MARA Sells 13,597 Bitcoin for $1.1B as Its AI Pivot Reshapes Treasury Strategy

MARA has put a sizeable number on the changing economics of Bitcoin mining. In its third-quarter shareholder letter, the company said it sold 13,597 BTC after September 30 for approximately $1.1 billion, at an average selling price of about $81,039. It used $750 million of the proceeds to repay Bitcoin-collateralized loans, releasing 17,477 BTC that had been pledged as security. TL;DR: MARA disclosed $1.1 billion of post-quarter Bitcoin sales and repayment of $750 million in BTC-backed borrowing. The miner is increasingly monetizing its coin reserves to support AI infrastructure and other capital priorities. This marks a meaningful departure from its earlier strategy of holding mined Bitcoin. The balance-sheet logic behind the sale At the end of September, MARA reported 34,012 BTC in total holdings, including a sizeable portion lent out or pledged as collateral. The newly disclosed disposals followed quarter-end, so that September balance should not be presented as the company’s current holding without adjustment. MARA said the repayments reduced the proportion of Bitcoin lent or pledged to less than 5% of its remaining holdings, versus roughly 57% at the earlier reporting date. Ma...