MARA Holdings raised about $1.1 billion by selling 13,597 Bitcoin after the third quarter ended. MARA's third-quarter shareholder letter, released Monday, says MARA expects further Bitcoin sales to increase financial flexibility. The sale represented about 40% of the 34,012 BTC MARA held on September 30. Each MARA share now represents less Bitcoin as MARA directs coins toward debt, power and AI projects.
MARA's letter says MARA used $750 million to repay Bitcoin-backed term loans in full. The loans had financed MARA's pending acquisition of Long Ridge, a natural gas power plant. Repayment freed 17,477 BTC that MARA had pledged as collateral. MARA's presentation says MARA borrowed in August when Bitcoin traded near $64,000 and sold Bitcoin at about $81,039. MARA estimates the price difference generated about $170 million after interest and fees. The October sale paid off the loans.
MARA had also sold 3,891 BTC during the third quarter at an average price of $75,300. On-chain trackers identified transfers of MARA's coins to exchanges in October. MARA's 2026 strategy permits sales of Bitcoin from MARA's balance sheet. MARA's 2025 strategy covered only Bitcoin produced by MARA's mining operations.
The shareholder letter identifies convertible note puts, share buybacks and AI infrastructure as intended uses for proceeds from future Bitcoin sales. The convertible note puts become exercisable next year and allow noteholders to demand early repayment from MARA. MARA's board authorized share repurchases of up to $500 million after the quarter ended. The authorization does not require MARA to purchase a specified amount. MARA intends to use future Bitcoin sale proceeds to help finance new AI projects. MARA aims to secure two tenant leases before year-end, but MARA says completion could move into 2027.
MARA's third-quarter revenue dropped 35% from a year earlier to $164.2 million. A 37% decline in the average price of Bitcoin mined by MARA caused the revenue decrease. Net income nevertheless increased to $632.1 million, largely because of an $885.3 million unrealized Bitcoin gain. The gain remains unrealized until MARA sells the Bitcoin. Investors received the results after Monday's market close.
Google Finance data show MARA shares closed November 9 at $6.64, gaining 4.57% from the previous close of $6.35. MARA shares finished after-hours trading down 0.06% at $6.64. MARA shares have lost 57.38% over the past 12 months. MARA's Bitcoin holdings had already declined from 53,822 BTC at the end of 2025. MARA's leadership continues to describe Bitcoin as the basis of MARA's operations. MARA Chairman and CEO Fred Thiel said, "It is important to remember that this is not a pivot away from Bitcoin."
Rival miner Riot Platforms sold 79% of Riot's Bitcoin over three months, reducing Riot's holdings to 2,418 BTC by September 30. However, Riot announced a signed data center lease valued at about $28 billion alongside Riot's November 4 results. Riot shares gained nearly 14% that day. MARA's next updates will indicate whether MARA signs the two leases and how much additional Bitcoin MARA sells. Those developments will indicate how long MARA's remaining Bitcoin can finance MARA's plans.
