MARA has eliminated its Bitcoin-backed debt obligations after selling a substantial portion of its cryptocurrency reserves, with plans to redirect additional funds toward its expanding AI data center business.

MARA Holdings has liquidated approximately $1.1 billion in Bitcoin since September and expects to continue selling portions of its holdings to finance artificial intelligence infrastructure, address upcoming financial obligations and potentially buy back company shares.

According to its third-quarter shareholder letter submitted on Monday, the Bitcoin miner disposed of 13,597 BTC at an average selling price of approximately $81,039. The amount represents around 40% of the 34,012 BTC held in its treasury at the end of September.

The pace of the company’s selling activity has been particularly significant. Over roughly six weeks, MARA sold six times the amount of Bitcoin it mined throughout the entire third quarter.

Of the proceeds, $750 million went toward clearing loans secured by its Bitcoin holdings. The repayment enabled MARA to recover 17,477 BTC that had been locked up as collateral. As a result, less than 5% of its remaining Bitcoin is currently lent out or pledged against loans, compared with 57% at the end of September.

The borrowing originally took place in August as MARA prepared to acquire Long Ridge, a natural gas-powered energy company. The miner subsequently opted to liquidate part of its Bitcoin treasury to settle the loans before the acquisition is finalized.

The latest transactions highlight how dramatically MARA’s Bitcoin treasury strategy has evolved. In July 2024, the company adopted a policy of holding every Bitcoin it mined while also accumulating additional coins through market purchases.

That commitment weakened in 2025, when MARA began selling newly mined Bitcoin. Earlier this year, the company took another step by authorizing sales from its existing treasury reserves.

MARA had already sold 26,984 BTC during the first three quarters of 2026. Its latest transactions have pushed total Bitcoin disposals for the year beyond 40,000 BTC.

The company indicated that further sales remain possible as it looks to generate capital for its next phase of growth.

“We intend to continue using bitcoin to build cash for purposes such as AI infrastructure opportunities,” MARA stated in the shareholder letter.

However, AI expansion will compete with other demands for the company’s cash reserves. Some bondholders will be able to request early repayment starting next year, while MARA’s board has approved a stock repurchase initiative with a maximum allocation of $500 million.

The strategic pivot also reflects growing financial pressure across the Bitcoin mining industry. MARA generated $164 million in third-quarter revenue, a 35% decrease. Its reported profit nevertheless reached $632 million, primarily supported by an $885 million non-cash accounting gain associated with Bitcoin’s price appreciation during the quarter.

Meanwhile, the company is approaching the completion of its Long Ridge acquisition, which it expects to finalize within the next few weeks. The energy facility has permission to sell up to 485 megawatts of electricity, while the surrounding property offers room for a large-scale data center campus.

MARA also controls development rights to a property in Texas that could eventually support as much as 2 gigawatts of power capacity.

Alongside these projects, the miner is pursuing two additional data center leasing arrangements that it hopes to secure before the end of 2026. However, MARA acknowledged that negotiations could remain ongoing until 2027.