MARA posts $634 million Q3 net profit on bitcoin gains, sells 13,597 BTC to pay off loans

MARA Holdings (Nasdaq: MARA) reported a third-quarter net profit of $634.4 million, compared with $123.1 million a year earlier, despite revenue falling 35% year over year to $164.2 million. The firm reported revenue of $174.9 million in the prior quarter.

Profit was driven largely by bitcoin appreciation, with the company recording nearly $885 million in fair-value gains on its digital assets and bitcoin receivables, while mining revenue declined as block reward income fell 37%.

Separately, MARA said it sold 13,597 bitcoin for approximately $1.1 billion after the quarter ended, using $750 million to fully repay its bitcoin-collateralized loans.

Once one of the leading public bitcoin mining companies, MARA has been transitioning into an AI infrastructure provider by expanding its high-performance computing business. It's currently the fifth-largest corporate bitcoin treasury, having been surpassed by Strive in recent months.

"When we think about MARA’s future, the opportunity is bigger than monetizing the megawatt," CEO Fred Thiel wrote in the quarterly shareholder letter. "It is about increasing the value we can capture from that megawatt as we move from power to infrastructure to compute, and ultimately to fully integrated cloud solutions."

MARA's stock was little changed in after-hours trading, after rising more than 4.5% in the regular session.