MARA Holdings sold 13,597 Bitcoin for approximately $1.1 billion following the close of the third quarter, directing the proceeds toward the repayment of $750 million in borrowings. According to the company's Q3 2026 earnings presentation and a shareholder letter dated November 9, the sale was executed at an average price of $81,039 per coin, and the loan repayment freed 17,477 BTC that had been pledged as collateral. The debt reduction came despite a 35% year-over-year decline in quarterly revenue.

Bitcoin Sales Clear Debt and Free Collateral

During the third quarter, MARA borrowed against its Bitcoin holdings to help fund its planned acquisition of Long Ridge Energy & Power in Ohio. That $750 million financing package consisted of $600 million in new capital and $150 million in refinancing. At the time the loans were arranged, Bitcoin traded near $64,000. MARA estimates that the financing and subsequent sale produced a net benefit of approximately $170 million after financing costs, a spread generated by selling at an average price well above the level at which the loans were arranged.

The post-quarter disposal follows earlier sales totaling 26,984 BTC over the first nine months of the year, which generated approximately $1.9 billion. Those drawdowns were enabled by a treasury policy MARA revised in 2026 to permit sales of Bitcoin already held on its balance sheet — the change that first made the company's stockpile available as a funding tool.

Revenue Decline Offset by Unrealized Gains

Third-quarter revenue fell to $164.2 million from $252.4 million a year earlier. Net income, however, climbed to $632.1 million from $123.1 million in the prior-year period, driven largely by $885.3 million in unrealized Bitcoin fair-value gains — gains on the market value of coins still held rather than cash received, which explains how earnings rose even as revenue contracted.

Operationally, Bitcoin production rose 5% year over year to 2,247 BTC, with 644 blocks mined and an energized hashrate of 71.2 exahashes per second. The treasury nonetheless shrank: holdings stood at 34,012 BTC as of September 30, down 36% from the year before, a decline attributable to the year's selling rather than to weaker mining output. The board also authorized a share repurchase program of up to $500 million, and following the loan repayment, MARA said less than 5% of its Bitcoin remained loaned or pledged.

Energy and Computing Expansion Continues

MARA is pressing ahead with the Long Ridge acquisition as part of its broader energy infrastructure build-out. The Federal Energy Regulatory Commission approved the transaction after the quarter's end, with closing expected before December 2026 — the deal's next key milestone. The company reported approximately 1.9 gigawatts of secured power capacity, with plans targeting 4.8 gigawatts. Through Exaion, MARA also secured a four-year computing services contract worth $79 million, adding a revenue stream tied to computing power alongside mining.

Chief Executive Fred Thiel said Bitcoin remains central to the company's operations. "This is not a pivot away from bitcoin," he wrote in the shareholder letter.