Bitcoin Miner MARA Clears Its BTC-Backed Debt and Approves $500 Million Buyback After Q3 Profit
By Unchained
AI summary of the source article
MARA Holdings authorized a share buyback of up to $500 million after raising $1.1 billion from selling 13,597 bitcoin to repay its bitcoin-collateralized loans. The company also reported Q3 net income of $632.1 million.
Why it matters
MARA stated it intends to keep "using bitcoin to build cash for purposes such as AI infrastructure opportunities, to satisfy the puts on our convertible notes that become exercisable next year, and potential share repurchases."
Key facts
- MARA's board authorized a buyback of up to $500 million in common stock on Nov. 9.
- The company sold 13,597 bitcoin after Sept. 30 for about $1.1 billion to repay $750 million in bitcoin-collateralized loans.
- MARA reported Q3 net income of $632.1 million, supported by an $885.3 million unrealized gain in digital assets, while revenue dropped 35% to $164.2 million.
Source excerpt · Unchained
Paying off its $750 million in bitcoin-collateralized loans left MARA Holdings with about $350 million from its bitcoin sale, by Unchained's calculation. The post Bitcoin Miner MARA Clears Its BTC-Backed Debt and Approves $500 Million Buyback After Q3 Profit appeared first on Unchained .