MARA dumps Bitcoin to erase a $750M collateral risk
MARA Holdings repaid $750 million in Bitcoin-backed loans after selling 13,597 BTC for about $1.1 billion, eliminating the loans’ collateral-liquidation risk. The proceeds exceeded the repayment by roughly $350 million. Management says Bitcoin sales may also build cash for convertible-note puts in 2027, AI infrastructure and potential share repurchases. At September 30, cash was $946.5 million, alongside about $924 million of notes with 2027 cash-put rights; actual repayment needs depend on holder elections and remaining balances. MARA also has a pending Long Ridge acquisition and development commitments, while its board authorized up to $500 million in share buybacks. Further Bitcoin sales and updated cash and debt balances will clarify how funds are allocated.
