MARA Q3: Bitcoin mining up, profit surges on BTC gains
6.6 Investments MARA mined 2,247 BTC in Q3. Revenue fell 35% to $164M, but net profit hit $632M on Bitcoin gains. The company sold BTC to repay debt and is expanding into AI and cloud infrastructure.
MARA Holdings delivered a robust third quarter, mining 2,247 Bitcoin—a 5% year-over-year increase. The company’s operational hash rate climbed 18% to 71.2 EH/s. Despite this, revenue dropped 35% to $164 million, mainly due to a 37% lower average Bitcoin price compared to last year. Net profit, however, soared to $632 million, driven by an $885 million unrealized mark-to-market gain on Bitcoin holdings. MARA sold 3,891 Bitcoin in Q3 and an additional 13,597 BTC in October, using the proceeds to repay $750 million in loans and reduce total debt by $1.4 billion since the start of the year. At the end of September, MARA held 34,012 BTC, a 36% year-over-year decline, primarily due to asset sales for debt management. The company is also expanding into AI and cloud infrastructure, acquiring a natural-gas plant and development rights for a large Texas site. The board approved a share repurchase program of up to $500 million.
