MARA Sells $1.1 Billion in Bitcoin to Fund AI Push

What to Know

MARA Holdings sold 13,597 BTC after September for $1.1 billion.
The sales were made at an average price of about $81,039 per bitcoin.
The amount sold equaled 40% of the 34,012 BTC MARA held at the end of September.
MARA used $750 million of the proceeds to repay loans backed by bitcoin.
The repayment released 17,477 BTC that had been pledged as collateral.
Less than 5% of MARA’s remaining bitcoin holdings are now lent out or pledged, down from 57% at the end of September.
The company plans to keep using bitcoin sales to build cash for AI infrastructure opportunities, debt repayments and potential share buybacks.
MARA’s board has authorized share repurchases of up to $500 million.
Third-quarter revenue fell 35% to $164 million, while profit was $632 million including an $885 million accounting gain tied to bitcoin’s price rise during the quarter.
MARA expects to close its planned Long Ridge acquisition in the coming weeks and is targeting two new data-center leases before year-end, while warning talks could run into 2027.

MARA Turns Bitcoin Holdings Into Cash for AI Strategy

MARA Holdings has moved aggressively to convert a large portion of its bitcoin treasury into cash, selling 13,597 BTC after September for $1.1 billion as the mining company prepares to fund artificial intelligence infrastructure, repay debt and potentially buy back shares. The sales represent one of the clearest signs yet that major bitcoin miners are rethinking treasury strategy as power assets and data-center capacity become central to their next phase of growth.

The company sold the bitcoin at an average price of about $81,039. The amount sold was equal to 40% of the 34,012 BTC it held at the end of September, underscoring the scale of the move. MARA also sold six times as much bitcoin in roughly six weeks as it mined during the entire third quarter, a comparison that highlights how far the company has shifted from relying only on newly mined production for liquidity.

For bitcoin market participants, the sale is notable not only because of its size, but also because of what it says about the capital needs of large miners. Mining companies have long used bitcoin holdings as a balance-sheet asset, a financing tool and a signal of conviction in the network. MARA’s latest move shows that those holdings can also become a source of funding for non-mining growth areas when operating conditions change or when new infrastructure opportunities demand large amounts of capital.

Debt Repayment Reduces Bitcoin Collateral Exposure

Most of the cash raised from the sales went directly toward debt repayment. MARA used $750 million of the proceeds to repay loans secured against its bitcoin, releasing 17,477 coins that had been pledged as collateral. As a result, less than 5% of its remaining holdings are now lent out or pledged, down sharply from 57% at the end of September.

That reduction changes the company’s risk profile. Bitcoin-backed loans can help miners access liquidity without immediately selling coins, but they also expose borrowers to collateral pressure if market prices fall or lenders demand stronger security. By repaying the loans and freeing collateral, MARA has lowered the share of its treasury tied to borrowing arrangements and improved its flexibility as it pursues infrastructure projects.

The loans had been taken out in August to help fund the planned acquisition of Long Ridge, a natural-gas power business. MARA has now sold bitcoin to clear that borrowing before the acquisition closes. The sequence reflects a broader corporate finance trade-off: bitcoin can be held for long-term upside, used as collateral, or sold to create cash. In this case, MARA prioritized balance-sheet flexibility and funding capacity over maintaining the same level of bitcoin exposure.

A Sharp Reversal From the Hold-Every-Coin Approach

The latest sales mark a clear reversal from MARA’s earlier treasury posture. Two years ago, the company was promising to retain every bitcoin its machines mined. Its July 2024 treasury policy committed to keeping production and buying more coins in the market, positioning the company as a miner with a strong accumulation strategy.

That stance began to soften in 2025, when MARA started allowing sales of newly mined bitcoin. The policy widened again this year to include accumulated holdings, a more significant shift because it meant the company could tap its existing treasury rather than only its current production. Sales reached 26,984 BTC in the first nine months of 2026, and the latest disposals take the year’s total above 40,000 BTC.

Market participants often view miner selling as a potential source of supply pressure, particularly when large companies sell from accumulated reserves rather than routine production. Still, the implications depend on timing, market depth and investor interpretation. Some traders may focus on the headline volume of coins sold, while others may see the sale as a corporate restructuring step tied to debt reduction and diversification rather than a direct statement on bitcoin’s long-term value.

Mining Revenue Weakness Adds Pressure

The strategic shift comes as MARA faces weaker mining revenue. Third-quarter revenue fell 35% to $164 million, creating pressure to find other sources of growth and cash generation. The company reported a $632 million profit, but that figure included an $885 million accounting gain from the rise in bitcoin’s value during the quarter.

That distinction matters because mining economics can be volatile. Revenue is affected by bitcoin prices, network difficulty, energy costs and operational performance. Accounting gains tied to bitcoin price movements can lift reported profit, but they do not necessarily reflect the cash performance of mining operations. By selling bitcoin and reducing debt, MARA is turning part of that balance-sheet value into usable cash for strategic priorities.

