MARA Holdings expands bitcoin sales to fund debt reduction and AI infrastructure
After unwinding a large share of its bitcoin holdings in recent weeks, MARA Holdings is redirecting capital toward balance-sheet repair and power-linked expansion. The company says the sales help free pledged coins, support its Long Ridge acquisition and create flexibility for AI data-center projects and possible share buybacks.
Highlights
- MARA sold 13,597 BTC for about $1.1 billion after September, shifting from a strategy of retaining mined bitcoin to funding debt and infrastructure.
- The company repaid $750 million in bitcoin-backed loans, reducing pledged holdings from 57% to less than 5% and freeing 17,477 coins.
- Third-quarter revenue fell 35% to $164 million, but a bitcoin-driven $885 million gain led to $632 million profit as MARA targets power asset expansion and new data-center leases.
Bitcoin sales reshape treasury strategy
As reported by CoinDesk, MARA sold 13,597 BTC for about $1.1 billion after September at an average price of roughly $81,039 per coin, according to its third-quarter shareholder letter filed Monday. The disposal equals 40% of the 34,012 bitcoin the company held at the end of September and marks a clear break from its July 2024 policy of retaining mined bitcoin and adding to holdings in the market.The company used $750 million of the proceeds to repay bitcoin-backed loans, releasing 17,477 coins that had been pledged as collateral. MARA says less than 5% of its remaining bitcoin holdings are now lent out or pledged, down from 57% at the end of September.
MARA had taken out the loans in August to help finance its planned acquisition of Long Ridge, a natural-gas power business. It is now selling bitcoin to eliminate that borrowing before the deal closes.
Power assets and AI projects drive next phase
Management is making the shift as mining economics weaken. Third-quarter revenue falls 35% to $164 million, while the company reports a $632 million profit that includes an $885 million accounting gain tied to bitcoin's price increase during the quarter.MARA expects to close the Long Ridge transaction in the coming weeks. The plant is authorized to sell 485 megawatts of power, and the surrounding land gives the company room to build a data-center campus.
The company also holds development rights to a Texas site with potential capacity of up to 2 gigawatts. MARA is targeting two new data-center leases before year-end, though it warns that negotiations could extend into 2027.
Earlier, we reported that Bernstein analysts deemed only about 35% of planned U.S. data center projects realistic.
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