarterly letter says management intends to monetize Bitcoin for AI infrastructure opportunities, convertible-note puts exercisable next year and potential share repurchases.

MARA had $291.6 million outstanding in June 2031 notes on September 30, with a cash-put right exercisable on June 4, 2027. MARA also had $632.5 million outstanding in March 2030 notes, with a cash-put right exercisable on December 1, 2027. Those September balances together amounted to about $924.1 million. A cash put allows a bondholder to demand that MARA repurchase some or all of the notes at face value, plus applicable unpaid special interest. The contractual maturities remain in 2030 and 2031. The eventual cash payment depends on holder participation and the principal still outstanding. A separate $48 million note obligation outstanding on September 30 matures on December 1. The put schedule does not compel MARA to sell Bitcoin to cover potential payments.

MARA entered the fourth quarter with $946.5 million in cash and equivalents, excluding restricted cash of $12 million. Exaion, MARA's majority-owned subsidiary, held approximately 11% of that cash in euros under contractual arrangements allocating the funds to Exaion's operations over the next year. The subsequent Bitcoin sales generated approximately $350 million beyond the loan repayment. September cash plus that difference gives a rough $1.3 billion balance before other cash movements. MARA reported about $1.5 billion in unused at-the-market share issuance capacity on September 30. Management said available liquidity offered flexibility to cover obligations and finance growth over the next twelve months and beyond.

MARA's operating activities consumed $642.7 million in cash during the first nine months of 2026. Bitcoin-sale proceeds fall under investing cash flows. The operating outflow therefore does not, by itself, establish a funding shortfall after the Bitcoin sales.

MARA's planned purchase of power business Long Ridge was still pending in the November 9 disclosures. The acquisition's approximately $1.5 billion enterprise value incorporates up to about $900 million in assumed debt. A bridge commitment covering up to $785 million would support part of that debt if needed, subject to customary conditions.

The Starwood data-center development agreement includes MARA funding approved for pre-development pursuit costs. Approved funding across sites totaled $136.3 million, with about $17.7 million incurred by September 30. Site contributions receive value before MARA provides additional equity. Project financing is expected to be non-recourse. The HIF site-development project carries a price of up to $600 million linked to development milestones after closing. Specified shortfalls could trigger additional payments.

MARA's board authorized common-share repurchases of up to $500 million on November 9. The authorization requires no minimum spending and may be suspended or terminated. Further disclosed Bitcoin sales and the allocation of proceeds will provide the next meaningful indication of supply. Updated cash figures and outstanding note balances will help distinguish preparation for holder puts from discretionary infrastructure investment and share repurchases.