The MARA bitcoin sale is one of the biggest crypto stories of the week. MARA Holdings (NASDAQ: MARA), one of the largest publicly listed bitcoin miners, disclosed on November 9 that it sold 13,597 BTCThe MARA bitcoin sale is one of the biggest crypto stories of the week. MARA Holdings (NASDAQ: MARA), one of the largest publicly listed bitcoin miners, disclosed on November 9 that it sold 13,597 BTC
MARA Sells 13,597 Bitcoin for $1.1 Billion and Signals More Sales: Why Are Public Miners Selling?
The MARA bitcoin sale is one of the biggest crypto stories of the week. MARA Holdings (NASDAQ: MARA), one of the largest publicly listed bitcoin miners, disclosed on November 9 that it sold 13,597 BTC for about $1.1 billion after its third quarter ended, and that it expects to keep monetizing bitcoin. The news arrived while Bitcoin traded near its weakest levels since August, so many readers are asking whether bitcoin miners selling is adding to market pressure.
This guide explains what MARA announced, where the money went, why miners such as Riot Platforms and Hut 8 are selling, and what the data can and cannot say about the bitcoin price. Figures come from company filings with the U.S. Securities and Exchange Commission (SEC), cross-checked against independent reporting.
Key Takeaways
- MARA sold 13,597 BTC for about $1.1 billion after September 30, roughly 40% of the 34,012 BTC it held at quarter-end.
- $750 million repaid all of its bitcoin-backed loans, which released 17,477 pledged BTC.
- MARA expects to keep monetizing bitcoin for AI infrastructure, convertible-note put rights, and possible share buybacks.
- Other public miners are selling too. Riot Platforms sold 20,264 BTC this year, and Hut 8 sold about 3,100 BTC to fund buybacks.
- The price impact is unproven. MARA's sales averaged about $27 million a day, far below last week's ETF outflow pace, and its average sale price was above today's price.
1. MARA Bitcoin Sale at a Glance: What Happened
MARA published its third-quarter shareholder letter on November 9, 2026. Its quarterly report (Form 10-Q) for the period ended September 30 is also on file with the SEC. The letter confirms that MARA sold bitcoin after the quarter closed and used a large share of the proceeds to clear its debt.
Key figures from MARA's filings:
- Bitcoin sold after Sept 30: 13,597 BTC (shareholder letter)
- Proceeds: about $1.1 billion (shareholder letter)
- Average sale price: about $81,039 per BTC (shareholder letter)
- Holdings on Sept 30: 34,012 BTC, about $2.8 billion at $83,556 (10-Q and letter)
- Loans repaid: $750 million (10-Q and letter)
- Bitcoin released from collateral: 17,477 BTC (10-Q and letter)
- Share buyback authorization: up to $500 million (10-Q and letter)
- Sold in first nine months of 2026: about 26,984 BTC for $1.9 billion (shareholder letter)
The numbers explained
The 13,597 BTC sold equals about 40% of what MARA held on September 30. That date is only a reference point, because it does not show exact holdings just before the sales. MARA mined 2,247 BTC in all of the third quarter, so the post-quarter sale was about six times its quarterly output (our calculation). Adding the nine-month total, MARA's 2026 sales come to about 40,581 BTC and roughly $3 billion, which matches the tally from on-chain analytics firm Lookonchain.
2. Where Did the MARA Bitcoin Sale Proceeds Go?
Debt repayment came first
MARA used $750 million to fully repay its bitcoin-collateralized term loans. It took those loans during the quarter, $600 million of new capital plus $150 million that refinanced an existing facility, to fund the Long Ridge natural gas power plant acquisition. Long Ridge received FERC approval after quarter-end, and MARA expects it to close by year-end, subject to customary conditions.
Repaying the loans returned all pledged bitcoin. MARA says less than 5% of its holdings are now loaned or pledged, down from about 57% at September 30.
A trade MARA calls profitable
MARA says it borrowed while bitcoin traded around $64,000 and sold at an average near $81,039, which it estimates produced a net benefit of $170 million. That is the company's own estimate, not an independent calculation.
What about the rest?
