MARA Holdings sold off most of its Bitcoin reserve and closed loans taken out against the coins. The company disclosed the figures in a shareholder letter on Monday.
MARA is one of the largest public Bitcoin miners. A miner mines coins on its own equipment and can hold them on its balance sheet as a reserve. The company took out loans against this reserve: the coins remained pledged as collateral to the lender.
Over six weeks, 40% of the reserve left the balance sheet. For the market, this means a large holder was selling the whole time, and the remaining money will go toward data centers for artificial intelligence.
How many coins went out?
The key figure of the letter. After September, MARA sold 13,597 BTC for about $1.1 billion.
- $81,039 - average sale price per coin
- 34,012 BTC - reserve at the end of September, of which 40% went out
- six times more - that's how much was sold in six weeks than was mined in the entire third quarter
- Debt repayment. $750 million went to Bitcoin-backed loans.
- Collateral released. 17,477 coins were freed from collateral.
- Share of pledged coins. Fell from 57% at the end of September to less than 5%.
- Where the loans came from. MARA took them in August to buy Long Ridge, a gas energy company.
Why did MARA start selling?
Policy reversed over two years. At first the company promised not to sell anything.
- July 2024. MARA promised to hold everything mined and buy more coins.
- 2025. It allowed selling freshly mined coins.
- 2026. It extended sales to the accumulated reserve as well.
Year-to-date result. In the nine months of 2026, 26,984 BTC were sold, and counting the new deals - already more than 40,000 BTC.
What does this mean for a trader?
The main point: the largest public miner is now spending its reserve rather than accumulating it, and this became known from a report.
Where to learn more. The mechanics of a prop account are covered in the academy, and the calculator picks a challenge for the right market.
What's next?
MARA wants to invest the remaining money in infrastructure. The plans and obligations on the table are:
- Long Ridge - the deal with permission to sell 485 MW of capacity is planned to close in the coming weeks
- up to 2 GW - site rights in Texas
- two new data center lease agreements - target by the end of the year
- $500 million - share buyback approved by the board of directors
- bonds - some holders may demand early repayment starting next year
Reporting is weaker. Quarterly revenue fell 35% to $164 million. The $632 million profit is almost entirely made up of a paper revaluation of Bitcoin worth $885 million.
Miners are selling - you see it on the chart
No one announces such sales in advance. You just see someone dumping from the top every day and wonder who. You can trade this, but a 2-3% move in BTC on an account of a couple thousand dollars turns into fifty bucks, no matter how right you are. In prop trading, the company provides the notional for the trade: you pay for the selection, work within its loss limits, and take a share of the profit under the contract. While 40,000 coins are looking for a buyer, it's worth understanding how this scheme works.