MARA sells 13,597 Bitcoin to fund its pivot to AI

MARA Holdings sold 13,597 Bitcoin after September 30, 2026, raising about $1.1 billion, and used $750 million to repay Bitcoin-backed loans. In its third-quarter shareholder letter, it said it plans to keep selling, partly to fund artificial intelligence (AI) infrastructure, changing how it uses its holdings.

How much Bitcoin did it sell and how much is left?

The sale represents about 40% of the 34,012 BTC MARA held at the end of September. According to Bitcoin Magazine, the average sale price was about $81,039 per Bitcoin.

Subtracting the 13,597 BTC from the September 30 holdings leaves about 20,400 BTC. This is not a confirmed current balance: the calculation doesn’t include coins mined since then.

Repaying the loans freed up 17,477 BTC that had been pledged as collateral. The company said that less than 5% of its holdings now remain lent out or pledged.

Why is MARA selling instead of holding Bitcoin?

MARA is turning its Bitcoin holdings into a source of funding while also reducing its borrowing. As NewsBTC explains, the loans had helped fund the planned acquisition of the Long Ridge natural gas plant. By repaying them, the company reduces the risk of having to post additional collateral if Bitcoin falls.

Think of a business that sells part of its assets to pay off loans and fund a new line of business. It gains flexibility, but parts with something that may be worth more later. That is the trade-off for MARA.

The shift happened gradually. In 2025 it allowed sales of Bitcoin from its production, and in 2026 it extended the policy to its existing holdings. In the first nine months it sold about 26,984 BTC for $1.9 billion, before the new post-quarter sale.

What do the mining results show?

MARA’s revenue fell 35% year over year to $164.2 million, despite an 18% increase in mining computing power (hashrate). In the quarter it mined 2,247 BTC, sold 3,891 BTC and bought no Bitcoin.

The cost of purchased energy per Bitcoin at its owned sites rose to $39,674, from $39,235. This isn’t the total cost of mining, but that specific energy expense.

Meanwhile, earnings were boosted by an $885.3 million accounting gain from the valuation of digital assets, according to Bitcoin Magazine. The rise in accounting profit is not the same as a corresponding increase in recurring cash flow from mining.

How far along is the pivot to AI?

MARA has specific agreements and energy plans, but part of the transition is still being carried out. It is aiming for two data center leases before the end of 2026, warning that they may slip to 2027.

The Long Ridge acquisition, with approved capacity to sell 485 MW of electric power, is expected to close in the coming weeks. Subsidiary Exaion also signed a four-year, $79 million contract to provide computing power via graphics processing units (GPUs). The board also approved share buybacks of up to $500 million, though this doesn’t guarantee the full amount will be spent.

What are we watching from here?

We think the key issue is whether the new infrastructure will justify the capital being committed. The Bitcoin sales have happened; the payoff of the transition remains to be proven.

For readers in Greece who follow Bitcoin, the move shows why a mining company’s decisions are not automatically a forecast for its price. We will be watching the completion of Long Ridge, the signing of the leases and the revenue from the new businesses, not just the size of the BTC holdings.