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MARA books a $634 million Q3 profit on bitcoin gains, then sells 13,597 BTC to pay off its loans
Summary
Bitcoin miner MARA Holdings reported a third-quarter net profit of $634.4 million, up from $123.1 million a year earlier, even as revenue fell 35% year over year to $164.2 million, according to The Block and Cointelegraph.
The Block said the profit came largely from nearly $885 million in fair-value gains on MARA's digital assets and bitcoin receivables, while mining income shrank.
After the quarter ended, MARA sold 13,597 bitcoin for about $1.1 billion and used $750 million of the proceeds to fully repay its bitcoin-collateralized loans, The Block reported.
Cointelegraph said MARA mined 5% more bitcoin than a year earlier, 2,247 BTC, but its bitcoin mining revenue dropped 34% to $159 million as weaker prices outweighed the extra output; The Block put the drop in block reward income at 37%.
Updates
- Update, : Update (Nov. 10): Bitcoin Magazine, citing MARA's shareholder letter, said the 13,597 BTC sold for roughly $81,039 each, about 40% of the 34,012 BTC MARA held on Sept. 30, and that MARA intends to keep using bitcoin to build cash for AI infrastructure, convertible note puts and possible buybacks. Bitcoin Magazine put net income at $632.1 million, versus the $634.4 million The Block and Cointelegraph reported.
- Update, : Update (Nov. 10): CoinDesk said MARA used $750 million of the sale proceeds to repay bitcoin-backed loans, cutting the share of its remaining holdings lent out or pledged to under 5% from 57%, and that its 2026 sales now total more than 40,000 BTC. CoinDesk put Q3 revenue down 35% to $164 million and profit at $632 million.
Key facts
- The Block: MARA reported revenue of $174.9 million in the prior quarter.
- The Block: MARA has cut its total debt by 37% since the start of the year, to $1.4 billion.
- The Block: MARA is now the fifth-largest corporate bitcoin treasury, having been surpassed by Strive in recent months, and is shifting toward AI infrastructure, prioritizing customer leases and free cash flow.
- The Block: CEO Fred Thiel wrote in the shareholder letter that "the opportunity is bigger than monetizing the megawatt."
- Cointelegraph: MARA's purchased energy costs rose 12% to $48.1 million, and it wrote off $12 million involving mining rigs and equipment under restructuring plans.
- Cointelegraph: diluted earnings were $1.28 a share, up from 27 cents; shares were little changed at $6.64 after hours Monday after closing up 4.6%.
- Cointelegraph: fellow miner HIVE Digital also mined more bitcoin (up 49% to 1,070 BTC) but saw mining revenue fall 7.4% to $76 million.
- Bitcoin Magazine: repaying the loans freed 17,477 BTC of collateral, and the board authorized a buyback of up to $500 million after quarter-end.
- CoinDesk: MARA expects to close its purchase of the Long Ridge natural-gas power business in the coming weeks and is targeting two new data-center leases before year-end.
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