MARA Holdings offloaded 13,597 BTC to clear debt and pivot toward AI infrastructure, marking a major reversal in its treasury policy as quarterly revenue fell to $164 million.
MARA sold 13,597 BTC for $1.1 billion at an average of about $81,039 — six times what it mined in the quarter — and states it intends to keep selling to build cash. This is direct, ongoing supply hitting the market at a time when bitcoin's price is near those sale levels. Continued disposals of a 34,012-coin treasury cap near-term upside.
Third-quarter revenue fell 35% to $164 million, and MARA abandoned its 2024 promise to hold all mined bitcoin, selling 40% of its holdings within weeks — a sign mining economics are too weak to fund its pivot. The $632 million profit rests on an $885 million accounting gain from bitcoin's rise, not operations. Debt paydown and a $500 million buyback authorization are partial offsets.
MARA Holdings has abandoned its strategy of holding all mined bitcoin, selling 13,597 BTC for $1.1 billion since September. The miner used $750 million of the proceeds to eliminate bitcoin-backed debt and plans further sales to finance AI infrastructure and share buybacks as quarterly revenue dropped 35% to $164 million.
It sold 13,597 BTC for $1.1 billion (40% of its 34,012-coin quarter-end holdings) and plans to sell more to fund AI datacenters and debt repayments — a steady source of additional supply.
To raise cash for AI datacenters, repay bitcoin-backed loans (it used $750 million of the proceeds) and fund potential share buybacks, after quarterly revenue fell 35%.
It reported a $632 million profit, but that includes an $885 million accounting gain from bitcoin's rise in value during the quarter, while revenue fell 35% to $164 million.