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

What happened

MARA reported third-quarter net profit of $634 million, up from $123.1 million a year earlier, while revenue fell 35% to $164.2 million. After the quarter, it sold 13,597 bitcoin for about $1.1 billion and used $750 million to repay its bitcoin-backed loans in full.

Confirmed

Global impact / market context

The profit was driven largely by rising bitcoin values, not stronger operating revenue: mining income fell as block rewards declined. Selling bitcoin and repaying loans reduces borrowed-money costs and bitcoin collateral obligations, but also leaves MARA with fewer bitcoin if prices rise further.

Analyst inference

MARA is moving beyond bitcoin mining toward AI infrastructure and computing services, while shifting attention to customer leases and cash generation. That transition may require securing paying customers and funding infrastructure, making operating revenue and cash available important alongside gains from holding bitcoin.

Analyst inference

What to watch

1. Watch whether MARA’s next results show mining revenue stabilizing or falling further, since the article says mining revenue declined as block reward income dropped 37%. Analyst inference
2. Watch for customer leases and free cash flow updates: the article says MARA is shifting focus toward securing leases and generating cash from operations. Analyst inference
3. Track whether bitcoin sales continue and how much borrowed money remains after the reported $750 million repayment; the article confirms the loans were fully repaid. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• theblock.co