MARA sells 13,597 Bitcoin for $1.1 billion after Q3 revenue drop

The sale price averaged $81,039 per Bitcoin, according to MARA’s November 9 shareholder letter. Repaying the loans released 17,477 BTC that had been pledged as collateral. The company said the financing and subsequent sale generated an estimated net benefit of about $170 million after associated costs.

MARA had borrowed against its Bitcoin holdings in the third quarter to support its planned acquisition of Long Ridge Energy & Power in Ohio. The $750 million financing comprised $600 million in new capital and $150 million used to refinance an existing facility. Bitcoin was trading at about $64,000 when the borrowing took place.

Third-quarter revenue was down from $252.4 million a year earlier. A 37% fall in the average price of Bitcoin mined reduced revenue by $94.8 million, partly offset by $11.7 million from higher production. Mining revenue accounted for $83.1 million of the overall decline. Production rose 5% year over year to 2,247 BTC, although it was 7% below the previous quarter’s 2,422 BTC.

Net income climbed from $123.1 million a year earlier. The result included $885.3 million in unrealized gains on Bitcoin, compared with $343.1 million in the prior-year quarter. MARA also reported $634.4 million in net income attributable to common shareholders and diluted earnings per share of $1.28, up from $0.27.

MARA held 34,012 BTC on September 30, down from 53,822 BTC at the end of 2025. The company said that after repaying the loans, less than 5% of its holdings remained loaned or pledged. Its board also approved a share repurchase program of up to $500 million.

The company is pursuing the Long Ridge acquisition as part of its expansion into energy infrastructure and computing. MARA said the Federal Energy Regulatory Commission approved the transaction after quarter-end, with closing expected before the end of 2026. CEO Fred Thiel wrote that the expansion “is not a pivot away from bitcoin.” MARA said it has secured about 1.9 gigawatts of power capacity, with a development path toward 4.8 gigawatts, and has a four-year, $79 million computing services contract through Exaion.