MARA, one of the world's largest publicly traded Bitcoin mining companies, sold 13,597 BTC after the close of the third quarter of 2026, generating approximately $1.1 billion at an average price of $81,039 per Bitcoin, according to the company's third-quarter 2026 earnings report.

The proceeds were used to repay, in full, the company's $750 million in Bitcoin-backed loans. The settlement released 17,477 BTC that had been pledged as collateral, returning those holdings to the company and eliminating the outstanding Bitcoin-backed debt.

The post-quarter sale came alongside a mixed set of quarterly results: revenue declined 35% year-over-year to $164.2 million, while MARA reported net income of $632 million, supported largely by gains from changes in the fair value of its digital asset holdings.

Bitcoin Sale Releases 17,477 BTC From Loan Collateral

The 13,597 BTC sold after quarter-end raised roughly $1.1 billion at an average price of $81,039 per coin. MARA directed the proceeds toward retiring its $750 million in Bitcoin-backed loans in full.

Bitcoin-backed loans let a holder raise liquidity by pledging coins as collateral instead of selling them; the pledged coins remain on the holder's balance sheet but carry the lender's claim until the debt is repaid. Repayment reverses that arrangement, converting encumbered coins back into unencumbered holdings.

The quantity of Bitcoin released from collateral, 17,477 BTC, exceeded the 13,597 BTC sold. The two figures describe different components of the same transaction: the sale supplied the funds used for repayment, while settling the loans freed Bitcoin that had previously been encumbered.

The repayment marks a significant shift in MARA's Bitcoin-backed borrowing position. By clearing the $750 million in loans, the company removed that debt and recovered unrestricted control of the Bitcoin previously committed as collateral. The distinction matters for readers tracking miner balance sheets, because unencumbered holdings carry no lender claims, and the company's next quarterly disclosures will provide the first complete picture of its holdings and debt position after the repayment.

Revenue Declines While Net Income Rises on Fair-Value Gains

Third-quarter revenue fell 35% compared with the same period a year earlier, to $164.2 million. Net income, however, reached $632 million, a result driven principally by $885 million in digital asset fair-value gains.

The accounting treatment behind that divergence is a feature of fair-value reporting: companies that hold digital assets remeasure them each reporting period, so changes in Bitcoin's market price during the quarter flow into net income even when the assets are not sold. For companies with large digital asset treasuries, this makes reported profitability sensitive to market prices in a way that operating revenue alone is not.

The gap between the two figures reflects the weight of non-operating valuation gains in the quarter's reported bottom line. The $885 million in fair-value gains exceeded quarterly revenue, making changes in the reported value of MARA's digital asset holdings the dominant factor in its Q3 profitability.

The earnings figures therefore capture two contrasting developments during the quarter: operating revenue contracted relative to the year-ago period, while accounting gains tied to digital assets lifted net income substantially above operating performance.

Holdings Down 36% Year-Over-Year

As of September 30, 2026, MARA held 34,012 BTC, a 36% decline from its Bitcoin holdings a year earlier. The company also mined 2,247 BTC during the third quarter, an increase of 5%.

The reported figures distinguish between Bitcoin produced during the quarter and the size of total holdings at the September 30 reporting date. MARA subsequently disclosed the sale of 13,597 BTC after quarter-end, with the proceeds applied to the repayment of its Bitcoin-backed loans.

Source: Hokanews