Bitcoin miner MARA Holdings said in a third-quarter 2026 report and shareholder letter filed on November 9 that it sold 13,597 BTC after the quarter ended. The sale raised approximately $1.1 billion at an average price of about $81,039 per BTC. The amount sold was roughly 40% of MARA’s September 30 holdings of 34,012 BTC.
MARA used $750 million of the proceeds to fully repay Bitcoin-backed loans from Coinbase Credit and Two Prime, releasing 17,477 BTC previously pledged as collateral. According to the shareholder letter, the loans were taken out on August 4 to fund the Long Ridge acquisition: $600 million was new financing and $150 million replaced an existing facility. MARA said it borrowed against Bitcoin when the price was around $64,000 and estimated a net gain of approximately $170 million from the borrowing-and-sale sequence.
After repayment, the share of MARA’s holdings that was lent or pledged fell below 5%, compared with approximately 57% at the end of the third quarter. The company also said it had reduced debt by $1.4 billion since the start of 2026, equivalent to 37% of its total debt.
MARA said it may sell more Bitcoin depending on market conditions to increase financial flexibility. Potential uses of proceeds include AI infrastructure, convertible notes with a put option exercisable in 2027, and share repurchases. Separately, MARA reported selling approximately 26,984 BTC for $1.9 billion during the first nine months of 2026; that period does not include the post-quarter sale.
Original report: ChainCatcher, published November 12, 2026, at 08:22 (UTC+8).