MARA Holdings sold 13,597 Bitcoin for over $1.1 billion following the close of the third quarter of 2026. The asset sale was executed at an average price of $81,039 per coin.
A portion of the proceeds was used to pay off a $750 million Bitcoin-backed credit facility. The loan facility had been drawn down when Bitcoin was trading around $64,000. Paying down the debt also returned 17,477 BTC that had previously been locked up as credit collateral.
$170 Million Net Benefit Behind Loan Payoff
From the combination of the loan financing and coin sales, MARA management estimates a net benefit of approximately $170 million after accounting for all incurred transaction costs.
Financial performance for the third quarter of 2026 showed two contrasting trends. MARA’s revenue fell 35% to $164.2 million. However, during the same period, net income reached $632.1 million, driven by unrealized gains on its digital asset holdings.
Cumulative Bitcoin sales across the first nine months of 2026 reached 26,984 BTC valued at a total of $1.9 billion. These gradual sales followed a board update to the company’s treasury policy, which granted management flexibility to sell balance-sheet coin holdings based on liquidity needs.
Less Than 5% of Coins Remain Pledged as Collateral
As of September 30, 2026, MARA held 34,012 BTC in reserve on its balance sheet, down from 53,822 BTC at the end of 2025. Of the remaining coin stockpile, less than 5% is currently lent out or pledged as collateral against third-party debt.
From its mining operations, MARA produced 2,247 BTC across 644 blocks won throughout the third quarter. Its active computing power, or hashrate, reached 71.2 EH/s, an 18% increase compared to the same period last year. Supported by a stronger cash position, the board of directors approved a share repurchase program of up to $500 million via open-market transactions.
Targeting Energy Capacity of Up to 4.8 Gigawatts
Responding to the coin sales, CEO Fred Thiel emphasized that MARA is not turning away from Bitcoin. The company’s focus is directed toward expanding its energy infrastructure from an installed capacity of 1.9 gigawatts toward a target of 4.8 gigawatts, following approval from the Federal Energy Regulatory Commission (FERC) for the acquisition of the Long Ridge facility.
For crypto market participants, MARA’s move highlights a tactical shift among public miners: utilizing balance-sheet coins during price rallies to pay down $750 million in debt, recover 17,477 BTC in collateral, and free up capital for physical expansion and share buybacks.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