For the broader mining sector, the move illustrates the tension between holding bitcoin and financing growth. Public miners are often evaluated on both their bitcoin treasuries and their ability to expand infrastructure. When revenue weakens, companies may need to choose between preserving coin holdings and funding projects that could support future cash flow. MARA’s decision suggests management sees AI infrastructure and data-center capacity as important enough to justify continued bitcoin sales.

Long Ridge and Data-Center Plans Take Center Stage

MARA expects to close the Long Ridge acquisition in the coming weeks. The plant is authorized to sell 485 megawatts of power, and the surrounding land would give the company room to develop a data-center campus. Power access is one of the most important constraints in both bitcoin mining and AI computing, making energy assets strategically valuable for companies trying to serve high-performance computing demand.

MARA also holds development rights to a Texas site with potential capacity of up to 2 gigawatts. While development rights do not guarantee completed infrastructure, they offer a path toward future scale if financing, permitting, customer demand and execution align. The company is targeting two new data-center leases before year-end, while warning that negotiations could run into 2027.

The AI infrastructure push reflects a growing trend among bitcoin miners with access to large power footprints. Mining facilities and AI data centers have different technical requirements, but both require significant energy, site control and operational expertise. As demand for AI computing grows, miners with power assets may try to reposition some capacity toward data-center customers, especially if they believe those contracts can provide more predictable revenue than mining alone.

MARA’s cash planning is not limited to AI infrastructure. The company has also pointed to debt repayments and potential share buybacks as uses for funds. Some bondholders can demand early repayment starting next year, and the board has authorized share repurchases of up to $500 million.

Those obligations and options create competing demands on liquidity. Debt repayment can reduce financial risk, buybacks can return capital to shareholders, and infrastructure investment can support long-term growth. Bitcoin sales give MARA a way to fund those needs, but they also reduce the size of the company’s direct bitcoin treasury exposure.

Technical traders and equity investors may watch how MARA balances these priorities over the coming quarters. A continued sale program could be interpreted as prudent capital management if it reduces leverage and funds high-value projects. However, some bitcoin-focused investors may question whether selling accumulated BTC weakens the company’s appeal as a leveraged bitcoin proxy. The market response will likely depend on execution, project progress and the perceived return from AI infrastructure investments.

Why the Move Matters for Bitcoin Mining

MARA’s decision is part of a larger reordering inside the mining industry. After years in which many miners emphasized hash rate growth and bitcoin accumulation, the economics of the sector are pushing companies to examine new business lines. AI infrastructure is one of the most prominent alternatives because it can use power capacity and data-center expertise, even though the commercial model differs from bitcoin mining.

The sale also reinforces the role of bitcoin treasuries as strategic reserves rather than static holdings. For miners, BTC can function as a store of value, collateral, liquidity source or acquisition currency depending on market conditions. MARA’s latest activity shows that treasury policies can evolve quickly when management sees a need to strengthen cash reserves or fund expansion.

For bitcoin itself, large miner sales can draw attention because miners are natural sellers in the ecosystem. Yet the context here is important: MARA used a major portion of proceeds to repay bitcoin-backed loans and free pledged collateral. The company has also indicated that further sales may support AI infrastructure opportunities, debt repayments and potential buybacks. That makes the activity both a market supply event and a corporate transformation story.

Frequently Asked Questions (FAQs)

How much bitcoin did MARA sell?

MARA sold 13,597 BTC after September, raising $1.1 billion at an average price of about $81,039 per bitcoin.

How large was the sale compared with MARA’s holdings?

The sale equaled 40% of the 34,012 BTC MARA held at the end of September, making it a significant reduction in the company’s bitcoin treasury.

What did MARA do with the proceeds?

MARA used $750 million of the proceeds to repay loans backed by bitcoin, and it has indicated that cash may also support AI infrastructure opportunities, debt repayments and potential share buybacks.

How many bitcoin were released from collateral?

The debt repayment released 17,477 BTC that had been pledged as collateral for loans secured against the company’s bitcoin holdings.

How much of MARA’s bitcoin is still pledged or lent out?

Less than 5% of MARA’s remaining bitcoin holdings are now lent out or pledged, down from 57% at the end of September.

Why is MARA raising cash for AI infrastructure?

MARA is pursuing power assets and data-center projects as it looks beyond traditional bitcoin mining. The company expects to close its Long Ridge acquisition in the coming weeks and is targeting two new data-center leases before year-end, though talks could run into 2027.

What changed in MARA’s bitcoin treasury policy?

MARA previously committed to retaining mined bitcoin and buying more in the market under its July 2024 treasury policy. It began allowing sales of newly mined bitcoin in 2025 and later widened the policy to include accumulated holdings.

How did MARA perform in the third quarter?

Third-quarter revenue fell 35% to $164 million. The company reported a $632 million profit, including an $885 million accounting gain from bitcoin’s rise during the quarter.

Will MARA sell more bitcoin?

MARA has signaled that it intends to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities, while also managing debt repayments and potential share buybacks.