MARA Holdings disclosed in Monday's Q3 shareholder letter that the company sold 13,597 bitcoin for about $1.1 billion after the third quarter. The average sale price was approximately $81,039 per bitcoin. MARA held 34,012 BTC on September 30, and the subsequent sale reduced that balance by about 40% within weeks. MARA used $750 million from the sale to repay every bitcoin-backed term loan.

MARA said the repayment released 17,477 bitcoin previously pledged as collateral. MARA said less than 5% of the company's bitcoin holdings remained lent or pledged. Subtracting the sale from the September 30 balance implies remaining holdings of about 20,400 BTC, excluding bitcoin mined afterward. The post-quarter sale price exceeded bitcoin's Tuesday morning price near $74,200 by about $6,800 per coin.

MARA intends to continue selling bitcoin to finance AI infrastructure opportunities, meet convertible note puts exercisable next year and potentially repurchase shares. MARA's board approved common-stock repurchases of up to $500 million after quarter-end. MARA said the company began allowing sales of newly mined bitcoin in 2025. MARA said the company broadened that policy in 2026 to include bitcoin already held on the balance sheet.

MARA sold approximately 26,984 bitcoin for $1.9 billion during the year's first nine months. Third-quarter sales accounted for 3,891 BTC at an average price of $75,300. MARA mined 2,247 BTC during the quarter and purchased no bitcoin. MARA has reduced total debt by $1.4 billion, or 37%, year to date. MARA finished September with cash of $946.5 million and combined cash and bitcoin worth about $3.8 billion. MARA also had 1,408 BTC lent out, generating approximately $2.5 million in interest during the quarter.

Third-quarter revenue declined 35% from a year earlier, reaching $164.2 million compared with $252.4 million. However, energized hashrate increased 18% to 71.2 EH/s. Net income increased from $123.1 million to $632.1 million, equivalent to $1.28 per diluted share. An $885.3 million digital-asset fair-value gain helped drive the profit increase. Purchased energy costs at MARA-owned sites increased to $39,674 per bitcoin from $39,235 a year earlier. MARA won 644 blocks, an increase of 2%.

MARA's shareholder letter described a strategy focused on extracting the greatest value from every megawatt under MARA's control. MARA said the company aims to secure two data center leases before year-end, but changing market conditions could push completion into next year. MARA received Federal Energy Regulatory Commission approval to acquire the Long Ridge natural gas plant, which currently has authorization to sell 485 MW. MARA expects the Long Ridge acquisition to close within the coming weeks. MARA secured development rights for a site in Matagorda County, Texas, with power capacity of up to 2 GW. MARA's Exaion unit signed a four-year GPU-as-a-service agreement worth $79 million with Exaion's first U.S. customer.

Riot and Hut 8 sold thousands of bitcoin to finance AI projects and share repurchases. Keel sold all bitcoin in Keel's treasury. Core Scientific plans to leave bitcoin mining by year-end. MARA continues to describe bitcoin mining as the company's operating foundation, generating site revenue while higher-value infrastructure is developed.