MARA Unloads 13,597 BTC in Six Weeks, Prepares for More Bitcoin Sales

MARA has cleared all outstanding loans backed by its Bitcoin reserves as it increasingly turns to cryptocurrency sales to finance its expansion into artificial intelligence infrastructure.

The Bitcoin mining firm has sold approximately $1.1 billion worth of BTC since September and plans to continue reducing its treasury holdings to raise capital for AI data centers, manage debt obligations and potentially fund share repurchases.

In its third-quarter shareholder letter submitted on Monday, MARA Holdings disclosed that it disposed of 13,597 BTC at an average price of approximately $81,039. The sale represents about 40% of the 34,012 BTC the company reported holding at the end of September.

The scale of the liquidation stands out against its mining output. MARA sold six times as much Bitcoin over roughly six weeks as it produced throughout the entire third quarter.

The company used $750 million from the transactions to repay loans secured by its Bitcoin holdings, recovering 17,477 BTC that had previously been pledged as collateral. Following the repayment, less than 5% of its remaining reserves are now either lent out or tied to collateral agreements. That figure stood at 57% at the end of September.

MARA originally obtained the financing in August to support its proposed acquisition of Long Ridge, a natural gas-powered energy business. The company has since chosen to sell Bitcoin and eliminate the associated borrowing ahead of the deal’s expected completion.

The move represents a significant reversal of MARA’s previous treasury strategy. In July 2024, the miner introduced a policy of retaining all Bitcoin generated through mining operations while purchasing additional BTC from the open market.

However, the company gradually relaxed that commitment. It authorized sales of newly mined Bitcoin in 2025 before extending the permission to its existing reserves earlier in 2026.

During the first nine months of this year, MARA sold 26,984 BTC. The latest transactions have pushed its total Bitcoin disposals for 2026 above 40,000 BTC.

MARA indicated that selling pressure could continue as it seeks to convert its cryptocurrency holdings into funding for new business opportunities.

“We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities,” the company said in its shareholder letter.

Still, the proceeds may have to cover several competing financial priorities. Certain bondholders will be eligible to demand early repayment beginning next year, and MARA’s board has authorized a share buyback program of up to $500 million.

The company’s changing priorities come amid deteriorating economics in the Bitcoin mining sector. Third-quarter revenue declined 35% to $164 million. Despite the drop, MARA reported a net profit of $632 million, largely because of an $885 million accounting gain generated by Bitcoin’s price appreciation during the reporting period.

On the infrastructure front, MARA expects to complete its Long Ridge acquisition within the next few weeks. The facility is authorized to sell 485 megawatts of electricity, while its surrounding land could accommodate a major data center campus.

The company also holds development rights to a Texas property with the potential to support electricity capacity of up to 2 gigawatts.

MARA is seeking to finalize two additional data center lease agreements before the end of 2026. However, management warned that negotiations may take longer than expected and could extend into 2027.