MARA Stock Rises Nearly 5% as Miner Sells 40% of Its Bitcoin Stash
Key Takeaways
- •Following the third quarter, MARA sold 13,597 BTC for roughly $1.1 billion at an average price of about $81,039, representing 40% of the 34,012 coins it held at the end of September.
- •The company directed $750 million of the proceeds to fully repay its bitcoin-backed loans, unencumbering 17,477 pledged coins and reducing the lent or pledged share of its holdings from 57% to below 5%.
- •Third-quarter revenue dropped 35% to $164.2 million, yet net profit climbed to $634.4 million from $123.1 million a year earlier, driven mainly by a nearly $885 million accounting gain tied to bitcoin's price appreciation.
- •MARA has shifted its treasury strategy from retaining all mined coins to selling them, with 2026 disposals exceeding 40,000 BTC after 26,984 were sold in the first nine months of the year.
- •The firm plans additional bitcoin sales to fund AI infrastructure and debt reduction under a $500 million buyback authorization, as it prepares to close the 485-megawatt Long Ridge power acquisition and pursue two data-center leases by year-end.
MARA Holdings (MARA) closed at $6.64 on Monday, rising more than 4.5% in the regular session and finishing little changed after hours. The gain came as the company filed its third-quarter shareholder letter, which held a big surprise about what MARA did with its coins.
According to the filing, MARA, one of the world's largest publicly traded Bitcoin mining companies, sold 13,597 bitcoin for approximately $1.1 billion after the quarter ended, at an average price of roughly $81,039 per coin. That amounts to 40% of the 34,012 bitcoin MARA held at the end of September. The company also sold about six times as much bitcoin in roughly six weeks as it mined during the entire third quarter.
MARA, a Leading Listed Bitcoin Miner, Sells $1.1 Billion in BTC as Revenue Falls 35%
MARA, one of the world's largest publicly traded Bitcoin mining companies, disclosed in its Q3 2026 earnings that it sold 13,597 BTC after quarter-end at an average price of $81,039, raising… pic.twitter.com/zHVqppwidT
— Wu Blockchain (@WuBlockchain) November 10, 2026
Where the Cash Went
Most of the proceeds went to lenders. MARA used $750 million to fully repay the loans secured by its bitcoin, freeing the 17,477 coins it had pledged as collateral. Following the repayment, less than 5% of the company's remaining holdings are lent out or pledged, down from 57% at the end of September. That leaves nearly all of MARA's stack unencumbered, in contrast to the quarter itself, when a majority of its coins backed its borrowing.
MARA took out those loans in August to help fund its planned purchase of Long Ridge, a natural-gas power business, and cleared the debt before that deal closes. Since January, the firm has cut its total debt by 37% to $1.4 billion. Some bondholders can demand early repayment starting next year.
A Shift From Its Old Playbook
The sales mark a departure from MARA's earlier treasury strategy. In July 2024, the company's policy committed it to keeping everything it mined and buying more coins. That approach changed in 2025, when MARA began allowing sales of newly mined bitcoin, and this year it widened the policy to cover its accumulated holdings.
Sales hit 26,984 BTC in the first nine months of the year, and the latest round of disposals pushes the 2026 total above 40,000 BTC. MARA remains the fifth-largest corporate bitcoin treasury, although Strive passed it in recent months — a reminder that the league table of corporate holders is not fixed.
Mixed Results Behind the Quarter
The numbers behind the quarter were mixed. Revenue fell 35% to $164.2 million, down from $174.9 million in the prior quarter, while block reward income dropped 37%. Net profit nonetheless came in at $634.4 million, up from $123.1 million a year ago.
The gap stems from an accounting gain of nearly $885 million tied to bitcoin's rise during the quarter. In other words, the profit came from coin prices rather than from mining.
"We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities," MARA wrote. The board has also authorized buybacks of up to $500 million. The company said it plans further bitcoin sales to fund AI infrastructure, debt reduction and potential share repurchases.
Chief Executive Fred Thiel said the opportunity is "bigger than monetizing the megawatt." He wants MARA to move from power to infrastructure to compute, and then to full cloud solutions. The company now says it will focus on securing customer leases and free cash flow. Thiel added that MARA must "execute with discipline."
AI and Power Expansion
MARA expects to close the Long Ridge acquisition in the coming weeks. The plant is authorized to sell 485 megawatts of power, and the land around it could host a data-center campus. The company also holds development rights to a Texas site that could reach 2 gigawatts.
MARA is targeting two new data-center leases before year-end, though talks could slip into 2027. Between the Long Ridge closing, the lease negotiations, the pace of further bitcoin sales, and the point next year when some bondholders can demand early repayment, the coming months offer concrete checkpoints for whether the company's stated focus on leases and free cash flow translates into signed contracts and a smaller debt load.
