MARA sells $1.1 billion in bitcoin to repay loans

MARA Holdings sold 13,597 bitcoin for about $1.1 billion after the third quarter ended, using $750 million of the proceeds to repay all loans backed by its bitcoin. The company said the repayment released 17,477 BTC that had been pledged as collateral.

The sale, disclosed in MARA’s third-quarter shareholder letter, took place after September 30. The company reported an average sale price of about $81,039 per bitcoin. It said less than 5% of its remaining holdings are now loaned or pledged, down from 57% at the end of September.

MARA reported third-quarter revenue of $164.2 million, a 35% decline from the same period a year earlier. Net income attributable to common shareholders was $634.4 million. The company’s results included about $885 million in unrealized gains on bitcoin and other digital assets, which increased reported earnings but were not cash generated by mining operations. The company also reported mining revenue and block reward income declines.

The company’s shareholder materials describe a broader change in how it manages its bitcoin reserves. MARA had sold 26,984 BTC during the first nine months of 2026; the post-quarter sale takes its reported sales for the year...