Bitcoin · Miners
MARA sold 13,597 BTC for $1.1 billion in six weeks and plans to sell more, as bitcoin hovers near $75,000
Bitcoin miner MARA sold 13,597 BTC after September, about 40% of its holdings, repaid $750M of loans and says more sales are coming. What traders should watch.
One of the biggest public bitcoin miners has quietly turned from holder to seller. MARA Holdings sold 13,597 BTC in roughly six weeks after September, about 40% of what it held at quarter-end, and told shareholders it intends to keep selling.
That matters right now because Bitcoin is already fragile: it trades just under $75,000 with spot ETF demand fading, and a large, known seller is one more weight on a market that is short of buyers.
Key takeaways
- MARA sold 13,597 BTC at an average of about $81,039 after quarter-end, raising roughly $1.1 billion, according to its Q3 shareholder letter dated 9 November.
- It used $750 million to fully repay bitcoin-backed loans; less than 5% of its remaining coins are now lent or pledged, down from 57% at the end of September (CoinDesk).
- MARA said it will keep using bitcoin to raise cash for AI infrastructure, convertible note puts that open next year, and possible share buybacks.
- Bitcoin traded near $74,750 early on 10 November, ahead of U.S. October CPI data (CoinDesk).
What MARA actually did
MARA ended September with 34,012 BTC, of which 19,260 were lent out or pledged as collateral, per the shareholder letter. During the third quarter it mined 2,247 BTC and sold 3,891 BTC at an average of $75,300.
After the quarter closed, it sold 13,597 BTC. CoinDesk noted that is about six times what the company mined in the whole of Q3. The cash went first to lenders: $750 million cleared its bitcoin-backed term loans and released 17,477 coins that had been pledged.
The loans had been taken out in August to help fund MARA's planned purchase of Long Ridge, a natural-gas power business, according to CoinDesk. For the first nine months of 2026 MARA sold about 26,984 BTC for $1.9 billion, the letter says, so this year's total is now above 40,000 BTC.
A treasury policy turned upside down
In July 2024 MARA committed to keeping every bitcoin it mined and buying more in the market. It began allowing sales of new production in 2025, and this year widened the policy to cover coins already on its balance sheet (CoinDesk, 10 November).
The reason is visible in the numbers. Q3 revenue fell 35% to $164.2 million, while reported net income of $632.1 million leaned on an $885.3 million fair-value gain on its bitcoin (shareholder letter). In plain terms, mining is earning less, and the company wants cash for power, land and data centers instead of a bigger coin pile. The board has also authorized buybacks of up to $500 million.
Why traders should care
Supply overhang. MARA has said more sales are coming but not how many or when. Unknown future selling from a large holder tends to cap rallies, because buyers expect supply to show up into strength.
Miner stress signal. When a top miner sells reserves to fund a pivot, it hints that mining margins are thin at current prices. Other miners with similar AI and data-center plans could follow, so miner wallet flows are worth watching.
Less forced-selling risk. There is a positive side. With its bitcoin-backed loans repaid, MARA no longer has most of its coins tied up as collateral, so a sharp drop is less likely to trigger margin-style liquidations from this holder.
Macro still leads. CoinDesk cited analysts watching $73,000 as key support, with a break risking a move toward $70,000. Today's U.S. CPI report (8:30 a.m. ET, 9:30 p.m. Macau) is the bigger near-term driver; MARA's selling mostly shapes how much supply sits above the market.
A practical way to read it
- Treat MARA's sales as background pressure, not a crash trigger. The $1.1 billion was sold over six weeks, not in one block.
- Watch spot ETF flows and the $73,000 area after CPI; those will tell you more about direction than one miner's treasury.
- If you trade around data releases, size down and use a stop. Our position sizing guide shows how to cap the loss on a single trade.
Want to test a plan without risking money? Try it first in paper trading on VoxTradePro.
Read next
- Bitcoin dominance tests 61% as altcoins fall faster than bitcoin: what the ratio says, why sites disagree and what it means for tradersAnalysis
- Nvidia's board is reportedly preparing to remove CEO Jensen Huang. The stock fell about 8% after hours. Here is why the AI trade, and crypto, should careAnalysis
- Crypto Market Basics: How Digital Asset Markets DifferGuide
- Support, Resistance and Pivot Points: Finding Key LevelsGuide
Free tools: Paper trading simulator · Crypto converter · Liquidation calculator · Position size calculator
Sources
- MARA Holdings, Q3 2026 shareholder letter (Form 8-K exhibit 99.1), 9 November 2026
- MARA Holdings, MARA Announces Third Quarter 2026 Results, 9 November 2026
- CoinDesk, Bitcoin miner MARA sold 13,597 BTC for $1.1 billion in six weeks, plans to sell more, 10 November 2026
- The Block, MARA posts Q3 net profit on bitcoin gains, sells 13,597 BTC to pay off loans, 9 November 2026
- CoinDesk, Bitcoin faces U.S. CPI test as analysts warn inflation relief may not be enough, 10 November 2026
Not financial advice. This article is for general information and education only. It is not a recommendation to buy, sell or hold any asset. Prices move quickly and figures quoted may already be out of date; markets involve risk, including the loss of capital. See our disclaimer.