Mara Holdings has reported one of the largest Bitcoin sales ever disclosed by a public miner. The company sold 13,597 $BTC to repay a loan backed by Bitcoin.
Following the sale, Mara holds about 20,415 Bitcoin. That marks a notable shift for a company long regarded as one of the industry’s biggest holders.
The numbers behind the sale
Mara sold the coins after September 30, 2026, at an average price of $81,039 per Bitcoin, bringing in approximately $1.1 billion.
Of the proceeds, $750 million went to fully repay the company’s term loans collateralized by Bitcoin. Mara took out the loans in August 2026, when Bitcoin was trading at around $64,000.
Repaying the debt released 17,477 $BTC that had been pledged as collateral.
The change in Mara’s balance sheet is striking. As of September 30, 2026, the company held 34,012 $BTC, with 57% of its holdings loaned out or pledged.
Following the sale and repayment, less than 5% of Mara’s Bitcoin is pledged. Most of the coins it still holds are now unencumbered, meaning lenders have no claim on them.
The figures align: subtracting the 13,597 coins sold from the 34,012 held at quarter-end leaves roughly 20,415 $BTC, the amount Mara reports holding today.
A miner selling more than it mines
For context, Mara mined 2,247 $BTC in the third quarter of 2026.
The post-quarter sale was about six times that amount. Put another way, Mara sold roughly six months’ worth of production in one transaction—and then some.
This was not an isolated sale. Mara has sold Bitcoin several times in 2026, bringing its total sales for the year to more than 40,000 $BTC.
That represents a clear break from the company’s previous approach. In 2026, Mara changed its treasury policy to permit sales of Bitcoin held on its balance sheet. Before then, its strategy leaned toward holding.
The shift comes as the mining business faces greater difficulty. Mara reported third-quarter revenue of $164.2 million, down 35% year over year.
Even so, the company recorded net income of $632.1 million for the quarter.
The difference between those figures is mainly attributable to unrealized gains on Bitcoin. Mara’s holdings increased in value on paper, and accounting rules reflected that increase in its income statement.
Buybacks, debt, and what comes next
Mara’s board also approved a share repurchase program worth $500 million.
The company says it intends to monetize Bitcoin to meet debt obligations and finance AI infrastructure. Its stated capital needs include possible acquisitions in power and AI infrastructure.
The timing of the loan transaction is also notable. Mara borrowed against its Bitcoin in August 2026, when the asset was near $64,000, then sold coins at an average of $81,039 to repay the debt.
What this means for miners and investors
For Mara shareholders, the immediate effect is a lighter balance sheet. The company exchanged some of its Bitcoin exposure for the removal of its Bitcoin-backed debt and a substantial reduction in encumbered collateral.
With pledged coins now below 5% of its holdings, Mara has greater control over whether and when it sells.
The tradeoff is reduced upside. A company holding about 20,415 $BTC would benefit less from a Bitcoin rally than one holding 34,012 $BTC.
The $500 million buyback adds another dimension, signaling the board’s willingness to use capital to support shareholders.
Another point to watch is whether Mara continues selling at its 2026 pace. With more than 40,000 $BTC sold this year and a stated intention to keep monetizing its holdings, the company’s remaining stack may not stay at 20,415 for long.
Mara spent years representing the miner-as-Bitcoin-holder strategy. Its 2026 sales suggest that the company now regards its coins as a resource to spend, rather than simply a trophy to keep.
Source: cryptobriefing.com. Adapted by NBTC.
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