Bitcoin miner MARA sold approximately 14,000 bitcoins post-halving, recouping $1.1 billion, with proceeds potentially earmarked for AI infrastructure.

November 12 — Bitcoin mining company MARA Holdings (MARA) disclosed in its Q3 2026 report and shareholder letter filed on November 9 that after the end of the third quarter, the company sold 13,597 bitcoins at an average price of approximately $81,039, raising about $1.1 billion, and used $750 million of the proceeds to fully repay bitcoin-collateralized loans borrowed from Coinbase Credit and Two Prime, while releasing 17,477 bitcoins previously pledged. The sale represented about 40% of the company's 34,012 bitcoin holdings as of September 30.

The shareholder letter stated that the $750 million loan was borrowed on August 4, of which $600 million was new financing and $150 million was used to replace existing facilities, to fund the Long Ridge acquisition. The company pledged bitcoin for the loan when the bitcoin price was about $64,000, and sold at the aforementioned average price after the quarter, estimating a net gain of about $170 million. After repayment, the proportion of bitcoins lent or pledged to holdings fell below 5%, compared with about 57% at the end of the third quarter. The company also said it has reduced debt by $1.4 billion since the beginning of 2026, equivalent to 37% of total debt.

The shareholder letter also mentioned that it will continue to sell bitcoin depending on market conditions to enhance financial flexibility, with proceeds potentially used for AI infrastructure, convertible bond put options exercisable next year, and potential share buybacks. In the first nine months of this year, MARA has sold about 26,984 bitcoins, raising $1.9 billion.