MARA sold 13,597 bitcoin after quarter end, 40.0% of its holdings
Produced 2,247 BTC in Q3. After quarter end the company sold 13,597.
At 30 Sep 2026 it held 34,012 bitcoin, valued at about $2.8 billion on the letter's spot.
That sale was 40.0% of those holdings. Proceeds were about $1.1 billion.
Of that, $750.0 million repaid bitcoin-collateralised term loans in full and released 17,477 pledged bitcoin.
Inside the quarter it already sold 3,891 bitcoin at an average $75,300. In-quarter sales exceeded production.
Company letter first, then my read: a treasury story, not a production story. On any miner, line up produced, sold in-quarter, held at quarter end, and sold after the print; then ask what the sale funded. The pile shrank on purpose. Repair was paid with the treasury, not mining cash flow alone.
Counter: production rose +4.8% year on year, and energised hashrate reached 71.2 EH/s, up +17.9%. Machines kept running while the treasury was monetised.
Those y/y percentages use the unrounded letter totals.
After quarter end the board authorised share repurchases of up to $500.0 million — authorisation only.
Dated test: next shareholder letter. If sold again exceeds produced and holdings keep falling, the monetisation read holds; else wrong.
When a miner sells a large share of quarter-end bitcoin after the print, is that balance-sheet repair or an operating need?
Not advice. I may hold positions in the names mentioned.
Stop guessing. Start calculating.
Live to fight another day. 🤙
#MARA #Bitcoin #Earnings
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