MARA has cleared all debt secured by its Bitcoin reserves and is considering using its remaining holdings to support its expansion into AI data centers.
Bitcoin mining company MARA Holdings has sold roughly $1.1 billion in Bitcoin since September and plans to continue selling portions of its cryptocurrency reserves to fund AI infrastructure development, meet debt obligations and potentially repurchase shares.
In its third-quarter shareholder letter filed Monday, MARA disclosed that it sold 13,597 BTC at an average price of approximately $81,039. The sales account for nearly 40% of the 34,012 BTC held by the company at the end of September.
During a period of roughly six weeks, MARA disposed of six times more Bitcoin than it produced through mining operations during the entire third quarter.
A large share of the proceeds was directed toward reducing debt. The company used $750 million to repay loans backed by its Bitcoin holdings, releasing 17,477 BTC that had previously served as collateral. Currently, fewer than 5% of its remaining Bitcoin holdings are either lent out or pledged as collateral, compared with 57% at the end of September.
MARA initially secured the loans in August to help finance its planned acquisition of Long Ridge, a natural gas-powered energy business. However, the company has since liquidated Bitcoin to eliminate the debt before the acquisition is expected to close.
The decision represents a notable shift from MARA’s previous Bitcoin accumulation strategy. In July 2024, the company introduced a treasury policy under which it committed to retaining all newly mined Bitcoin while also purchasing additional coins from the open market.
The company began allowing sales of newly mined Bitcoin in 2025 before extending the policy to its existing reserves earlier this year. MARA sold 26,984 BTC during the first nine months of 2026. Following its latest transactions, total Bitcoin sales for the year have exceeded 40,000 BTC.
“We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities,” the company said in its shareholder letter.
However, funding AI expansion is not the only potential use for the proceeds. MARA faces additional financial obligations, with certain bondholders gaining the right to request early repayment starting next year. Its board has also authorized a share repurchase program worth up to $500 million.
The strategic transition comes as the economics of Bitcoin mining continue to face mounting pressure. MARA reported third-quarter revenue of $164 million, representing a 35% decline. Despite the weaker revenue, the company posted a profit of $632 million, largely driven by an $885 million accounting gain associated with Bitcoin’s price increase during the quarter.
MARA expects to complete its acquisition of Long Ridge within the coming weeks. The facility is authorized to sell 485 megawatts of electricity, while the surrounding property offers considerable potential for developing a large-scale data center campus.
Additionally, MARA holds development rights to a site in Texas with the potential to support up to 2 gigawatts of power capacity.
The company is also working to secure two more data-center lease agreements before the end of 2026. However, management acknowledged that negotiations may continue into 2027.
