MARA sold 13,597 bitcoin after September to repay $750 million in loans

MARA Holdings sold about 13,597 BTC after its third quarter ended on September 30, according to its shareholder letter filed with the SEC on November 9. The coins sold for roughly $81,039 each, bringing in about $1.1 billion.

MARA used $750 million of that cash to repay bitcoin-backed term loans. The repayment freed 17,477 BTC that had been pledged as collateral. Less than 5% of its bitcoin now remains loaned or pledged, the letter says.

The quarter in numbers

• Revenue of $164.2 million, down 35% from a year earlier
• Net income of $632.1 million, including an $885.3 million unrealized gain on digital assets
• 2,247 BTC mined and 3,891 BTC sold during the quarter
• 34,012 BTC held on September 30, before the later sales
• Energized hashrate of 71.2 EH/s, up 18% from a year earlier

Total debt fell by $1.4 billion, or 37%, in 2026 through September 30, according to the letter. The Block reported that MARA shares rose more than 4.5% in Monday's regular session.

More sales planned

The company was clear about what comes next. The letter says MARA expects "to continue to monetize bitcoin to enhance our financial flexibility." It also says it intends to use bitcoin to build cash for AI infrastructure.

MARA is targeting two data-center lease signings before year-end, though it said the timing could slip into next year. Chief executive Fred Thiel said the opportunity "is bigger than monetizing the megawatt," The Block reported.

Part of a wider trend

MARA tops a list of corporate bitcoin sellers compiled by on-chain analytics firm Lookonchain. Fourteen public companies have sold 108,247 BTC, worth about $8.08 billion, so far in 2026, the firm said on November 10. CoinDesk and Bloomingbit both reported the figures.

Lookonchain credits MARA with 40,581 BTC sold this year. Riot Platforms is second with 20,264 BTC. Riot ended September with 2,418 BTC, down from 18,005 at the start of the year, according to CoinCentral's review of its filing.

CoinCentral cautioned that the Lookonchain total mixes confirmed sales with estimates. For example, it said Bitdeer's 10,553 BTC figure reflects estimated outflows, not documented sales.

Not financial advice.