MARA: $632 million profit on paper, 35% less revenue and a melting trove of bitcoins
MARA posts $632 million in net profit in Q3 2026 thanks to its revalued BTC, but its revenues fall by 35% and its stock falls to 20,415 BTC.
Coin Encyclopedia Improve your knowledge of cryptos
The miner also confirmed a new massive sale, after that of 15,133 BTC in March. Above all, he warns that he will continue to sell to finance his data centers.
The details of the quarter are contained in one line of the press release. Mining revenues lose $83.1 million year-on-year. The drop in the price of bitcoin explains 94.8 million, while additional production makes up for 11.7. Additionally, MARA mined 2,247 BTC in the quarter, 5% more than a year ago. Its energized hashrate reaches 71.2 EH/s. Finally, the energy cost per bitcoin on its own sites comes to $39,674.
Faced with that, the gain of $885.3 million on digital assets makes the whole result. In Q3 2025, it was only 343.1 million. Adjusted EBITDA thus climbs to 857.7 million. But over nine months, the net loss still reached $1.24 billion. This is the memory of the 1.3 billion hole in the first quarter, when the price plunged.
On the stock market, the stock gained more than 4.5% during Monday trading. It barely moved after publication, around $6.64. As a reminder, its one-year high is at $16.62.
As of September 30, MARA held 34,012 BTC, up from 52,850 a year earlier. Furthermore, 57% of them were used as guarantees or were the subject of a loan. After the quarter closed, the company sold 13,597 BTC at an average of $81,039, or $1.1 billion. With 750 million, it settled the bitcoin-backed loans taken in August. These loans financed the purchase of the Long Ridge power plant. The operation thus releases 17,477 BTC from their pledge. In the end, there are approximately 20,415 bitcoins left in the cash register, excluding since-mined coins. Since January, MARA has sold 26,984 BTC and its total debt has fallen by 1.4 billion, or 37%.
According to the letter to shareholders filed with the SEC, CFO Salman Khan is clear about what comes next: “We intend to continue to use bitcoin to build cash, for example for AI infrastructure opportunities. » The letter also cites other uses. First, the options for early redemption of convertible bonds next year. Then, a $500 million share program that the board approved.
Machine-translated from French
Not cross-checked yet
Only Journal du Coin reports this story so far. We show it as a single source until another newsroom confirms it.
- Journal du Coin10 Nov, 11:00
| Publisher Journal du Coin (general tier) | +72 |
| Checkable figures cited | +3 |
| Total | 75 |
Method: reports are grouped by the words of their headline and summary; each newsroom counts once; figures are read from the reports as published. Nothing here is written by an AI.