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- MARA Holdings sold 13,597 Bitcoin for approximately $1.1 billion to repay loans.
- The completed sales released 17,477 Bitcoin previously pledged to lenders as collateral.
- MARA plans to continue selling Bitcoin to fund AI infrastructure and debt repayments.
MARA Holdings sold 13,597 Bitcoin for about $1.1 billion after the end of September, using $750 million to pay off its Bitcoin-backed loans.
The miner disclosed the completed sales in its Nov. 9 results and plans to keep selling Bitcoin to build cash for AI infrastructure, debt repayments and potential share buybacks.
Loan Repayment Frees 17,477 Bitcoin Held as Collateral
Repaying the loans released 17,477 BTC that MARA had pledged to lenders. Roughly two-thirds of the sale proceeds went toward that repayment, making debt reduction the main immediate use of the cash. MARA reported an average sale price of about $81,039 per Bitcoin.
The facilities included $600 million of new borrowing and $150 million used to refinance an existing loan. They were arranged to help fund the planned Long Ridge power acquisition, a key part of MARA’s move into energy and computing infrastructure.
The sales also extend a change in how MARA treats its Bitcoin treasury. In the second half of 2025, the company began selling some newly mined coins to fund operations. This year, it widened that policy to allow sales from its accumulated holdings as well.
MARA had already sold 26,984 BTC for about $1.9 billion during January–September 2026. Including the post-quarter transactions, its disclosed sales for the year total 40,581 BTC and roughly $3 billion in proceeds.
More Bitcoin Sales Could Fund AI, Note Repayments and Buybacks
Looking ahead, MARA told shareholders:
“We expect to continue to monetize bitcoin to enhance our financial flexibility […].”
One approaching cash requirement comes from convertible-note holders, who can demand repayment before the debt’s final maturity. Holders of MARA’s June 2031 notes have a repayment option on June 4, 2027, while holders of its March 2030 notes can exercise theirs on Dec. 1, 2027.
The board also authorized up to $500 million in share buybacks on Nov. 9. That gives MARA another possible use for cash raised through Bitcoin sales, alongside infrastructure spending and debt obligations. The authorization allows purchases over time, depending on market conditions and available capital.
Exaion Signs $79 Million Contract as Larger Pipeline Remains Unsigned
Exaion, a French business controlled by MARA, signed a four-year, $79 million contract with its first U.S. customer. The agreement provides access to graphics processing units, the chips used to run demanding computing workloads, including AI.
Take-or-pay terms are used, which means that the customer agrees to pay for the capacity whether or not it is used. This provides Exaion with a guaranteed source of income for the duration of the four-year contract.
MARA paid about $174.5 million for its controlling Exaion investment, completed on Feb. 20. The business provides private cloud and AI infrastructure, giving MARA a way to sell computing services alongside its investment in power and data-center sites.
The broader potential is significantly greater, yet carries more uncertainty. MARA described a pipeline exceeding $3 billion in potential contract value, with about $1 billion targeted for delivery by the end of 2027. It drew a clear distinction between those discussions and signed business:
“These are indications of demand and are not yet contracted or committed.”
Long Ridge Approval Moves Power Expansion Closer to Closing
The Long Ridge acquisition cleared an important hurdle when the Federal Energy Regulatory Commission approved it on Nov. 4. MARA announced that approval the following day and expects the transaction to close in the coming weeks, once the remaining conditions are met.
The deal has an enterprise value of about $1.5 billion, including up to $900 million in debt MARA would take on.
The Ohio site includes a natural gas power plant with 505 megawatts of nameplate capacity and more than 1,600 acres of surrounding land. The plant is currently authorized to sell 485 MW, with an increase to its full capacity expected in the first half of 2027.
MARA expects the acquisition to bring in contracted power-generation cash flows while it develops the site’s computing potential. It says existing electricity supply to the PJM grid will continue, with future computing demand supported by additional generation developed over time.
