MARA Sells 13,500 Bitcoin for $1.1B to Pay Off Debt

MARA Clears $750 Million in Debt with Major Bitcoin Sale

One of the world's largest Bitcoin mining companies, MARA Holdings, made a massive financial move right after closing its third quarter of 2026. The company sold 13,597 Bitcoin (BTCBTC-0.14%) for approximately $1.1 billion. MARA immediately used $750 million of those proceeds to pay off all of its bitcoin-backed debt.

This decision wipes out major short-term obligations and frees up a massive amount of crypto collateral that had been locked up. It highlights how major mining operations are restructuring their balance sheets to stay flexible in a changing crypto market.

Unpacking the $1.1 Billion Bitcoin Sale

Details of the transaction were revealed in a Form 10-Q quarterly filing submitted to the U.S. Securities and Exchange Commission (SEC) on November 9, 2026. The regulatory disclosure shows that MARA sold the 13,597 BTC at an average price of roughly $81,000 per coin.

The loans MARA cleared were fairly recent. On August 4, 2026, MARA took out two term loans collateralized by Bitcoin, totaling $750 million, from lenders Coinbase Credit and Two Prime. Here is how that debt was structured prior to repayment:

• Coinbase Credit Facility: A $450 million credit facility backed by 11,250 BTC, which original terms set to mature in August 2028.
• Two Prime Loan: Additional borrowing that brought the total collateral pledged across both loans to 17,477 BTC by September 30, 2026.

With the $750 million repayment completed, all 17,477 BTC held as collateral have been returned to MARA. In its letter to shareholders, MARA confirmed that less than 5% of its total BTC stash is now pledged or loaned out. Furthermore, MARA has reduced its total debt by $1.4 billion (or 37%) since January 2026, stating the action has lowered its exposure to short-term Bitcoin price swings.

Inside MARA's Q3 2026 Financial Performance

MARA's operational figures illustrate how lower market prices put pressure on mining revenue during the third quarter. Q3 2026 revenue dropped 35% year-over-year to $164.2 million, compared to $252.4 million in Q3 2025.

Even though MARA actually increased its total mined Bitcoin by 5% year-over-year to 2,247 BTC, the average realized price of the Bitcoin it mined declined 37% to $71,688 (down from $114,440 per coin in Q3 2025). Digital asset prices fluctuate significantly over time, and past performance of digital assets is not an indication of future results.

Key financial and operational milestones from the report include:

• Net Income: Reached $632.1 million (up from $123.1 million in Q3 2025), fueled largely by paper gains on its Bitcoin holdings and receivables.
• Adjusted EBITDA: Rose to $857.7 million for the quarter.
• Energized Hashrate: Hashrate—a key measurement of total computing power dedicated to processing transactions—climbed 18% to 71.2 exahashes per second (EH/s).
• Power Costs: Purchased energy costs averaged $39,674 per Bitcoin mined at company-owned sites.

MARA has been actively selling coins throughout the year to fund operations and manage capital. The company sold 26,984 BTC during the first nine months of 2026. In October, wallet activity linked to MARA sent Bitcoin to exchanges in batches of 500 BTC while its stock price experienced a drop of nearly 45% in under a month.

Why Miners Are Trading Bitcoin for Power and AI

MARA is not the only mining giant liquidating Bitcoin assets. Rival miner Riot Platforms sold 10,599 BTC for $751.5 million during the third quarter, while Hut 8 sold approximately $250 million worth of Bitcoin across Q3 and October. Both companies are reallocating funds to build infrastructure for Artificial Intelligence (AI) data centers.

MARA emphasized that its strategy centers around taking advantage of energy assets:

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

MARA clarified that this strategy is not a total exit from Bitcoin. Instead, management views mining as a flexible tool to monetize excess electrical capacity while longer-term, high-value data infrastructure projects are developed.

Expansion Plans: Energy Contracts, AI Services, and Buybacks

MARA is moving forward on several strategic business expansions to diversify its operational base beyond standard crypto mining:

• Long Ridge Acquisition: MARA secured approval from the Federal Energy Regulatory Commission (FERC) to acquire Long Ridge, a 485-megawatt natural gas power plant in Ohio, with final closing planned soon.
• GPU Service Agreements: Subsidiary Exaion signed a four-year, $79 million GPU-as-a-service deal with its first client in the United States.
• Data Center Leases: MARA aims to finalize two AI data center leases before the end of the year, though management noted completion could move into early next year.
• Share Buyback Program: MARA's board of directors authorized a stock repurchase initiative allowing the company to buy back up to $500 million of its own shares.

Conclusion: A Balanced Balance Sheet

By selling over 13,500 BTC to fully pay off its collateralized loans, MARA has eliminated substantial debt obligations while positioning itself to invest in energy and compute services. As crypto mining economics shift alongside AI compute demand, large-scale operators are adapting their treasury management strategies to navigate market fluctuations effectively.