MARA Sells $1.1 Billion in Bitcoin as It Shifts Focus Toward AI Infrastructure

Bitcoin mining company MARA Holdings has sold approximately $1.1 billion worth of Bitcoin since September as it shifts its focus toward artificial intelligence (AI) infrastructure, debt reduction and potential share buybacks.

According to its third-quarter shareholder letter filed Monday, MARA sold 13,597 BTC at an average price of approximately $81,039 per coin. The sale represents around 40% of the 34,012 BTC held by the company at the end of September.

The amount sold in roughly six weeks was six times greater than the Bitcoin MARA mined throughout the entire third quarter.

A large portion of the proceeds went toward reducing the company's debt. MARA used $750 million to repay loans backed by its Bitcoin holdings, allowing it to recover 17,477 BTC that had been pledged as collateral.

Following the repayment, less than 5% of its remaining Bitcoin holdings are now lent out or used as collateral, compared with 57% at the end of September.

MARA originally secured the loans in August to help finance its planned acquisition of Long Ridge, a natural gas power business. The latest Bitcoin sales allowed the company to clear the borrowing ahead of the expected acquisition closing.

The move marks a major change in MARA's Bitcoin treasury strategy. In July 2024, the company introduced a policy of keeping all Bitcoin produced through mining operations while also purchasing additional coins from the market.

However, MARA began permitting sales of newly mined Bitcoin in 2025 before expanding the policy in 2026 to include its existing reserves.

The company sold 26,984 BTC during the first nine months of 2026. With the latest transactions, its total Bitcoin sales for the year have now exceeded 40,000 BTC.

MARA said it expects to continue selling Bitcoin to build cash reserves for business opportunities, including AI infrastructure projects.

Beyond AI investments, the company also faces upcoming financial commitments. Certain bondholders will gain the right to request early repayment starting next year, while MARA's board has approved a share buyback program worth up to $500 million.

The shift toward new business areas comes as the company's mining operations face weaker revenue. MARA reported third-quarter revenue of $164 million, down 35% from the previous period.

Despite the decline, the company posted a profit of $632 million. This result included an $885 million accounting gain linked to the increase in Bitcoin's market value during the quarter.

MARA is also preparing to complete its Long Ridge acquisition in the coming weeks. The power facility is authorized to sell up to 485 megawatts of electricity, while its surrounding land could support the development of a large data-center campus.

The company also has development rights to a site in Texas with potential power capacity of up to 2 gigawatts.

MARA is targeting two additional data-center lease agreements before the end of 2026. However, it warned that negotiations could extend into 2027 as it works to expand its presence in the AI infrastructure market.