Bitcoin Miner MARA Clears Its BTC-Backed Debt and Approves $500 Million Buyback After Q3 Profit

MARA Holdings ‘ board authorized a buyback of up to $500 million of its common stock on Nov. 9, the day the bitcoin miner disclosed in its quarterly report that it had raised about $1.1 billion by selling 13,597 bitcoin after Sept. 30 and had repaid all of its bitcoin-collateralized loans. MARA had raised $750 million in loans to pay for Long Ridge, a natural gas power plant in Ohio, in a deal that has not yet closed. Of the $750 million in collateralized loans, $600 million was new borrowing and $150 million refinanced an existing Coinbase credit line, leaving the company with about $350 million from the bitcoin sale by our calculations. At Sept.

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