MARA Sells $1.1 Billion Bitcoin to Repay Debt and Fund AI Infrastructure

MARA Holdings has revealed that it sold 13,597 bitcoin for approximately $1.1 billion following the close of the third quarter, reducing its treasury holdings significantly. The transaction saw the digital assets go for roughly $81,039 each. With MARA having held 34,012 BTC on September 30, the sale cut about 40 percent of its stack in a matter of weeks, according to its shareholder letter.

The miner used $750 million of the cash generated from the sale to pay off all of its bitcoin-backed term loans. This repayment successfully returned 17,477 bitcoin that had been pledged as collateral, leaving less than 5 percent of the company's holdings loaned or pledged. Subtracting the sale from the quarter-end figure leaves about 20,400 BTC, before counting coins mined since.

MARA sold 40 percent of its bitcoin stack to repay loans and fund AI infrastructure.

MARA Sells Bitcoin for Debt Reduction and Growth

The company's leadership made it clear that further selling is planned. The shareholder letter stated an intention to continue using bitcoin holdings to build cash reserves for artificial intelligence infrastructure opportunities, satisfy puts on convertible notes coming due next year, and execute potential share repurchases. Additionally, the board authorized a buyback of up to $500 million of common stock after the quarter ended.

MARA spent years establishing one of the largest corporate bitcoin stacks. The company began permitting sales of mined bitcoin in 2025 and expanded that policy in 2026 to cover bitcoin already residing on its balance sheet. During the first nine months of the year, it sold about 26,984 bitcoin for $1.9 billion. Year to date, MARA has reduced its total debt by $1.4 billion, or 37 percent.

Financial results for the third quarter showed revenue falling 35 percent to $164.2 million from $252.4 million a year earlier, even as energized hashrate rose 18 percent to 71.2 EH/s. Net income increased to $632.1 million, driven largely by an $885.3 million gain on the fair value of digital assets rather than mining operations.

Why it matters

This strategic shift highlights a broader trend among major cryptocurrency miners pivoting toward high-value infrastructure projects like artificial intelligence and data centers, moving away from simply hoarding digital assets. For the broader industry and investors, this demonstrates how corporate treasuries are being actively leveraged to fund technological diversification and debt reduction.