TREE NEWS update: Bitcoin miner MARA Holdings repaid $750 million of bitcoin-collateralized debt by selling bitcoin after the quarter ended, fully releasing previously pledged BTC, with less than 5% of its holdings now lent or pledged. The board approved a share buyback of up to $500 million, and MARA said it will keep using bitcoin to raise cash for AI infrastructure investment, convertible bond put options exercisable next year and potential buybacks. MARA held 34,012 BTC as of Sept. 30, mined 2,247 and sold 3,891 in Q3, with revenue of $164.2 million, down 35% year on year, and net income of $632.1 million.
MARA Sells Bitcoin to Repay $750M Debt, Approves $500M Buyback
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AI take
MARA is effectively redefining itself from a leveraged bitcoin holder into a more flexible operator, using its bitcoin stack as a liquidity tool rather than a static reserve. The buyback authorization alongside debt repayment signals confidence in cash generation, though the sharp revenue decline underscores how mining economics remain under pressure. The key tension worth watching is whether MARA's pivot toward AI infrastructure investment can offset weaker mining revenue without forcing further bitcoin sales, and whether other miners follow with similar balance-sheet maneuvers.
Generated by AI for reference only.
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