MARA Sold 13,597 BTC in Six Weeks and Plans to Sell More

Miner MARA sold 13,597 BTC for about $1.1 billion in six weeks and repaid the loans backed by its coins. That is six times its own quarterly output, so the market has a new large seller of Bitcoin. The company says it will keep selling, and will point the rest of its coins at AI data centers.

What MARA sold and why

According to The Block, MARA settled $750 million of loans after its third-quarter report. CoinDesk adds that these are all the loans secured by its bitcoin. The money came from selling 13,597 BTC over six weeks.

The company now has no debt against its coins, and so no risk of forced liquidation if the price drops. For a public miner that matters: in sharp drawdowns collateral often forced sales at the bottom. MARA has removed that risk.

The rest of the bitcoin, in its words, can fund AI infrastructure. The company is building it through its Exaion subsidiary and a partnership with Starwood Digital Ventures, and wants sites that can switch between mining and computing depending on power prices and demand.

Paper profit and the sale price

MARA reported net income of $634.4 million against $123.1 million a year earlier, or $1.28 a share instead of 27 cents. Almost all of the result came from the revaluation of digital assets, not from mining. Revenue fell 35% to $164.2 million, and mining revenue dropped 34% to $159 million.

Production rose 5% to 2,247 BTC, while electricity costs climbed 12% to $48.1 million. The company also wrote off $12 million on mining equipment under restructuring. So more coins bring less income, because the bitcoin price fell.

By our estimate, the average sale price came to about $80,900 a coin. BTC trades near $74,500 today, so MARA managed to sell above the current level. The shares closed up 4.6% on Monday and barely moved after the report, trading near $6.64.

Does a sale like this weigh on the price

The pace was visible. By our estimate, 13,597 BTC over six weeks is about 320 BTC a day, or roughly $26 million daily. For a market where trading volume runs into billions the figure is small, but it comes from one seller and on a schedule.

When a public company sells that much, it faces the same question as any holder who wants to exchange Bitcoin for dollars: who gets the coins and at what price. The difference is that MARA can stretch the sale and does not depend on a single day.

The main signal is elsewhere. A statement like "we will sell more" means part of the supply on the market becomes predictable. Analysts who follow miners usually factor such plans into their read on price pressure until the company reaches its target reserve level.

Miners split: AI or mining

MARA is not alone in this story. Cointelegraph writes that HIVE raised production 49% to 1,070 BTC, but mining revenue fell 7.4% to $76 million. The company wrote down $31.2 million on equipment, calling mining economics "depressed". Core Scientific plans to leave mining altogether by year-end, and American Bitcoin showed weaker margins.

The difference between the companies is strategy. HIVE plans to spend up to $493 million over 36 months on its HPC business, while MARA keeps mining as the base and adds AI alongside. For the market that means part of the capacity and part of the coins is gradually moving from mining to serving computation. The risks of this turn look like this:

• Coin sales will have to continue for a long time, until AI projects start producing their own cash flow.
• Other miners with debt may follow the same path and add supply to the market.
• If the BTC price slips below the sale level, the company will keep booking losses on equipment.

Bottom line for the market

MARA closed its debts and kept its freedom, but became a regular seller of bitcoin. From here the market will watch the pace of its sales, its reserve level and whether other miners with open debts follow.