MARA Holdings has sold approximately USD 1.1 billion worth of Bitcoin since September, redirecting funds toward debt repayment and artificial intelligence infrastructure. The Bitcoin mining company sold 13,597 BTC at an average price of USD 81,039, according to its third-quarter shareholder letter filed Monday. The sales represent nearly 40% of its September holdings and mark another major change in its Bitcoin treasury strategy.
MARA reported holding 34,012 BTC at the end of September before selling more than 13,000 coins over approximately six weeks. The amount exceeded six times its total Bitcoin production during the third quarter.
Most of the proceeds went toward outstanding debt. The company allocated USD 750 million to repay loans secured by Bitcoin, freeing 17,477 BTC previously pledged as collateral. As a result, less than 5% of its remaining Bitcoin holdings now support lending or collateral arrangements. That compares with 57% at the end of September.
The company obtained the loans in August to support its planned acquisition of Long Ridge, a natural-gas power business. It has since sold Bitcoin to settle the borrowing before completing the transaction. The latest disposals also extend a broader shift in MARA's financial strategy. In July 2024, the company committed to retaining all newly mined Bitcoin while purchasing additional coins.
However, MARA began allowing sales of newly mined Bitcoin in 2025. It expanded that policy in 2026 to include assets accumulated in previous years. During the first nine months of 2026, Bitcoin sales reached 26,984 BTC. The latest transactions have pushed the annual total above 40,000 BTC.
MARA plans to continue converting Bitcoin into cash to finance AI infrastructure, repay debt and potentially repurchase shares. The company has also identified other financial obligations. Some bondholders can request early repayment beginning in 2027, while its board has authorized share buybacks worth up to USD 500 million.
Meanwhile, third-quarter revenue declined 35% to USD 164 million as mining income weakened. Despite the revenue decline, MARA reported a USD 632 million profit.
That result included a USD 885 million accounting gain from Bitcoin's increased value during the quarter. The company expects further Bitcoin sales to support infrastructure development while addressing existing financial commitments.
Its planned Long Ridge acquisition forms part of that strategy. MARA expects to complete the transaction in the coming weeks. The facility holds authorization to sell 485 megawatts of electricity. Surrounding land could also support the development of a data-center campus.
Separately, MARA controls development rights at a Texas location with potential capacity reaching 2 gigawatts. The company aims to secure two additional data-center leases before year-end. However, negotiations could continue into 2027.
Also Read: MARA Sells 13,597 Bitcoins for USD 1.1 Billion as Miner Shifts Toward AI Infrastructure
MARA's Bitcoin sales coincide with broader cryptocurrency market weakness following hotter-than-expected United States inflation figures. Bitcoin traded near USD 73,800 on Wednesday after falling to USD 72,727 following Tuesday's inflation release. October's Consumer Price Index rose 0.4%, exceeding market expectations of 0.3%. Core inflation increased 0.3%, above the projected 0.2%.
The report omitted annual inflation comparisons because the October 2025 government shutdown disrupted data collection. Following the inflation release, Treasury yields and the US dollar strengthened as investors assessed the possibility of further Federal Reserve tightening.
Institutional demand also weakened. US spot Bitcoin exchange-traded funds recorded USD 95 million in net outflows Tuesday, extending withdrawals to four consecutive trading days.
Meanwhile, K33 Research warned that growing leverage in Bitcoin derivatives markets could increase the risk of sharp price movements. The market developments occurred as MARA continued reducing Bitcoin exposure to finance its expanding infrastructure operations.