Bitcoin miner MARA discloses post-Q3 Bitcoin sales to repay debt: According to a November 9 shareholder letter, after the end of Q3, MARA sold 13,597 bitcoins at an average price of approximately $81,039, raising about $1.1 billion. Of that amount, $750 million was used to fully repay a Bitcoin-collateralized term loan, releasing the 17,477 bitcoins that had previously been pledged (CoinDesk/BlockchainReporter, November 10).
Q3 revenue fell 35% year over year to $164.2 million, while net income was $632.1 million, mainly driven by unrealized gains on digital assets. MARA said it has reduced debt by $1.4 billion (about 37%) since the start of the year and will continue selling Bitcoin to strengthen its financial flexibility, with proceeds going toward AI infrastructure, convertible note putbacks, and buybacks. CEO Fred Thiel emphasized, “This is not moving away from Bitcoin.”
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Q3 revenue fell 35% year over year to $164.2 million, while net income was $632.1 million, mainly driven by unrealized gains on digital assets. MARA said it has reduced debt by $1.4 billion (about 37%) since the start of the year and will continue selling Bitcoin to strengthen its financial flexibility, with proceeds going toward AI infrastructure, convertible note putbacks, and buybacks. CEO Fred Thiel emphasized, “This is not moving away from Bitcoin.”
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