About $350 million remains after the loan repayment, by our arithmetic. MARA says it intends to keep using bitcoin to build cash for AI infrastructure opportunities, to satisfy put rights on its convertible notes that become exercisable next year, and for potential share repurchases. Its board authorized up to $500 million in buybacks, though the program does not oblige MARA to buy any set amount.
3. Why Are Public Bitcoin Miners Selling Bitcoin?
Readers searching for why are bitcoin miners selling bitcoin will find several overlapping reasons in company filings. For a refresher, see howBitcoin mining works and our explainer onmining and consensus mechanisms.
Falling mining revenue
Miners earn bitcoin but pay many costs in dollars, so a lower price cuts revenue even when output rises. MARA's third-quarter revenue fell 35% to $164.2 million from $252.4 million, even though it mined 5% more bitcoin, because the average price of the bitcoin it mined fell 37%. Riot's production rose 16% to 1,637 BTC, but an average bitcoin price 38% below last year's third quarter weighed on its mining revenue.
MARA's $632.1 million third-quarter net income also needs context. It included an $885.3 million unrealized gain on the value of its bitcoin, so it reflects price moves more than mining performance. CryptoQuant data reported by Blockonomi showed record miner outflows in the first quarter of 2026, so miner selling is not new.
The shift to AI data centers
Several miners are turning power-heavy sites into data centers for AI customers, which costs money. Riot signed a 15-year lease with a leading frontier AI lab for its 910-megawatt Corsicana campus, expected to bring in about $28 billion over the initial term. It says it sold 20,264 BTC this year for about $1.5 billion, primarily to fund data center expansion, and its holdings fell from 11,380 BTC at the end of June to 2,418 BTC at the end of September, a drop of about 79%.
Debt and collateral
Both MARA and Riot used bitcoin to clear loans. Riot repaid a $200 million Coinbase credit facility in full, which released 5,821 pledged BTC. Paying off collateralized loans lowers borrowing costs and reduces the risk of a lender selling coins if the price falls.
Share buybacks
Hut 8 sold about 954 BTC in the third quarter for $74.8 million and about 2,148 BTC after quarter-end for $175.4 million, using the proceeds to repurchase about 3.3 million of its own shares for roughly $250 million. It then raised its buyback authorization to $1.0 billion.
How the three miners compare
- MARA: 13,597 BTC after Q3 (26,984 BTC in the first nine months). Stated uses: repay $750M of loans, AI infrastructure, convertible-note puts, possible buybacks. Source: MARA letter and 10-Q.
- Riot Platforms: 20,264 BTC year to date. Stated uses: data center development and repaying a $200M facility. Source: Riot Q3 earnings call.
- Hut 8: about 954 BTC in Q3 plus about 2,148 BTC after quarter-end. Stated use: share repurchases of about $250M. Source: Hut 8 Q3 results release.
Selling is not the same as quitting. Riot's chief financial officer said the company expects to keep selling substantially all the bitcoin it mines, while MARA says bitcoin remains its operating foundation. For some public miners, bitcoin is shifting from a long-term holding to working capital.
4. Does Bitcoin Miner Selling Pressure Affect the Price?
The data does not prove a link, but we can put the sales in scale.
How miner selling can matter
When a miner sells bitcoin, someone has to buy it. If sales are large compared with demand, they can add to downward pressure. That is the idea behind the phrase miner selling pressure.
Putting MARA's sale in scale
MARA's roughly $1.1 billion was sold between October 1 and its November 9 report, about 40 days, which averages roughly $27 million a day (our calculation). By comparison, U.S. spot Bitcoin ETFs lost about $1.28 billion in the five trading days ending November 6, their worst week since late June, according toSoSoValue data reported by The Block. That is roughly $256 million a day, about nine times MARA's average pace. BlackRock's IBIT accounted for $1.21 billion of the outflows, per Farside Investors data.
This comparison has limits. The periods are not identical, MARA's sales may not have been spread evenly, and some may have been arranged privately. It shows the order of magnitude, not the true price impact. Lookonchain estimated that public companies sold about $8.08 billion in bitcoin during 2026.
