Bitcoin Miner MARA Frees 17,477 BTC After Paying Off Crypto-Backed Loans

• MARA sold 13,597 BTC for about $1.1 billion after the third quarter, at an average price of $81,039.
• The miner repaid $750 million in Bitcoin-backed loans, freeing 17,477 BTC from collateral.
• Less than 5% of its holdings are now loaned or pledged, down from about 57% at the end of September.
• Third-quarter revenue fell 35% to $164.2 million, while net income reached $632.1 million.
• The board approved a share buyback of up to $500 million as MARA plans more Bitcoin sales.

MARA Holdings sold 13,597 Bitcoin for about $1.1 billion after the third quarter ended, according to its November 9 shareholder letter. The sale equals about 40% of the 34,012 BTC the miner held at the end of September.

The coins sold at an average price of $81,039. MARA sold roughly six times as much Bitcoin in about six weeks as it mined during the entire third quarter.

Most of the money went to lenders. MARA used $750 million to repay loans backed by its Bitcoin, which released 17,477 BTC it had pledged as collateral.

Our Q3 2026 Shareholder Letter is here.

Bitcoin built the foundation. Power created the opportunity. Our strategy now is simple: maximize the value of every megawatt we control.

Highlights:

• Tenants: Since the end of last quarter, we have made great progress and our… pic.twitter.com/zdCVkZCdws

— MARA (@MARA) November 9, 2026

Loans Repaid and Collateral Released

MARA took out the loans in August to help fund its planned purchase of Long Ridge Energy & Power, a natural gas power business in Ohio. The $750 million included $600 million in new capital and $150 million to refinance an existing facility.

Bitcoin traded around $64,000 when the company borrowed. Management estimated a net benefit of about $170 million from the loan and the later sale, after costs.

As of September 30, about 57% of its holdings were loaned out or pledged as collateral. After the repayment, MARA said that share is now below 5%.

The sales mark a change from the company’s July 2024 treasury policy, which committed to keeping every Bitcoin it mined and buying more. MARA began allowing sales of newly mined coins in 2025, then widened the policy in 2026 to include its stored holdings.

The miner sold 26,984 BTC for about $1.9 billion in the first nine months of 2026. The latest sales lift the year’s total above 40,000 BTC.

MARA held 53,822 BTC at the end of 2025. “We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities,” the company wrote.

Some bondholders can demand early repayment starting next year. MARA’s board has also authorized a share buyback of up to $500 million, with no fixed purchase amount.

Revenue Falls as Bitcoin Output Rises

Third-quarter revenue fell 35% to $164.2 million, down from $252.4 million a year earlier. A 37% drop in the average price of Bitcoin mined cut revenue by $94.8 million, partly offset by $11.7 million from higher production.

Net income rose to $632.1 million from $123.1 million. The figure included about $885.3 million in unrealized gains on its Bitcoin, and diluted earnings per share reached $1.28, up from $0.27.

Bitcoin production rose 5% from a year earlier to 2,247 BTC, but fell 7% from the previous quarter. Energized hashrate climbed 18% to 71.2 exahashes per second.

MARA shares closed November 9 at $6.64, up 4.57%, according to Google Finance. The stock slipped 0.06% in after-hours trading.

Chairman and CEO Fred Thiel wrote, “This is not a pivot away from bitcoin.” The company has secured about 1.9 gigawatts of power, with a path toward 4.8 gigawatts, and holds a four-year, $79 million computing contract through Exaion.

The Federal Energy Regulatory Commission approved the Long Ridge deal after the quarter ended, and MARA expects it to close in the coming weeks. The plant is authorized to sell 485 megawatts of power, and MARA also holds development rights to a Texas site with up to 2 gigawatts of potential capacity.

MARA is targeting two new data-center leases before year-end. It warned that talks could run into 2027.