After Sept. 30, Bitcoin miner MARA Holdings Inc. raised about $1.1 billion by selling 13,597 Bitcoin (BTC) and applied $750 million to term-loan repayment, freeing 17,477 BTC pledged as collateral, the company disclosed Nov. 9.
The sale averaged roughly $81,039 per coin. Its size was close to 40% of the 34,012 BTC balance MARA reported for Sept. 30. That dated figure does not establish how much BTC the company held immediately before the transactions.
MARA took on Bitcoin-backed borrowing during the third quarter to help finance its planned purchase of Long Ridge Energy & Power. The company said the Federal Energy Regulatory Commission (FERC) approved the planned acquisition. MARA said its treasury policy permits it to sell Bitcoin already held on its balance sheet.
Revenue for the third quarter totaled $164.2 million, 35% below the year-earlier period. Net income reached $632.1 million and included an $885.3 million gain associated with digital-asset values.
MARA shares closed the Nov. 9 regular session at $6.64, up 4.57%. Quarterly results came out at 4:05 p.m. ET, after the session ended, putting the share gain before the disclosure.
