MARA Holdings has sold an additional 13,597 Bitcoin following the end of the third quarter, bringing its total holdings down to 34,012 BTC, according to the company’s Q3 shareholder letter. The sale, executed at an average price of approximately $81,039, generated about $1.1 billion in proceeds.
The disposal represents a significant shift for the Bitcoin miner, which was previously among the most aggressive corporate accumulators of Bitcoin. The 13,597 BTC sold after September 30 is roughly six times the 2,247 BTC the company mined during the entire third quarter.
Debt Repayment and Collateral Release
MARA directed $750 million of the proceeds toward fully repaying its Bitcoin-collateralized term loans. The repayment freed 17,477 BTC from collateral, reducing the company’s pledged or lent Bitcoin to under 5% of total assets. At the end of the prior quarter, that figure was 57%.
Year-to-date through the end of 2026, MARA has sold over 40,000 BTC, including approximately 26,984 BTC in the first nine months of the year. The company’s Bitcoin holdings have declined 36% year-over-year, driven almost entirely by sales rather than production shortfalls.
Q3 Financial Results
MARA reported Q3 revenue of $164 million, down 35% year-over-year. Net profit for the quarter was $632 million, a figure substantially boosted by fair-value gains tied to Bitcoin’s price appreciation during the period. Hash rate reached 71.2 EH/s in Q3, up 18% year-over-year.
On-chain activity in early November showed approximately 1,650 BTC moving to firms including Galaxy Digital and Copper, consistent with the company’s broader selling pattern throughout the year.
Strategic Priorities
MARA has stated its intention to continue monetizing Bitcoin holdings to fund three priorities: AI data center infrastructure, ongoing debt reduction, and potential stock repurchases of up to $500 million. By unwinding its collateral structure, the company has removed a meaningful source of systemic risk from its balance sheet, leaving its Bitcoin holdings largely unencumbered and giving it more flexibility to hold or sell on its own timeline.
