MARA Uses Bitcoin Sales to Repay $750 Million in Debt, Approves Buyback

Bitcoin miner MARA Holdings used Bitcoin (BTC) sales after the third quarter to repay $750 million in debt backed by the asset, while its board approved a separate stock repurchase program of up to $500 million.

All BTC pledged against the debt has been released. Less than 5% of MARA’s Bitcoin holdings are lent or pledged. The company plans to keep raising cash from Bitcoin for artificial intelligence (AI) infrastructure, convertible-note put rights exercisable in 2027 and potential stock repurchases. Its stated plans tie Bitcoin sales to infrastructure spending, debt obligations and possible shareholder returns.

MARA held 34,012 BTC as of Sept. 30, a quarter-end figure that predates the later repayment. It mined 2,247 BTC and sold 3,891 BTC during the third quarter, with sales exceeding mining output by 1,644 BTC.

Third-quarter revenue was $164.2 million, down 35% from a year earlier. MARA recorded net income of $632.1 million for the quarter.