MARA Sells $1.1 Billion of Bitcoin, Revenue Falls 35%
Summary
- MARA said it sold 13,597 Bitcoin to raise about $1.1 billion and fully repaid a $750 million Bitcoin-backed loan.
- MARA said the repayment released 17,477 Bitcoin that had been pledged as collateral.
- MARA said third-quarter revenue fell 35% to $164.2 million, but net income reached $632 million after reflecting about $885 million in fair-value gains on digital assets.
Forecast Trend Report by Period
MARA, a U.S. Bitcoin miner, sold a large amount of Bitcoin to fully repay a crypto-backed loan.
Wu Blockchain reported on Nov. 9 that MARA said in its third-quarter earnings release it sold 13,597 Bitcoin after the quarter ended, raising about $1.1 billion. The average sale price was $81,039 per coin.
MARA used the proceeds to fully repay a $750 million Bitcoin-backed loan. The repayment also released 17,477 Bitcoin that had been pledged as collateral.
Third-quarter revenue fell 35% from a year earlier to $164.2 million. Net income was $632 million, helped by about $885 million in fair-value gains on digital assets.
As of Sept. 30, MARA held 34,012 Bitcoin, down 36% from a year earlier. Over the same period, Bitcoin production rose 5% to 2,247 coins, diverging from the decline in holdings.
