MARA Holdings disclosed the sale of 13,597 bitcoin following the close of the third quarter, generating approximately $1.1 billion at an average price of about $81,039 per coin. The transaction represented roughly 40 percent of the 34,012 bitcoin the company held as of September 30. Proceeds were directed primarily toward debt reduction, with $750 million used to fully repay bitcoin-backed term loans. That repayment released 17,477 bitcoin previously pledged as collateral.

The loans had been drawn in August, when bitcoin traded near $64,000, to support the pending acquisition of Long Ridge, a natural gas power facility. MARA estimated a net benefit of roughly $170 million from the financing and subsequent sale after interest and fees. Following the repayment, less than 5 percent of the company’s remaining bitcoin holdings were loaned or pledged. Year-to-date, MARA has reduced total debt by $1.4 billion, or 37 percent.

Third-Quarter Financial Results

Revenue for the September quarter declined 35 percent year over year to $164.2 million. Bitcoin mining revenue accounted for most of the drop, driven by a 37 percent fall in the average price of bitcoin produced during the period. Production itself rose 5 percent to 2,247 bitcoin, and the company’s energized hashrate increased 18 percent to 71.2 exahashes per second.

Despite the revenue contraction, net income reached $632.1 million, compared with $123.1 million a year earlier. The figure included an $885.3 million unrealized gain on bitcoin holdings. Diluted earnings per share stood at $1.28. Adjusted EBITDA was reported at $857.7 million. During the quarter itself, MARA sold an additional 3,891 bitcoin at an average price of $75,300. Across the first nine months of 2026, total bitcoin sales reached approximately 26,984 coins for $1.9 billion.

Capital Allocation and Strategic Direction

The board authorized a share repurchase program of up to $500 million after the quarter ended. The authorization permits open-market purchases or other methods but does not require any specific volume of buybacks. Management indicated that future bitcoin sales could also support convertible note puts that become exercisable next year and fund continued development of artificial intelligence and high-performance computing infrastructure.

MARA has secured approximately 1.9 gigawatts of power capacity with a longer-term path toward 4.8 gigawatts. The Federal Energy Regulatory Commission approved the Long Ridge acquisition after quarter-end, with closing expected before the end of 2026. Through its Exaion subsidiary, the company signed a four-year computing services contract valued at $79 million. Management is targeting two tenant leases for data center capacity before year-end, though timing could extend into 2027.

Bitcoin remains described as the foundation of the company’s operating model, with mining positioned as a flexible means of monetizing power capacity while higher-value projects are developed. The company’s treasury policy was updated in 2026 to allow sales of bitcoin already held on the balance sheet, expanding a 2025 policy that covered only newly mined coins.

Broader Industry Context

MARA’s sales form part of a larger pattern among publicly listed companies. Data compiled by Lookonchain showed that 14 public firms sold a combined 108,247 bitcoin worth approximately $8.08 billion in 2026 through early November. MARA accounted for the largest share, with cumulative sales of 40,581 bitcoin valued at about $3.03 billion. Riot Platforms ranked second with 20,264 bitcoin sold for roughly $1.51 billion, much of it directed toward data center expansion. Other miners, including Bitdeer, Cango, CleanSpark, and Core Scientific, also appeared among the larger sellers.

Several mining companies have redirected capital toward artificial intelligence infrastructure amid softer bitcoin prices and rising power costs. MARA shares closed at $6.64 on November 9, up 4.57 percent in regular trading before the detailed disclosure, then edged lower in after-hours activity. The stock has declined more than 57 percent over the preceding 12 months.

As of the latest reporting, MARA’s unrestricted bitcoin holdings stood significantly lower than the year-end 2025 total of 53,822 coins. The company continues to earn modest interest income from remaining bitcoin lending arrangements while prioritizing balance-sheet flexibility and infrastructure development.