Bitcoin mining company MARA Holdings has accelerated cryptocurrency sales, liquidating 13,597 BTC worth approximately USD 1.1 billion within six weeks to reduce debt and finance artificial intelligence infrastructure.
According to its third-quarter shareholder letter, MARA sold Bitcoin at an average price of USD 81,039, with the 13,597 BTC sold representing approximately 40% of its holdings at the end of September.
MARA allocated USD 750 million from the proceeds to repay Bitcoin-backed loans originally secured for its planned Long Ridge acquisition.
The repayment released 17,477 BTC previously pledged as collateral, reducing encumbered holdings from 57% to below 5%. The company sold approximately six times its third-quarter mining production of 2,247 BTC.
MARA's strategy represents a departure from its 2024 commitment to retain mined Bitcoin. Total sales exceeded 40,000 BTC during 2026, including 26,984 BTC through September.
“We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities,” MARA stated.
According to MARA's earnings report, third-quarter revenue declined 35% to USD 164.2 million from USD 252.4 million a year earlier. Nevertheless, net income reached USD 632.1 million, or USD 1.28 per diluted share.
The profit included USD 885.3 million in unrealized Bitcoin valuation gains, underscoring the difference between accounting earnings and operating performance.
Mining capacity improved. Energized hashrate increased 18% to 71.2 EH/s, while the company mined 2,247 BTC and secured 644 blocks during the quarter.
MARA plans to acquire Long Ridge, a natural-gas power facility authorized to supply 485 megawatts of electricity, with capacity potentially increasing to 505 megawatts in 2027.
Its subsidiary Exaion secured a four-year, USD 79 million GPU computing contract. Management also identified a pipeline exceeding USD 3 billion, although much remains uncontracted.
The company holds development rights at a Texas location with potential capacity reaching two gigawatts. The completion of two targeted data-center leases could be delayed until 2027. Meanwhile, MARA has authorized up to USD 500 million in share repurchases.
Also Read: Bitcoin Block Packs 11,255 Transactions, Nears 12,239 Record Set in 2015