Bitcoin miner MARA Holdings MARA$6.6360·Market Closed sold $1.1 billion of bitcoin after September and plans to keep selling coins to raise cash for AI infrastructure, debt repayments and potential share buybacks.
The company sold 13,597 BTC at an average of about $81,039, according to its third-quarter shareholder letter, filed Monday. That is equivalent to 40% of the 34,012 bitcoin it held at the end of September.
Most of the cash went straight to lenders. MARA used $750 million to repay loans secured against its bitcoin, releasing 17,477 coins it had pledged as collateral. Less than 5% of its remaining holdings are now lent out or pledged, down from 57% at September’s end.
That's a chunk of corn. Seems like a reasonable bet, though: the bitcoin miners are probably ahead of the game when it comes to capturing some of the growth here, and if now is the time to build it out.
Or I guess just to repay loans.