MARA dumps Bitcoin to erase a $750M collateral risk

Bitcoin miner MARA Holdings has repaid its $750 million of Bitcoin-backed loans, ending the collateral-liquidation exposure attached to those facilities.Further coin sales could now serve to build cash for bondholder demands, AI infrastructure, and possible share buybacks.The company's Nov. 9 filing disclosed that it sold 13,597 Bitcoin after Sept. 30 for approximately $1.1 billion and used $750 million to repay the loans in full.Management's quarterly letter says it intends to use Bitcoin to build cash for AI infrastructure opportunities, convertible-note puts exercisable next year and potential repurchases of its own shares.Two 2027 dates keep cash in focusAs of Sept. 30, MARA had $291.6 million of June 2031 notes carrying a June 4, 2027 cash-put right, and $632.5 million of March 2030 notes carrying a December 1, 2027 right. Together, those September balances total about $924.1 million.A cash put lets a bondholder require the company to buy back all or part of the notes for cash at face value, plus any applicable unpaid special interest.The notes' contractual maturity dates remain in 2030 and 2031, and the eventual cash bill depends on which holders exercise and how much princip...