【MARA sells 13,600 BTC in six weeks: miners are starting to use Bitcoin to fund their AI transition】
$MARA This sale can no longer be viewed as ordinary cashing out by a mining company. The company sold 13,597 BTC over six weeks at an average price of about $81,039, raising $1.1 billion. Of that, $750 million went directly toward repaying Bitcoin-backed loans, releasing all 17,477 BTC that had been pledged as collateral. The remaining funds will provide firepower for AI infrastructure and future investments.
MARA is making this transition in response to real-world pressures. Third-quarter revenue fell 35% year over year to $164.2 million, and the growth potential of its mining business is facing challenges. The company is converting its power resources, land, and data center construction capabilities into AI computing assets. It also has the Long Ridge project, with 485 MW of power resources, as well as development potential of up to 2 GW in Texas.
In the past, miners treated $BTC as a reserve asset. Now they are starting to use it as a financing tool and transition capital. MARA also plans to continue monetizing BTC, and miners' strategies for holding coins may become increasingly flexible.
However, AI data centers ultimately need leases, customers, and stable cash flow to make money. MARA is still negotiating with potential customers, and the results of its transition have yet to fully materialize. As miners shift from hoarding coins to monetizing them, they could become a potential source of supply in the BTC market worth watching closely.
$MARA This sale can no longer be viewed as ordinary cashing out by a mining company. The company sold 13,597 BTC over six weeks at an average price of about $81,039, raising $1.1 billion. Of that, $750 million went directly toward repaying Bitcoin-backed loans, releasing all 17,477 BTC that had been pledged as collateral. The remaining funds will provide firepower for AI infrastructure and future investments.
MARA is making this transition in response to real-world pressures. Third-quarter revenue fell 35% year over year to $164.2 million, and the growth potential of its mining business is facing challenges. The company is converting its power resources, land, and data center construction capabilities into AI computing assets. It also has the Long Ridge project, with 485 MW of power resources, as well as development potential of up to 2 GW in Texas.
In the past, miners treated $BTC as a reserve asset. Now they are starting to use it as a financing tool and transition capital. MARA also plans to continue monetizing BTC, and miners' strategies for holding coins may become increasingly flexible.
However, AI data centers ultimately need leases, customers, and stable cash flow to make money. MARA is still negotiating with potential customers, and the results of its transition have yet to fully materialize. As miners shift from hoarding coins to monetizing them, they could become a potential source of supply in the BTC market worth watching closely.