MARA Posts $632.1 Million Profit and Sells 13,597 Bitcoin After the Quarter
Key Facts
MARA Holdings reported on November 9 its results for the third quarter ended September 30, 2026, posting net income of $632.1 million, or $1.28 per diluted share. A year earlier, net income was $123.1 million, or $0.27 per share. The company attributed the increase mainly to an unrealized gain of $885.3 million from marking Bitcoin to market, compared with $343.1 million in the third quarter of 2025. The profit surge therefore reflects the valuation effect on its cryptocurrency holdings, alongside operating results. By contrast, MARA said Bitcoin mining revenue declined year over year despite higher production.
The company produced 2,247 Bitcoin during the quarter, up 5% from 2,144 in the corresponding period of 2025, and won 644 blocks versus 633, an increase of 2%. But higher production did not prevent revenue from falling; MARA said Bitcoin mining accounted for $83.1 million of the total decline. It attributed this mainly to a 37% drop in the average price of Bitcoin mined, which reduced revenue by $94.8 million. Higher production offset $11.7 million of that impact. The divergence shows that increased volume was not enough to offset the lower realized price during the period.
Active hashrate was 71.2 exahashes per second, up 18% from 60.4 exahashes per second a year earlier. Purchased power costs rose to $48.1 million from $43.1 million, an increase of 12%, which the company said was driven mainly by the expansion of owned mining operations and greater capacity utilization at its Central Nebraska and Central Ohio sites. Cash and cash equivalents totaled $946.5 million on September 30, compared with $547.1 million on December 31, 2025. The company estimated that cash and Bitcoin together amounted to about $3.8 billion at quarter-end. It also said it had reduced total debt by $1.4 billion, or 37%, since the start of the year through the end of September.
After the quarter ended, MARA sold about 13,597 Bitcoin at an average of about $81,039 per coin, generating proceeds of about $1.1 billion. It said the sale strengthens its financial flexibility and that it expects to continue monetizing Bitcoin to support liquidity, capital projects and other initiatives. The company used $750 million of the proceeds to repay loans fully secured by Bitcoin, according to its correction of the details on the use of funds. This released the assets pledged against those loans, while the company did not allocate all of the sale proceeds directly to its shift toward AI infrastructure. Also after the quarter ended, the board authorized a share repurchase program of up to $500 million.
MARA says Bitcoin mining will remain a core activity that provides cash flow and keeps powered sites running, while directing available capacity toward infrastructure opportunities it sees as higher value. The company described its strategy as "not a pivot away from Bitcoin," emphasizing that mining remains an operating foundation and a flexible way to create value from energy as it develops other opportunities. The new path includes providing AI and high-performance computing infrastructure under long-term contracts, as the company seeks to maximize the value of each megawatt. Management said investor caution toward AI infrastructure is tied to the pace of technology adoption, community opposition, higher financing costs and credit structures for some projects. It added that these factors matter but have not reduced the need for power.
These steps come amid announced moves by other mining companies, though the details differ. Riot Platforms said it had sold most of its Bitcoin holdings and that the proceeds were the primary source of funding for its data center projects; it also repaid its $200 million Coinbase facility in full. Hut 8, meanwhile, reported quarterly revenue of $68.4 million from ASIC Compute, AI Cloud and traditional cloud solutions, and announced the sale of its traditional cloud business as part of a plan to exit activities less aligned with its strategy. In trading, MARA shares closed at $7.34 on November 10, after closing at $6.64 on November 9. The available evidence does not provide documented November 10 share prices for Riot or Hut 8.
MARA is targeting two lease agreements before the end of 2026, but warned that changing market conditions could delay the timing until the following year. It also expects deliveries of B300 GPU units to begin in November and continue into early December. The company links this to its plan to develop AI and high-performance computing infrastructure at its powered sites. If lease signings are delayed, the announced timeline would remain subject to changing market conditions. The company says continued Bitcoin monetization will support its financial flexibility as it develops these projects.