- MARA sells 13,597 BTC at an average $81,039, repaying $750 million in loans and releasing 17,477 BTC from collateral.
- Third-quarter revenue falls 35% to $164.2 million, while net income rises to $632.1 million on $885.3 million in unrealized Bitcoin gains.
- MARA reports 1.9 GW in secured power capacity and advances its energy expansion through the planned Long Ridge acquisition.
MARA Holdings sold 13,597 Bitcoin for approximately $1.1 billion after September’s quarter-end, using proceeds to repay $750 million in loans. The November 9 shareholder letter reported the sale at an average price of $81,039. The repayment released 17,477 BTC previously pledged as collateral, while quarterly revenue dropped 35% year over year.
Bitcoin Sales Clear Debt and Release Collateral
MARA borrowed against its Bitcoin holdings during the third quarter to support its planned Long Ridge Energy & Power acquisition in Ohio. The $750 million financing included $600 million in new capital and $150 million refinancing.
Bitcoin traded near $64,000 when the company arranged the loans. MARA estimated a net benefit of approximately $170 million after financing costs and the subsequent sale.
The transactions followed earlier sales totaling 26,984 BTC during the first nine months, generating approximately $1.9 billion. The company changed its treasury policy in 2026 to permit sales of existing Bitcoin holdings.
Revenue Falls While Digital Asset Gains Lift Income
Third-quarter revenue fell from $252.4 million to $164.2 million. However, net income reached $632.1 million, compared with $123.1 million a year earlier. Unrealized Bitcoin fair-value gains contributed $885.3 million to the quarterly result.
Bitcoin production increased 5% year over year to 2,247 BTC. MARA also mined 644 blocks and reached an energized hashrate of 71.2 exahashes per second. As of September 30, its holdings totaled 34,012 BTC, down 36% year over year.
The board also approved a share repurchase program of up to $500 million. Following the loan repayment, MARA said less than 5% of its Bitcoin remained loaned or pledged.
MARA Continues Energy and Computing Expansion
MARA is pursuing its Long Ridge acquisition as part of its energy infrastructure expansion. The Federal Energy Regulatory Commission approved the transaction after quarter-end, with closing expected before December 2026.
The company reported approximately 1.9 gigawatts of secured power capacity, with plans reaching 4.8 gigawatts. Through Exaion, MARA also secured a four-year computing services contract worth $79 million.
CEO Fred Thiel said Bitcoin remains central to the company’s operations. “This is not a pivot away from bitcoin,” he wrote in the shareholder letter.
