MARA reports $632 million profit amid Bitcoin sales

MARA Holdings, Inc. (NASDAQ:MARA) reported $632.1 million in third-quarter net income, driven by gains on its Bitcoin holdings.

The profit compared with $123.1 million a year earlier, despite quarterly revenue falling 35% to $164.2 million.

“When we think about MARA’s future, the opportunity is bigger than monetizing the megawatt,” according to chairman and CEO Fred Thiel.

Unrealised gains on digital assets and Bitcoin receivables reached $885.3 million, supporting the quarterly profit.

Bitcoin mining revenue fell 34% to $159 million, while production increased 5% to 2,247 Bitcoin.

After quarter-end, MARA sold 13,597 Bitcoin for approximately $1.1 billion, using $750 million to repay Bitcoin-backed loans.

The company is shifting towards AI and high-performance computing, backed by 1.9 gigawatts of energy capacity across 19 sites.

Following the announcement, MARA shares were up 4.57% to $6.64.