MARA Holdings sold 13,597 Bitcoin at an average price of roughly $81,039 after the third quarter, generating approximately $1.1 billion to settle high-value loans backed by its digital asset treasury, according to a shareholder letter filed with the U.S. Securities and Exchange Commission.
- MARA fully repaid $750 million in Bitcoin-backed loans from Coinbase and Two Prime, releasing 17,477 pledged coins and reducing total debt by $1.4 billion—or 37%—since the beginning of the year.
- The company posted a Q3 net income of $632.1 million, largely driven by an $885.3 million non-cash accounting gain on its Bitcoin holdings, despite a 35% drop in quarterly revenue to $164.2 million.
- Management signaled further Bitcoin liquidations ahead to fund artificial intelligence data center infrastructure, impending 2027 convertible note put options, and a newly approved $500 million share buyback program.
The sales occurred in the weeks following September 30, as CryptoTicker reported, using market conditions that placed the average exit price well above subsequent spot levels. Bitcoin traded at approximately $71,490, marking a decline over a 24-hour window, which left MARA Holdings’ realization price roughly 13% above late-market quotes.
This follows an active year of treasury reduction. In the first nine months of the period, the miner disposed of 26,984 Bitcoin for $1.9 billion, marking a decisive shift from its historical strategy of hoarding all newly minted coins.
| Metric | Q3 2026 Value | Previous Comparison / Change |
|---|---|---|
| Quarterly Revenue | $164.2 Million | Down 35% from $252.4 Million YoY |
| Net Income | $632.1 Million | Boosted by $885.3 Million mark-to-market gain |
| Power Cost per BTC | $39,674 | Based on power costs per kilowatt-hour |
The capital raised directly targeted two facilities originally established in August to finance the acquisition of the Long Ridge gas plant in Ohio. By extinguishing the $750 million debt, MARA eliminated margin call risks tied to those specific collateral pools.
Following the post-quarter sales, the firm’s balance sheet reflects roughly 20,415 remaining Bitcoin, down from the 34,012 coins held on September 30. Less than 5% of the remaining treasury is currently encumbered or lent out.
The transformation reaches beyond treasury management into power generation. Following the close of the quarter, the Federal Energy Regulatory Commission approved the acquisition of the Long Ridge facility, which currently supplies 485 megawatts and targets a peak capacity of 505 megawatts by the first half of 2027.
Management intends to pivot portions of that electrical output toward high-performance computing and artificial intelligence tenants. With convertible note put options maturing next year, the board has authorized a $500 million share repurchase framework while keeping asset sales tied directly to capital requirements and prevailing spot prices.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
