MARA selling bitcoin: the miner sold 13,597 BTC for about $1.1 billion and plans more sales, while Strategy keeps buying below water
MARA used $750 million of the proceeds to fully repay its bitcoin-collateralized term loans, which returned 17,477 pledged BTC, according to the shareholder letter. The company held 34,012 BTC on September 30; subtracting the coins sold leaves roughly 20,400 before counting anything mined since, a figure that is our arithmetic, not a company disclosure. The letter says further sales may fund AI infrastructure, put rights on convertible notes that become exercisable next year, and possible share buybacks. Third-quarter net income was $632.1 million, driven by an $885.3 million fair-value gain on digital assets, while revenue fell 35% to $164.2 million.
What the market is pricing
Polymarket's November bitcoin price-level contracts, read from the public Gamma API at 16:52 UTC (bid-ask midpoints), with stock quotes from Twelve Data:
| Market or quote | Price | Change |
|---|---|---|
| Polymarket: BTC dips to $72,500 in November | 92.0% | +24.5 pts (24h) |
| Polymarket: BTC dips to $70,000 in November | 65.5% | +19 pts (24h) |
| Polymarket: BTC dips to $67,500 in November | 38.5% | +10 pts (24h) |
| Polymarket: BTC reaches $80,000 in November | 28.5% | -19 pts (24h) |
| Polymarket: Strategy removed from MSCI index by Dec 31 | bid 81%, ask 91% | last trade 80% |
| BTC/USDT, Binance (16:54 UTC) | $72,946.72 | -2.7% (24h) |
| MARA, Nasdaq (16:48 UTC) | $7.07 | +6.5% on the day |
| MSTR, Nasdaq (16:49 UTC) | $120.05 | -4.4% on the day |
The MSCI contract is thin, with about $44,000 traded and a ten-point spread, so treat it as a rough read. MARA shares rose on a day bitcoin fell, which suggests investors welcomed the deleveraging, while MSTR moved with the coin.
Strategy's position under its cost basis
Strategy bought 1,036 BTC between November 2 and 8 for about $81.9 million, an average of $79,012, funded by at-the-market sales of its common stock, The Block reports. That lifted its holdings to 850,364 BTC at an average cost of about $75,456, or roughly $64.2 billion in total. At $72,947 the stack is worth about $62.0 billion, a paper shortfall near $2.2 billion. The most recent tranches were bought several thousand dollars above where bitcoin trades now, so each purchase this month has nudged the average up rather than down.
The MSCI decision
MSCI is due to publish on November 11 its final list of companies affected by a rule that treats issuers whose digital-asset holdings make up 50% or more of total assets as ineligible for its investable market indexes, with changes effective after the close on November 30, according to Yahoo Finance. Strategy sits at the top of the list of potentially affected securities and argues that its bitcoin treasury is an operating segment. Yahoo cites a JPMorgan estimate of almost $3 billion in passive outflows from an MSCI removal. Polymarket's pricing implies traders see exclusion as the likely outcome, though the market is shallow.
Miners versus treasury buyers
The split reflects different balance sheets. MARA is moving from pure mining toward AI and high-performance computing, which needs cash, and it has convertible debt to manage, so bitcoin is a funding source. Strategy's model depends on issuing equity and preferred stock to buy more coins. In ether, BitMine Immersion is still buying: it added 9,587 ETH last week to reach 6,070,092 ETH, about 4.97% of supply, against a stated 5% goal, according to crypto.news. Selling by a top-five corporate holder lands in a week when spot bitcoin ETFs lost $201 million on Monday alone, per CoinDesk.
What to watch next
MSCI's list on Wednesday, Strategy's next Monday filing, and whether MARA discloses further sales in coming weeks. On Polymarket, the $70,000 contract is the key level; a move above 75% would signal traders expect a test of that price soon. Funding on perpetual futures, which shows whether leveraged traders are leaning short, is on our live crypto funding rates page.
Method and limits
MARA figures come from its Q3 2026 shareholder letter filed with the SEC and from The Block; Strategy figures come from The Block's summary of its SEC filing. Bitcoin spot is from the Binance 24-hour ticker at 16:54 UTC; MARA and MSTR quotes are Twelve Data readings at 16:48 and 16:49 UTC during the US session. Polymarket prices are bid-ask midpoints from the public Gamma API at 16:52 UTC. Prices are not forecasts by BetG8 and nothing here is investment advice.
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Frequently asked questions
Is MARA selling bitcoin?
Yes. MARA said in its Q3 2026 shareholder letter that it sold 13,597 BTC after September 30 at an average of about $81,039, raising about $1.1 billion, and that it expects to keep monetizing bitcoin.
How much bitcoin does Strategy hold?
Strategy held 850,364 BTC after buying 1,036 BTC from November 2 to 8, 2026, at an average cost of about $75,456 per coin, according to The Block.
Is Strategy underwater on its bitcoin?
At $72,947 on Binance at 16:54 UTC on November 10, 2026, bitcoin traded about 3.3% below Strategy's average cost, a paper shortfall of roughly $2.2 billion.
Sources
- MARA Holdings (SEC 8-K), Q3 2026 shareholder letter
- The Block, MARA posts Q3 net profit, sells 13,597 BTC to pay off loans
- The Block, Strategy buys 1,036 BTC
- Yahoo Finance, MSCI gets ready to show Saylor
- CoinDesk, Crypto Daybook: bitcoin breaks with stocks, MARA sells holdings
- Polymarket, What price will Bitcoin hit in November?, read 16:52 UTC, November 10, 2026
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