MARA sells 13,597 Bitcoin after quarter-end and repays $750 million of loans

MARA's 9 November shareholder letter says it sold 13,597 Bitcoin after 30 September for about $1.1 billion. It used $750 million to repay Bitcoin-collateralised term loans, releasing the coins pledged against them. The sale is separate from the quarter's mining output.

The company reports an average sale price of about $81,039 per coin and says repayment returned 17,477 pledged Bitcoin. During the third quarter itself, MARA mined 2,247 Bitcoin and sold 3,891. Mixing those figures with the later sale would blur two different reporting periods.

The same letter reports $164.2 million revenue, down roughly 35% from a year earlier, and $632.1 million net income. Profit included an $885.3 million unrealised Bitcoin valuation gain. That accounting gain is different from cash earned by running mining machines; the revenue and profit lines therefore tell different parts of the business story.

MARA also authorised a share-buyback programme of up to $500 million. Authorisation does not mean the whole amount has been spent. The company expects to keep monetising Bitcoin for liquidity and capital projects, subject to conditions. Its treasury is an active funding source alongside its mining operation.