MARA sells 13,597 Bitcoin for $1.1bn to clear $750m in BTC-backed loans

Key points

• MARA sold 13,597 BTC for about $1.1bn, implying an average price of roughly $81,000 a coin.
• The $750m repayment cleared two loans taken out on 4 Aug, including a $450m Coinbase Credit facility backed by 11,250 BTC.

MARA Holdings sold 13,597 Bitcoin for about $1.1bn after its third quarter closed and used $750m of the proceeds to repay all of its Bitcoin-backed loans, Bitcoin.com News reports. The sale was disclosed in the miner's quarterly report filed with the SEC on 9 Nov.

The repayment cleared two loans MARA took out on 4 Aug from Coinbase Credit and Two Prime, including a $450m Coinbase Credit facility backed by 11,250 BTC that was not due until August 2028. A total of 17,477 BTC had been pledged against the two loans as of 30 Sept, and all of it has returned to MARA. The company said less than 5% of its Bitcoin holdings are now loaned or pledged, and that it has cut $1.4bn, or 37%, of total debt since January.

Revenue squeezed by prices

The quarter showed the squeeze on miners from a weaker Bitcoin price. Revenue fell 35% to $164m from $252m a year earlier, even as Bitcoin mined rose 5% to 2,247 BTC, because the average price of the Bitcoin mined dropped 37% to $71,688. Net income reached $632m on paper gains on holdings and receivables, and energised hashrate rose 18% to 71.2 EH/s.

MARA has sold about 26,984 BTC in the first nine months of 2026. Riot Platforms and Hut 8 have also sold Bitcoin while putting capital into AI infrastructure. MARA's board approved a buyback of up to $500m, and the company is targeting two data centre leases before year-end.

What to watch: MARA expects to close its FERC-approved Long Ridge acquisition in the coming weeks and is targeting two data centre leases before year-end, though it warns the timing could slip into next year.

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