Bitcoin Magazine MARA Sells 13,597 Bitcoin for $1.1 Billion, Says More Sales Are Coming
MARA Holdings sold 13,597 bitcoin for about $1.1 billion after the third quarter ended and used $750 million of the cash to pay off all of its bitcoin-backed term loans, the miner said Monday in its Q3 shareholder letter.
The coins went for roughly $81,039 each. MARA held 34,012 BTC on Sept. 30, so the sale cut about 40% of the stack in a matter of weeks.
Repaying the loans returned 17,477 bitcoin that had been pledged as collateral, leaving less than 5% of MARA’s holdings loaned or pledged, the company said. Subtracting the sale from the quarter-end figure implies about 20,400 BTC left, before counting coins mined since.
The letter makes clear the selling is not over. “We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities, to satisfy the puts on our convertible notes that become exercisable next year, and potential share repurchases,” MARA wrote.
Source: Bitcoin Magazine
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