TL;DR
MARA: Sold 13,597 BTC worth about $1.1 billion after September, equal to roughly 40% of its Bitcoin holdings at that time, in a major shift from its previous policy of retaining mined coins.
Debt Reduction: Used $750 million from sales proceeds to repay Bitcoin-backed loans, releasing 17,477 BTC in collateral and reducing pledged or lent holdings from 57% to less than 5%.
AI Expansion: Plans to continue selling Bitcoin to build cash for AI infrastructure, support the Long Ridge acquisition, pursue data-center growth opportunities, and manage future financial obligations.
Bitcoin miner MARA has sold $1.1 billion worth of Bitcoin since the end of September, marking a major shift in its treasury strategy . The company disposed of 13,597 BTC at an average price of about $81,039 per coin, generating capital for debt reduction, AI infrastructure investments, and other corporate priorities. The move comes as MARA adjusts to weaker mining revenue and prepares for future expansion in power and data-center operations.
MARA Uses Bitcoin Sales To Cut Debt Exposure
The latest transactions represent roughly 40% of the 34,012 Bitcoin held by MARA at the end of September . The company sold about six times more Bitcoin in a matter of weeks than it mined during the entire third quarter. A significant portion of the proceeds was directed toward improving the balance sheet . MARA used $750 million to repay loans that were backed by Bitcoin holdings, releasing 17,477 BTC that had previously been pledged as collateral.
Following the repayments, less than 5% of MARA’s remaining Bitcoin holdings are either lent out or pledged , compared with 57% at the end of September. Those loans were originally secured in August to help finance the planned acquisition of Long Ridge, a natural-gas power business. By selling Bitcoin and eliminating much of the associated debt before the deal closes, MARA has reduced its exposure to borrowing tied to digital assets .
Strategy Shifts Toward Cash Generation And AI Growth
The decision highlights how far MARA has moved from its earlier treasury approach . In 2024, the company stated it would retain all mined Bitcoin and even acquire additional coins. That position gradually changed, first allowing sales of newly mined Bitcoin in 2025 and later expanding sales to accumulated reserves . Sales totaled 26,984 BTC during the first nine months of 2026.
With the latest transactions included, MARA has now sold more than 40,000 BTC this year . The company said it intends to continue using Bitcoin sales to build cash reserves that can support AI infrastructure opportunities. That cash may also be needed for other commitments. Certain bondholders gain the right to request early repayment beginning next year , and MARA’s board has authorized share repurchases of up to $500 million.
Long Ridge Deal Supports Data-Center Ambitions
Revenue pressure has added urgency to the strategy. Third-quarter revenue fell 35% to $164 million , although MARA still reported a $632 million profit , largely due to an $885 million accounting gain tied to Bitcoin’s price appreciation during the quarter. The company expects its Long Ridge acquisition to close in the coming weeks. The facility is authorized to sell 485 megawatts of power and provides land suitable for future data-center development . MARA also controls development rights at a Texas location with potential capacity reaching 2 gigawatts and is targeting two additional data-center leases before year-end.
