MARA Sells 13,597 Bitcoin, Repays $750 Million in Debt

MARA Holdings sold 13,597 bitcoin for about $1.1 billion after September 30, using $750 million of the proceeds to fully repay its bitcoin-backed term loans, the miner disclosed with its third-quarter 2026 results on Nov. 9.

The company also announced a new authorization to repurchase up to $500 million of its stock. MARA said it intends to keep using bitcoin sales to build cash for AI infrastructure, convertible-note obligations and potential share repurchases.

Revenue fell 35% year over year to $164.2 million, while net income rose to $632.1 million, or $1.28 per diluted share, from $123.1 million a year earlier.

MARA's Revenue and Earnings Diverge

Source: MARA's unaudited third-quarter shareholder letter. Net income includes unrealized bitcoin fair-value gains.

The divergence reflects two different bitcoin-price comparisons. MARA said a 37% drop in the average price of bitcoin mined from a year earlier depressed revenue, partly offset by higher production. A rise in bitcoin during the quarter generated an $885.3 million unrealized gain on its bitcoin assets, driving the increase in net income.

The debt repayment returned 17,477 bitcoin previously pledged as collateral. MARA had arranged the loans during the quarter to fund its planned Long Ridge power-plant acquisition. The stock buyback is discretionary and does not commit the company to spending the authorized amount.

During the third quarter itself, MARA sold 3,891 bitcoin at an average price of $75,300 and mined 2,247 bitcoin. Before the post-quarter sales, it held 34,012 bitcoin, including coins loaned or pledged as collateral, and $946.5 million in cash and cash equivalents as of September 30.

The latest sales follow MARA's March sale of 15,133 bitcoin for about $1.1 billion to fund convertible-debt repurchases.

AI Contract Lands as Leases Remain Pending

MARA 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.

Its majority-owned subsidiary Exaion signed a four-year GPU-as-a-service contract worth $79 million with its first U.S. customer. The agreement has 100% take-or-pay terms, meaning the customer must pay for the computing capacity whether or not it uses it, MARA said.

The contract gives MARA a signed commitment for compute services as it seeks longer-term infrastructure leases. The company said Exaion's prospective business exceeds $3 billion in total contract value, with about $1 billion targeted for delivery by the end of 2027. Those prospects are not yet contracted or committed.