MARA Sells 13,597 BTC for $1.1B and Repays $750M in Loans

Bitcoin miner MARA Holdings reported third-quarter 2026 net income of $632.1 million ($1.28 per diluted share), up from $123.1 million a year earlier. The profit came from an $885.3 million unrealized mark-to-market gain on bitcoin. After the quarter closed, the company sold 13,597 BTC at roughly $81,039 per coin, raising about $1.1 billion. MARA published its shareholder letter on Nov. 9, after the US market close.

Details

According to the shareholder letter filed with the SEC, revenue fell 35% to $164.2 million (from $252.4 million), as the average BTC price dropped 37% over the period while production rose 5% to 2,247 BTC. Energized hashrate grew 18% year over year to 71.2 EH/s.

At Sept. 30, MARA held 34,012 BTC: 14,752 unrestricted, 1,408 loaned out and 17,852 pledged as collateral. Of the proceeds from the 13,597 BTC sale, $750 million went to fully repay its bitcoin-collateralized term loans, freeing 17,477 pledged BTC. Debt is down $1.4 billion, or 37%, year to date.

MARA is also building out compute: its Exaion unit signed a four-year, $79 million GPU-as-a-service contract on take-or-pay terms. The company says initial customer demand points to more than $3 billion in potential contract value, with about $1 billion targeted for delivery by the end of 2027 (The Block). CEO Fred Thiel described the strategy as moving "from power to infrastructure to compute, and ultimately to fully integrated cloud solutions."

What it means for the market

Selling a large share of its stack and clearing collateralized loans lowers the debt load of one of the biggest public bitcoin holders and cuts the risk of forced selling in a price drop. The quarter's headline profit reflects revaluation, not operations: mining revenue declined.

As of 5:10 PM ET on Nov. 9, BTC traded near $75,000, below MARA's average sale price. See the live price in the daily brief and the bitcoin page.