How is MARA using its Bitcoin holdings to meet financing needs? According to a November 10, 2026 report from Jinse Finance citing MARA Holdings’ third-quarter shareholder letter, the miner sold Bitcoin after quarter-end to repay $750 million in Bitcoin-backed debt.
The repayment released all BTC previously pledged against that debt. MARA said less than 5% of its Bitcoin holdings were then loaned out or pledged as collateral.
Bitcoin sales to fund further capital needs
MARA said it would continue using Bitcoin to raise cash for AI infrastructure investment, potential repurchases of convertible notes under holder put rights exercisable in 2027, and possible share repurchases. Its board also authorized a share-buyback program of up to $500 million. The authorization does not establish how much the company will actually spend.
Third-quarter operating and financial figures
As of September 30, 2026, MARA held 34,012 BTC. During the third quarter, it:
- Mined 2,247 BTC.
- Sold 3,891 BTC.
- Reported revenue of $164.2 million, down 35% year over year.
- Reported net income of $632.1 million.
The quarter’s Bitcoin sales and the debt repayment occurred in different reporting periods: the 3,891 BTC sales figure covers the third quarter, while the $750 million debt repayment took place after quarter-end.
Original report: Jinse Finance, published November 10, 2026, at 06:23:05 (UTC+8). The report cites MARA’s third-quarter shareholder letter.