The timing does not line up neatly
MARA's average sale price of about $81,039 is well above where Bitcoin traded on November 10, around $74,200 according toCoinDesk. That suggests much of the selling happened at higher prices, not during this week's drop, which makes it hard to link the sale to the latest decline.
5. What Is Confirmed and What Is Still Unknown
Confirmed in company documents: MARA's 13,597 BTC sale at about $81,039, its $750 million loan repayment, its 34,012 BTC balance on September 30, Riot's 20,264 BTC of sales this year, and Hut 8's buyback-funded sales.
Stated by management, not guaranteed: MARA's $170 million net-benefit estimate, its intent to keep selling, and its plans for AI infrastructure.
Unknown: how much more MARA will sell and when, whether the coins sold on public exchanges or privately, and MARA's current balance.
6. What to Watch Next
- More MARA disclosures. The company expects to keep monetizing bitcoin, so updated holdings or sales may follow.
- Long Ridge closing. MARA expects the acquisition to close by year-end.
- Riot and Hut 8. Both are still selling, so their next updates will show whether the trend continues.
- ETF flows and macro data. Spot ETF flows and upcoming U.S. inflation and Federal Reserve news are likely to matter more for price than any single miner.
Conclusion
The MARA bitcoin sale shows how the business of public mining is changing. Falling mining revenue, expensive AI data center projects, and loans secured by bitcoin are pushing some listed miners to sell coins they once kept. That is a real shift worth following, but the evidence does not show it caused the latest price drop. Bitcoin has faced several pressures this month, including ETF outflows, rate-hike expectations, and a technology stock sell-off. No source we reviewed establishes miner selling as the main cause. Treat it as one factor to monitor. To keep an eye on the market, follow company filings and ETF flows together. You can also track thelive Bitcoin price on MEXC.
Frequently Asked Question
Why did MARA sell bitcoin?
MARA says it sold bitcoin to strengthen its balance sheet and fund its shift toward AI infrastructure. It used $750 million of the roughly $1.1 billion in proceeds to repay all of its bitcoin-backed loans, which released 17,477 pledged BTC. The company says it will keep using bitcoin to build cash for AI infrastructure, to meet put rights on its convertible notes next year, and for possible share buybacks. It estimates that borrowing near $64,000 and selling near $81,039 produced a $170 million net benefit.
How much bitcoin does MARA hold after the sale?
MARA held 34,012 BTC on September 30, valued at about $2.8 billion. After selling 13,597 BTC, simple subtraction gives roughly 20,400 BTC, but that ignores coins mined since September 30 and any other transactions. MARA had not published an updated total in the documents we reviewed. Less than 5% of its holdings are now loaned or pledged, down from about 57% at quarter-end. Check MARA's next filing for an exact figure.
Are other bitcoin miners selling bitcoin?
Yes. Riot Platforms sold 20,264 BTC this year for about $1.5 billion, mainly to fund data centers, and its chief financial officer said it expects to keep selling substantially all the bitcoin it mines. Hut 8 sold about 954 BTC in the third quarter and about 2,148 BTC afterward to fund share buybacks of roughly $250 million. We have not verified sales by other miners, so check each company's filings.
Does bitcoin miner selling affect the bitcoin price?
The evidence does not prove it. MARA's sales averaged roughly $27 million a day, while U.S. spot Bitcoin ETFs had about $1.28 billion in net outflows in the five trading days ending November 6. MARA's average sale price of about $81,039 is also above recent prices near $74,000, which suggests much of the selling came earlier. ETF outflows, rate-hike expectations, and a tech stock sell-off also weighed on Bitcoin. Treat miner selling as one factor, not a confirmed cause.
Is MARA still a bitcoin miner?
Not according to the company. MARA's shareholder letter says its shift is not a pivot away from bitcoin and calls bitcoin mining a core business. It mined 2,247 BTC in the third quarter while expanding into AI and high-performance computing infrastructure. What has changed is how it treats its coins: since 2026 it allows sales of bitcoin held on its balance sheet, not just coins it mines. These are management statements, not guarantees.
Disclaimer: This article is for informational purposes only and is not investment, financial, or legal advice. Crypto assets are volatile and you can lose some or all of your money. Figures come from company filings and third-party sources and may change. Do your own research before making any decision.
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