MARA Holdings sold 13,597 bitcoin at about $81,039 each after the third quarter closed, raising roughly $1.1 billion, and used $750 million to repay all of its bitcoin-collateralised term loans, according to its Q3 shareholder letter filed on Monday. CryptoWatchDesk last looked at miners’ economics in late October, when bitcoin’s hashrate passed one zettahash.
The sale is equal to about 40% of the 34,012 BTC MARA held on 30 September. The contrast with Strategy bought 1,036 BTC last week is the point: MARA’s bitcoin is now working capital, not a reserve. Repaying the loans released 17,477 BTC that had been pledged, and the company says less than 5% of its holdings are now loaned or pledged.
The loans were taken in the quarter, when bitcoin traded around $64,000, to fund MARA’s purchase of the Long Ridge gas plant. MARA puts the net benefit of borrowing low and selling higher at about $170 million. “We expect to continue to monetize bitcoin to enhance our financial flexibility,” the letter says.
The uses it lists are puts on its convertible notes that become exercisable next year, AI infrastructure and a share buyback of up to $500 million authorised after the quarter. MARA is targeting two data-centre leases before year-end but warns the timing could slip into 2027.
The quarter itself was carried by the coin’s price. Revenue fell 35% to $164.2 million, while net income rose to $632.1 million on an $885.3 million fair-value gain. MARA mined 2,247 BTC in the quarter at an energized hashrate of 71.2 EH/s and sold 3,891 BTC at about $75,300.
Bitcoin traded near $74,590 on Kraken at 04:43 UTC on Tuesday, about $6,450 below MARA’s average selling price, as Tuesday’s First Print noted ahead of US inflation data.
This article is for information only and is not investment advice.