Miners are also “selling coins to pivot to AI”: MARA sold 13,597 BTC in six weeks, cashing out for about $1.1 billion
In its Q3 shareholder letter, MARA disclosed that it had sold a total of 13,597 bitcoins after September 30 at an average price of about $81,039—roughly 40% of its 34,012 BTC holdings at quarter-end.
Where did the money go? Of the proceeds, $750 million was used to repay all of its Bitcoin-backed loans, freeing up 17,477 pledged BTC. The company also said it would continue selling in the future to fund AI data center construction, convertible note puts, and share buybacks.
The signal behind the numbers: Q3 revenue fell 35% year over year, and the amount sold this time was about six times its Q3 mining output of 2,247 BTC. The mining sector’s old “mine it and hold it” narrative is being rewritten by the shift to AI computing.
For the market, publicly listed miners are a source of supply that cannot be ignored. BTC is currently trading sideways around $73,000–$74,000, spot ETFs have seen net outflows for four consecutive days, and market sentiment is cautious. Selling pressure from miners is worth monitoring closely.
What do you think: Is miners’ pivot to AI a rational allocation of capital, or does it signal weakening faith in Bitcoin’s long-term prospects? Join the conversation in the comments.
#BTC #比特币矿企 #MARA
$BTC $MARA
In its Q3 shareholder letter, MARA disclosed that it had sold a total of 13,597 bitcoins after September 30 at an average price of about $81,039—roughly 40% of its 34,012 BTC holdings at quarter-end.
Where did the money go? Of the proceeds, $750 million was used to repay all of its Bitcoin-backed loans, freeing up 17,477 pledged BTC. The company also said it would continue selling in the future to fund AI data center construction, convertible note puts, and share buybacks.
The signal behind the numbers: Q3 revenue fell 35% year over year, and the amount sold this time was about six times its Q3 mining output of 2,247 BTC. The mining sector’s old “mine it and hold it” narrative is being rewritten by the shift to AI computing.
For the market, publicly listed miners are a source of supply that cannot be ignored. BTC is currently trading sideways around $73,000–$74,000, spot ETFs have seen net outflows for four consecutive days, and market sentiment is cautious. Selling pressure from miners is worth monitoring closely.
What do you think: Is miners’ pivot to AI a rational allocation of capital, or does it signal weakening faith in Bitcoin’s long-term prospects? Join the conversation in the comments.
#BTC #比特币矿企 #MARA
$BTC $MARA
