MARA Holdings repaid $750 million in Bitcoin-backed debt after the quarter ended and approved a stock buyback program of up to $500 million. According to Odaily, the company’s third-quarter shareholder letter said it sold Bitcoin to repay the debt, and all previously pledged Bitcoin has been released.
The company said less than 5% of its Bitcoin holdings are currently loaned or pledged. It plans to continue raising cash through Bitcoin sales to fund AI infrastructure investment, address convertible-note put options exercisable next year, and potentially repurchase shares. As of September 30, MARA held 34,012 Bitcoin. It mined 2,247 Bitcoin and sold 3,891 during the quarter. Revenue was $164 million, down 35% year over year, while net income was $632 million.