Bitcoin miner MARA sells BTC to repay $750M debt, approves $500M buyback

November 10: According to MARA Holdings' third-quarter shareholder letter, Bitcoin miner MARA repaid $750 million in Bitcoin-collateralized debt by selling Bitcoin after the quarter ended. All previously pledged BTC has been released, and less than 5% of its BTC holdings is currently lent out or pledged. The company said it will continue to use Bitcoin to raise cash for AI infrastructure investment, to handle convertible note put options exercisable next year, and for potential share buybacks. Its board has also approved a share repurchase program of up to $500 million. As of September 30, MARA held 34,012 BTC, having mined 2,247 and sold 3,891 in the third quarter; quarterly revenue was $164.2 million, down 35% year over year, with net income of $632.1 million.