MARA sells bitcoin after Q3 to clear loans, says more sales are coming
MARA sold 13,597 BTC for about $1.1 billion after Q3 to repay loans, and its shareholder letter signals further sales, per BeInCrypto.
Bitcoin miner MARA sold 13,597 BTC after its third quarter ended, raising about $1.1 billion, according to its Q3 earnings materials as reported by Wu Blockchain, The Block and BeInCrypto. Wu Blockchain put the average sale price at $81,039. The company used $750 million of the proceeds to repay its bitcoin-backed loans in full.
BeInCrypto, citing the Q3 shareholder letter released Monday, reported that MARA expects to sell more bitcoin. The Defiant added that the company announced a new $500 million stock buyback authorization.
Where the proceeds went
Repaying the term loans freed 17,477 BTC that had been pledged as collateral, per Wu Blockchain and BeInCrypto. BeInCrypto said the loans had funded MARA's pending purchase of Long Ridge, a natural gas power plant. The Block described the sales as part of a pivot toward AI.
According to BeInCrypto, MARA drew the loans in August when bitcoin traded near $64,000. It estimates the gap between that level and the sale price was worth about $170 million after interest and fees. The outlet also said MARA sold 3,891 BTC during Q3 at an average of $75,300, and that on-chain trackers flagged coin transfers to exchanges in October.
Quarterly results
The Block and Unfolded reported a Q3 net profit of $634.4 million, tied to bitcoin gains. Wu Blockchain gave net income as $632 million, and attributed it largely to $885 million in digital asset fair-value gains. The sources do not explain the small difference between the two figures.
Wu Blockchain said revenue fell 35% year over year to $164.2 million. MARA held 34,012 BTC on September 30, down 36% from a year earlier, and mined 2,247 BTC in the quarter, up 5%. BeInCrypto calculated that the post-quarter sale equals about 40% of the September 30 holdings, meaning each MARA share now represents less bitcoin.
What remains open
The Defiant reported that two planned data center leases face a possible delay into 2027. The Long Ridge acquisition is described by BeInCrypto as pending, and the sources give no closing date.
The size and timing of the further bitcoin sales the letter anticipates have not been given in the available reports. Neither has the pace of buybacks under the new $500 million authorization.
Sources
- MARA Sells 13,597 Bitcoin, Repays $750 Million in Debt The Defiant
- MARA posts $634 million Q3 net profit on bitcoin gains, sells 13,597 BTC to pay off loans The Block
- MARA posts $634M Q3 net profit on Bitcoin gains, sells 13,597 BTC for $1.1B to repay debt Unfolded
- MARA Sold 13,597 Bitcoin After Q3, and It Isn't Done Selling BeInCrypto
- MARA, a Leading Listed Bitcoin Miner, Sells $1.1 Billion in BTC as Revenue Falls 35% Wu Blockchain
Written with AI assistance from the sources above and checked against them. Not investment advice.