Bitcoin miner MARA Holdings sold 13,597 BTC for about $1.1 billion after 30 September and said it expects to keep selling. CoinDesk and Bitcoin Magazine, citing the company's third-quarter shareholder letter filed Monday, put the average sale price at about $81,039. MARA held 34,012 bitcoin on 30 September, so the sale was about 40% of that stack. It was also about six times the 2,247 bitcoin the company mined in the whole third quarter. Tuesday's spot market near $73,500, well under that sale price, is in today's markets note.
Most of the cash repaid bitcoin-backed loans
The letter says $750 million of the proceeds repaid loans secured by bitcoin. That released 17,477 coins that had been pledged as collateral. Less than 5% of the remaining holdings are now lent out or pledged, down from 57% at the end of September. Subtracting the sale from the 30 September balance implies about 20,400 BTC left before coins mined since the quarter closed. CoinDesk called the sale a break with MARA's 2024 pledge to keep the bitcoin it mined.
The company was explicit that this is not a one-time tidy-up. "We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities, to satisfy the puts on our convertible notes that become exercisable next year, and potential share repurchases," MARA wrote. The board authorized a buyback of up to $500 million of common stock after the quarter ended. Readers should separate that authorization from a completed purchase. A cap is not cash already spent.
The quarter itself was a lower bitcoin price
The Motley Fool transcript of Tuesday's earnings call put third-quarter revenue at $164.2 million, down 35%, driven mainly by a $94.8 million hit from a lower average bitcoin price. The company reported net income of $632.1 million, or $1.28 a diluted share, including an $885.3 million unrealized fair-value gain on digital assets. Adjusted EBITDA was $857.7 million. Energized hashrate was 71.2 exahashes a second, up 18% from a year earlier. Bitcoin production of 2,247 coins was up 5%. Those profit figures are accounting marks on coins still held. They are not cash from the post-quarter sale.
Management also said total debt is down $1.4 billion, or 37%, since the start of the year, and that cash plus bitcoin liquidity was $3.8 billion at quarter-end, including the 34,012 coins then valued near $2.8 billion. The call described a $79 million, four-year GPU services contract at Exaion and a power portfolio that includes the 485 megawatt Long Ridge site. The strategic point for bitcoin holders is simpler than the project list. A large public miner is turning coins into cash for power, computing, debt, and possible buybacks, and it has said the sales will continue.
MARA is not the only listed seller
CoinDesk's Tuesday live blog, citing Lookonchain, said 14 public companies have sold a combined 108,247 BTC in 2026, worth about $8.08 billion. On that count MARA led with 40,581 BTC at an average of $74,446, and Riot Platforms followed with 20,264 BTC at $73,231. Together the two miners were about 56% of the total. That 40,581 figure is a year-to-date tally. It is not a second name for the 13,597 coins sold since 30 September. Other sellers on the list included Bitdeer and Cango. Keel's third-quarter treasury sale, and Core Scientific's plan to leave mining, are in last week's miner note.
The contrast with buyers is sharp. Strategy added coins as recently as early November and still holds 849,327 BTC, in the 3 November buy note. One listed company is still accumulating near $75,000. Another has already sold a large block above $81,000 and says more can go. With spot bitcoin ETFs still seeing outflows, miner supply is landing in a market that is not short of coins for sale. Follow the miners on the business desk.