MARA Holdings Sells 13,597 Bitcoin to Eliminate Debt
The mining firm offloaded assets for $1.1 billion to clear bitcoin-backed loans.
1Strategic Debt Elimination
MARA Holdings sold 13,597 bitcoin for approximately $1.1 billion following the close of the third quarter in 2026. The company utilized $750 million of these proceeds to fully repay bitcoin-backed loans provided by Coinbase Credit and Two Prime. This move successfully freed 17,477 BTC that had been pledged as collateral.
2Reducing Market Volatility
By clearing these specific debt obligations, MARA has significantly decreased its exposure to bitcoin price volatility. The company reported that less than 5% of its total bitcoin holdings remain loaned or pledged. Since January, MARA has reduced its total debt by $1.4 billion, representing a 37% decrease in overall liabilities.
3Q3 Financial Performance
MARA reported Q3 2026 revenue of $164.2 million, marking a 35% decline from the $252.4 million recorded a year earlier. While the company mined 2,247 BTC, a 5% increase, the average price of mined bitcoin dropped 37% to $71,688. Net income rose to $632.1 million, bolstered by paper gains on holdings.
4Operational Efficiency Metrics
The company’s energized hashrate climbed 18% to 71.2 exahashes per second during the quarter. Meanwhile, the purchased energy cost per BTC at its owned sites was recorded at $39,674. Despite these operational gains, MARA has been a consistent seller throughout the year, offloading 26,984 BTC in the first nine months of 2026.
5Industry-Wide Asset Offloading
MARA is not the only miner liquidating assets to reallocate capital. Riot Platforms sold 10,599 BTC for $751.5 million during the third quarter, while Hut 8 offloaded approximately $250 million worth of bitcoin. Both companies are shifting their focus toward infrastructure investments, specifically targeting artificial intelligence and high-performance computing data centers.
6Pivot to AI Infrastructure
MARA is transitioning its strategy to maximize the value of every megawatt of power it controls. The company received Federal Energy Regulatory Commission approval for its 485 MW natural gas plant acquisition in Ohio. Additionally, its subsidiary Exaion signed a $79 million, four-year GPU-as-a-service contract with its first U.S. customer.
7Future Growth Targets
The company is actively targeting two new AI data center leases before the end of the year, though management warned that timing could slip into 2027. Furthermore, the board has authorized a share repurchase program of up to $500 million, signaling confidence in the company's long-term capital allocation and operational strategy.
8Strategic Outlook Implications
MARA maintains that this shift is not a departure from bitcoin, but rather a flexible way to monetize power while developing higher-value projects. By balancing mining operations with AI infrastructure, the firm aims to stabilize its financial foundation. Investors should monitor the progress of the Ohio plant acquisition and upcoming data center leases.
Original article: Bitcoin News — MARA Holdings Sells 13,597 Bitcoin to Eliminate Debt