MARA Sells 13,597 Bitcoin ($BTC) for $1.1 Billion to Repay Debt, Approves $500 Million Buyback

Published November 10, 2026, 4:10 AM PKT. Based on MARA Holdings' unaudited third-quarter 2026 shareholder letter, disclosed November 9, 2026, with reporting from KuCoin News and PANews, share-price data from Finnhub, and Bitcoin ($BTC) market data from crypto.news.

MARA Holdings sold 13,597 Bitcoin ($BTC) for about $1.1 billion after September 30, 2026, and used $750 million of the proceeds to fully repay its Bitcoin-backed term loans, the miner disclosed with its third-quarter 2026 results on November 9. The repayment freed 17,477 Bitcoin ($BTC) that had been pledged as collateral, and the company's board approved a new program to repurchase up to $500 million of its stock.

The loans were arranged during the third quarter to fund MARA's planned acquisition of the Long Ridge power plant, according to KuCoin News, which reported on the shareholder letter. With the loans repaid, all of the pledged coins have been released, and less than 5% of MARA's Bitcoin ($BTC) holdings are now lent out or pledged, according to PANews. The company said it will keep using Bitcoin ($BTC) sales to raise cash for artificial intelligence infrastructure, for convertible-note put options that holders can exercise next year, and for potential share buybacks.

Revenue fell 35% while profit jumped on paper gains

MARA's third-quarter revenue fell 35% from a year earlier to $164.2 million, according to figures from the shareholder letter cited by KuCoin News. The company said a 37% drop in the average price of the Bitcoin ($BTC) it mined, compared with a year earlier, depressed revenue, partly offset by higher production.

Net income moved the other way, rising to $632.1 million, or $1.28 per diluted share, from $123.1 million a year earlier. The increase came from an $885.3 million unrealized gain on MARA's Bitcoin ($BTC) assets as the price of the coin rose during the quarter, according to KuCoin News. Net income includes unrealized fair-value gains, so the figure reflects the value of coins the company still holds rather than cash earned.

During the third quarter itself, MARA mined 2,247 Bitcoin ($BTC) and sold 3,891 coins at an average price of $75,300. As of September 30, the company held 34,012 Bitcoin ($BTC), including coins loaned or pledged as collateral, and $946.5 million in cash and cash equivalents.

A $500 million buyback, and more Bitcoin sales to come

The buyback authorization is discretionary and does not commit MARA to spending the authorized amount, according to KuCoin News. Shares of the miner closed at $6.64 on November 9, up 4.57% on the day, according to Finnhub, with the stock trading near its 52-week low of $5.69, reached on November 5, against a 52-week high of $17.06. MARA's market value stood at about $2.45 billion.

The post-quarter sale is MARA's second billion-dollar Bitcoin ($BTC) sale of 2026. In March, the company sold 15,133 coins for about $1.1 billion to fund repurchases of its convertible debt, according to KuCoin News. The latest sale leaves MARA with far less secured debt against its coin pile, but it also means the company sold into a falling market. Bitcoin ($BTC) traded at about $74,584 on November 9, down 1.4% over 24 hours, according to crypto.news, and the average price MARA received in the third quarter, $75,300, sits above where the coin traded at the end of the quarter.

Exaion signs a $79 million AI compute contract

MARA's majority-owned subsidiary Exaion signed a four-year GPU-as-a-service contract worth $79 million with its first customer in the United States, according to KuCoin News. The agreement carries 100% take-or-pay terms, meaning the customer must pay for the computing capacity whether or not it uses it.

The contract gives MARA a signed commitment for compute services as it tries to turn its power and data-center assets into a second business beside mining. MARA said Exaion's prospective business exceeds $3 billion in total contract value, with about $1 billion targeted for delivery by the end of 2027, according to KuCoin News. Those prospects are not yet contracted or committed.

The company also said discussions with prospective data-center tenants were in advanced stages, but warned that signing two leases could take longer than planned. "While we are targeting signing two leases before year-end, market conditions are fluid and that timing could slip into next year," the company wrote in its shareholder letter, as quoted by KuCoin News.

Sources

• MARA Holdings, unaudited third-quarter 2026 shareholder letter, November 9, 2026 (primary source: sale of 13,597 Bitcoin ($BTC) for about $1.1 billion after September 30, 2026; $750 million used to fully repay Bitcoin-backed term loans; 17,477 Bitcoin ($BTC) pledged as collateral released; board approval for a share repurchase program of up to $500 million; continued use of Bitcoin ($BTC) sales for AI infrastructure, convertible-note obligations and potential buybacks; revenue $164.2 million; net income $632.1 million, or $1.28 per diluted share; $885.3 million unrealized gain on Bitcoin ($BTC) assets; 37% drop in the average price of Bitcoin ($BTC) mined; 2,247 Bitcoin ($BTC) mined and 3,891 sold at an average price of $75,300 in the third quarter; 34,012 Bitcoin ($BTC) held and $946.5 million in cash as of September 30, 2026; Exaion four-year GPU-as-a-service contract worth $79 million with 100% take-or-pay terms; Exaion prospective business above $3 billion, about $1 billion targeted by the end of 2027; two data-center leases targeted before year-end, timing could slip)
• KuCoin News, MARA Sells 13,597 Bitcoin for $1.1 Billion to Repay Debt, published November 9, 2026 (primary reporting: MARA sold 13,597 Bitcoin ($BTC) for about $1.1 billion after September 30, 2026; $750 million repaid the Bitcoin-backed term loans; the loans were arranged during the quarter to fund the planned Long Ridge power-plant acquisition; the March sale of 15,133 Bitcoin ($BTC) for about $1.1 billion funded convertible-debt repurchases; revenue $164.2 million versus $252.4 million a year earlier; net income $632.1 million versus $123.1 million a year earlier)
• PANews, Bitcoin miner MARA sells BTC to repay $750M debt, approves $500M buyback, published November 9, 2026 (secondary reporting: all previously pledged Bitcoin ($BTC) released; less than 5% of MARA's Bitcoin ($BTC) holdings currently lent out or pledged; board approved a share repurchase program of up to $500 million; revenue $164.2 million, down 35% year over year; net income $632.1 million)
• Finnhub, MARA Holdings market data, November 9, 2026 (secondary market data: shares closed at $6.64, up 4.57% on the day; 52-week low $5.69 on November 5, 2026; 52-week high $17.06; market capitalization about $2.45 billion)
• crypto.news, Why is the crypto market down today? Bitcoin, Ethereum in red, November 9, 2026 (secondary market data: Bitcoin ($BTC) traded at $74,584, down 1.4% over 24 hours)

This article is news reporting and is not investment advice.