Repays $750M in Bitcoin-collateralized debt, MARA approves up to $500M share repurchase

Odaily reports that MARA Holdings' Q3 shareholder letter shows the company sold Bitcoin after the quarter ended to repay $750 million in Bitcoin-collateralized debt, with all previously pledged Bitcoin now released. Currently, less than 5% of MARA's holdings are lent out or pledged. The board has approved a share repurchase program of up to $500 million; the company stated it will continue to use Bitcoin to raise cash for AI infrastructure investment, addressing convertible bond put options exercisable next year, and potential share repurchases. As of September 30, MARA held 34,012 Bitcoin, having mined 2,247 and sold 3,891 during the third quarter; quarterly revenue was $164 million, down 35% year-over-year, with net income of $632 million.