MARA Sells $1.1 Billion in Bitcoin, Repays $750 Million in Loans

MARA Holdings Inc. disclosed Nov. 9 that it sold 13,597 Bitcoin (BTC) for about $1.1 billion after Sept. 30 and used $750 million of the proceeds to repay its bitcoin-backed term loans.

The repayment released 17,477 BTC pledged as collateral. The amount sold was equivalent to about 40% of the 34,012 BTC MARA held on Sept. 30; that dated balance does not establish what percentage it held immediately before the sales. The coins sold for an average of approximately $81,039 each.

MARA shares rose 4.57% in the Nov. 9 regular session, closing at $6.64, compared with $6.35 on Nov. 6. MARA released its quarterly results at 4:05 p.m. ET (21:05 UTC), after regular trading ended, so the session’s gain preceded the disclosure.

Third-quarter revenue fell 35% from a year earlier to $164.2 million. Net income totaled $632.1 million, including an $885.3 million gain tied to digital-asset values.

MARA took on the bitcoin-backed borrowing during the quarter to fund its planned Long Ridge acquisition. Its treasury policy permits sales of bitcoin already held on its balance sheet.