Profit on paper, bitcoins out of the vault. MARA published net profit of $632.1 million for the third quarter of 2026 on Monday evening. A year earlier, it reached $123.1 million. However, its turnover fell by 35% over the same period, to 164.2 million. In fact, the difference comes from a gain of 885.3 million on the revaluation of its bitcoins.
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.
Key Points
Net result multiplied by five over one year. It comes from the market value of BTC and not from mining.
Income down 35% while the hashrate increases by 18%: the machine runs faster to earn less.
The stock falls from around 34,000 to 20,415 BTC. The $1.1 billion sale was used to repay loans.
MARA: accounts inflated by bitcoin and mining that pays less
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.
Bitcoin treasury halved and shift towards AI data centers
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 buyback program that the board approved.
MARA's AI bet is measured in megawatts
The industrial plan is read in megawatts. First, Long Ridge, a 485 MW gas-fired power plant in Ohio, received the green light from the federal energy regulator. The operation should be concluded in the coming weeks. Next, MARA took rights to 2 GW of capacity in Matagorda County, Texas. The price tag can reach $600 million.
For its part, its French subsidiary Exaion signed a first American contract worth 79 million over four years. It concerns 87 Nvidia HGX B300 servers installed in France. On the other hand, the two data center leases expected before the end of the year could slip to 2027, admits boss Fred Thiel. His formula in the letter, according to The Block: “the opportunity is greater than the simple monetization of the megawatt”.
