MARA sells 13,597 BTC for $1.1B, plans further sales

MARA Holdings sold 13,597 BTC for about $1.1 billion (~$81,039 per coin) in the six weeks after September — roughly 40% of the 34,012 bitcoin it held at quarter-end — and said it will keep selling to raise cash for AI infrastructure, debt repayments and potential share buybacks.

• Most proceeds went to lenders: $750 million repaid bitcoin-backed loans taken out in August to fund its planned Long Ridge gas-power acquisition, releasing 17,477 pledged coins; under 5% of remaining holdings are now lent out or pledged, down from 57%.
• The sales reverse MARA's July 2024 pledge to retain all mined bitcoin; year-to-date disposals now exceed 40,000 BTC.
• Third-quarter revenue fell 35% to $164 million, with a $632 million profit boosted by an $885 million accounting gain from bitcoin's price rise.
• The board has authorized up to $500 million in share repurchases, and some bondholders can demand early repayment starting next year.