MARA Holdings sold 13,597 bitcoin for about $1.1 billion after the third quarter ended and used $750 million of the cash to pay off all of its bitcoin-backed term loans, the miner said Monday in its Q3 shareholder letter.

The coins went for roughly $81,039 each. MARA held 34,012 BTC on Sept. 30, so the sale cut about 40% of the stack in a matter of weeks.

Repaying the loans returned 17,477 bitcoin that had been pledged as collateral, leaving less than 5% of MARA’s holdings loaned or pledged, the company said. Subtracting the sale from the quarter-end figure implies about 20,400 BTC left, before counting coins mined since.

The letter makes clear the selling is not over….

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