MARA sold 13,597 BTC after Sept. 30 for approximately $1.1 billion, at an average price of about $81,039, and used $750 million to repay its Bitcoin-collateralized loans in full. The repayment returned 17,477 pledged BTC and ended the collateral-maintenance and lender-liquidation exposure attached to the Coinbase and Two Prime facilities. MARA's remaining Bitcoin sales could still support cash needs, including convertible-note puts exercisable in 2027, AI infrastructure opportunities and potential share repurchases. At Sept. 30, the company had $291.584 million of June 2031 notes subject to a June 4, 2027 cash put and $632.540 million of March 2030 notes subject to a Dec. 1, 2027 cash put. The two balances totaled $924.124 million, excluding applicable accrued unpaid special interest, while a separate $48.077 million of notes matures Dec. 1, 2026. The puts are elective holder rights, so the eventual cash requirement depends on exercise and outstanding principal. MARA entered the fourth quarter with $946.5 million of cash and equivalents, excluding $12 million of restricted cash, and had about $1.5 billion of unused capacity under its at-the-market share issuance program. The Bitcoin sales generated approximately $350 million more than the loan repayment, creating a rough $1.3 billion bridge from September cash before other movements. Management said liquidity provided flexibility for obligations and growth, but the disclosures do not establish an unavoidable future Bitcoin sale or a funding shortfall. The company is also weighing the pending Long Ridge power acquisition, data-center development with Starwood and authorized share repurchases against infrastructure spending.