MARA Sells $1.1B of Bitcoin as Q3 Revenue Falls 35%

MARA Holdings sold 13,597 bitcoins after the close of the third quarter at an average price of $81,039, raising about $1.1 billion and using part of the proceeds to repay a $750 million bitcoin-backed loan. The Nasdaq-listed miner disclosed the moves in a shareholder letter dated Nov. 9. Repaying the loan released 17,477 bitcoins that had been pledged as collateral. The sale followed a 35% drop in quarterly revenue. The $750 million financing was raised against MARA holdings to support its planned acquisition of Long Ridge Energy & Power in Ohio. It consisted of $600 million in new funds and $150 million to refinance existing debt. Bitcoin traded near $64,000 when the loan was made. After selling the 13,597 coins at $81,039, MARA repaid the loan and reclaimed the collateral. Management estimates net proceeds from the financing and subsequent bitcoin sale at about $170 million after related costs. Third-quarter revenue fell to $164.2 million from $252.4 million a year earlier, a decline of $88.2 million, or about 35%. Bitcoin mining revenue dropped by $83.1 million. A 37% fall in the average price of mined bitcoin cut revenue by $94.8 million; higher output added $11.7 million. Net profit was $632.1 million, up from $123.1 million, driven mainly by unrealized gains on digital assets. Net profit attributable to common shareholders was $634.4 million. Unrealized fair value gains on bitcoin were about $885.3 million, compared with $343.1 million a year earlier. Diluted earnings per share were $1.28, up from $0.27. Bitcoin production rose 5% year over year to 2,247 coins from 2,144. MARA won 644 blocks, compared with 633 in the same period of 2025. Enabled hashrate reached 71.2 EH/s, up 18% year over year. Quarterly production fell 7% from the prior quarter to 2,422 coins. The latest sale extends a pattern of treasury disposals. MARA sold 23,093 bitcoins in the first half of 2026, generating about $1.63 billion for operations, investments and liquidity. In the third quarter it sold 3,891 bitcoins at an average price of $75,300. First-nine-month sales totaled about 26,984 bitcoins and generated $1.9 billion. In 2026 MARA changed its treasury policy to allow sales of bitcoin already held on the balance sheet; its 2025 policy permitted sales only of mined bitcoin. The company said it will continue to sell bitcoin when needed to meet financial obligations, fund investments and support capital projects. As of Sept. 30, MARA held 34,012 bitcoins, including coins lent to counterparties or pledged as collateral, down from 53,822 at the end of 2025. Of the total, 14,752 were unencumbered, 1,408 were lent out and 17,852 were pledged. Bitcoin lending generated about $2.5 million in interest income in the quarter. After loan repayments, lent or pledged coins fell below 5% of holdings. In October, blockchain trackers flagged nearly 1,000 bitcoins moved to Galaxy Digital, but the transfers alone do not confirm completed sales. After the quarter, the MARA board authorized a share repurchase program of up to $500 million. The authorization allows buybacks through open-market transactions or other permitted methods and does not require a fixed purchase amount. MARA stock closed at $6.64 on Nov. 9, up 4.57% in regular trading and down 0.06% after hours. MARA is also expanding AI and high-performance computing infrastructure through energy assets and partnerships. The Long Ridge acquisition is part of that push. The shareholder letter said the U.S. Federal Energy Regulatory Commission approved the deal after the quarter, with completion expected by the end of 2026. MARA Chairman and CEO Fred Thiel wrote that Bitcoin remains central to the company and that the move is not a departure from Bitcoin. MARA has secured about 1.9 gigawatts of power capacity and plans to expand to 4.8 gigawatts, with facilities to support bitcoin mining, data centers and computing services. Through Exaion, it has a four-year, $79 million computing services contract. Management said it will prioritize customer agreements and cash flow while advancing the infrastructure portfolio.