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MARA Sells 13,597 Bitcoin for $1.1 Billion, Says More Sales Are Coming
MARA sold about 40% of its bitcoin stack after Sept. 30, used $750 million to repay all its BTC-backed term loans and said it will keep selling to fund AI infrastructure, convertible note puts and buybacks.
Brief
MARA Holdings reported moving 13,597 bitcoin into sales worth roughly $1.1 billion after its third quarter closed, according to its Q3 shareholder letter released Monday. The average price was about $81,039 per coin, and the company applied $750 million of the proceeds to fully repay its bitcoin-backed term loans. That repayment released 17,477 pledged coins, leaving under 5% of holdings loaned out or pledged. With 34,012 BTC held on September 30, the sale removed about 40% of the stack within weeks, and the figures imply roughly 20,400 coins remain before any new mining. MARA said it plans to keep selling, using the cash for AI infrastructure, meeting obligations tied to convertible note puts that become exercisable next year, and possibly repurchasing shares.
Why it matters: It shows a major miner converting its bitcoin reserves into cash for AI and data center work, a shift peers like Riot and Hut 8 also made.
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