MARA Offloads 40% of Its Bitcoin to Clear Debt and Fund AI Push

By Coinvote

Published November 10, 2026 - 19:22 UTC | 5 mins read

MARA Offloads 40% of Its Bitcoin to Clear Debt and Fund AI Push

Once the third quarter had closed, MARA Holdings disposed of 13,597 BTC for roughly $1.1 billion and paid off its term loans secured by bitcoin. The miner says further sales will fund AI infrastructure, convertible note puts and share buybacks.

MARA sells bitcoin after quarter-end and clears its collateralized loans

Bitcoin Magazine reported that MARA Holdings disposed of 13,597 BTC, worth roughly $1.1 billion, once the third quarter had closed, citing the miner's Q3 shareholder letter published Monday. The coins sold at roughly $81,039 each. MARA directed $750 million of the proceeds to retiring all of its bitcoin-backed term loans.

CoinDesk described the sale as taking place over six weeks and said the company believes its remaining coins can help pay for AI data centers. The Block likewise links the sale to the $750 million loan repayment and describes the move as part of a pivot to AI.

Paying off the loans released 17,477 bitcoin that had been pledged as collateral, according to Bitcoin Magazine. The company said less than 5% of its holdings are now loaned or pledged.

The numbers behind the balance-sheet shift

MARA held 34,012 BTC on Sept. 30, so the post-quarter sale removed about 40% of the stack within weeks. Bitcoin Magazine calculated that roughly 20,400 BTC remain before counting coins mined since. That figure is the outlet's own arithmetic, not a number MARA stated.

Bitcoin Magazine also noted that the sale price was about $6,800 per coin above bitcoin's price near $74,200 on Tuesday morning. CoinGecko data shows bitcoin at $74,264, down 10.5% over 30 days and well below its all-time high of $126,080 set on 2025-10-06. The outlets do not say whether price levels influenced the timing of the sale.

34,012 BTC held at the end of September.
13,597 BTC sold at roughly $81,039 each for about $1.1 billion.
$750 million used to repay term loans, freeing 17,477 BTC of collateral.
Up to $500 million of common stock buybacks authorized after quarter-end.
About 26,984 BTC were sold for $1.9 billion over the first nine months; the third-quarter portion was 3,891 BTC, averaging $75,300.
Cash stood at $946.5 million at the end of September, and cash plus bitcoin totaled roughly $3.8 billion.

Profit came from coin valuations rather than mining

Bitcoin Magazine reported a 35% drop in quarterly revenue, to $164.2 million against $252.4 million the year before, while energized hashrate grew 18% to 71.2 EH/s. Net income climbed to $632.1 million, or $1.28 per diluted share, from $123.1 million. A fair-value gain of $885.3 million on digital assets contributed to the result.

A fair-value gain is an accounting mark on coins the company holds. It reflects price changes rather than cash generated by running machines. The mining side showed modest pressure: MARA's owned sites paid $39,674 in purchased energy for each bitcoin, compared with $39,235 a year earlier. Blocks won increased 2% to 644.

MARA mined 2,247 BTC in the quarter and bought none, Bitcoin Magazine said. The company has also lent out 1,408 BTC, which earned about $2.5 million in interest during the quarter.

Where the outlets agree and where they differ

All four outlets report the same core facts: 13,597 BTC sold and $750 million in debt repaid. They differ on the quarterly profit. The Block puts net profit at $634.4 million, while Bitcoin Magazine reports net income of $632.1 million. The gap is small, and neither the headline-level summary from The Block nor the Bitcoin Magazine text explains it.

The outlets also stress different elements. The Defiant highlights the $500 million buyback and a possible slip of two planned data center leases into 2027. Bitcoin Magazine says MARA is targeting two leases before year-end but warned that "market conditions are fluid" and timing could move into next year. The two accounts are consistent on that point.

Only Bitcoin Magazine, which has the full letter coverage, supplies the collateral release, the remaining-holdings arithmetic and the operating metrics. CoinDesk's six-week framing is the only description of the sale window.

A gradual retreat from holding bitcoin

Bitcoin Magazine said MARA first allowed sales of coins it had mined during 2025, then widened the policy in 2026 to cover bitcoin already held on its balance sheet. The latest sale is the largest step on that path. In general, repaying coin-backed loans also removes the obligation to keep pledged collateral in place.

The outlet placed the move alongside similar decisions elsewhere in the sector. According to the outlet, Riot and Hut 8 each sold thousands of bitcoin to pay for AI projects and buybacks, Keel liquidated its whole treasury, and Core Scientific intends to leave mining by the end of the year.

MARA's AI and power plans are concrete in the letter. FERC approved MARA's purchase of the Long Ridge natural gas plant, which is currently authorized to sell 485 MW, and the company expects the deal to close within weeks. It also secured development rights to a Texas site in Matagorda County with up to 2 GW of power capacity. MARA's Exaion unit agreed a $79 million, four-year contract to provide GPU-as-a-service to its first customer in the U.S.

What to watch next

MARA said it will keep turning bitcoin into cash for AI infrastructure opportunities, for puts on its convertible notes that can be exercised starting next year, and for possible share repurchases. How quickly it sells, and in what size, is not stated. Readers can check the company's next filings for updated holdings and the share of coins still pledged.

Open questions include whether MARA signs its two data center leases before year-end, how much of the $500 million buyback it uses, and whether more miners follow the same path. Whether sales of this scale from public companies affect market supply is not addressed in any of the reports.

Market snapshot

Asset	Price	24h	7d	Market cap
Bitcoin (BTC)	$74,264	-1.1%	-3.9%	$1.49 trillion

CoinGecko data as of 2026-11-10 (UTC).

FAQ

How much bitcoin did MARA sell and why?

According to Bitcoin Magazine, MARA disposed of 13,597 BTC for roughly $1.1 billion once the third quarter was over. It used $750 million to retire its term loans secured by bitcoin and says further sales will fund AI infrastructure, convertible note puts and possible buybacks.

How much bitcoin does MARA still hold?

MARA held 34,012 BTC on Sept. 30. Bitcoin Magazine calculated that about 20,400 BTC remain after the sale, before counting coins mined since. That is the outlet's own calculation, not a company-stated figure.

Is MARA leaving bitcoin mining?

No. MARA still describes mining as its operating foundation, Bitcoin Magazine reported. The company is using its bitcoin holdings to fund AI and data center projects while keeping its mining sites running.