MARA reports a $632 million quarterly profit on paper bitcoin gains, then sells 13,597 coins for about $1.1 billion and repays its bitcoin-backed loans

MARA Holdings, the large US bitcoin miner, said its net income for the quarter ended September 30 was $632.1 million, or $1.28 per diluted share, up from $123.1 million a year earlier, according to its shareholder letter filed with the SEC. The Block reports a figure of $634.4 million; the company's filing is used here. The profit is mostly a bookkeeping gain: net income includes an $885.3 million gain from the fair value of digital assets, which is larger than the whole net income figure.

Revenue was $164.2 million, down 35% from $252.4 million, which the company attributes to a 37% lower average bitcoin price partly offset by 5% more production.

After quarter-end MARA sold 13,597 bitcoin at about $81,039 each, for roughly $1.1 billion, and used $750 million to fully repay its bitcoin-collateralized term loans, releasing 17,477 coins from collateral. It says total debt is down $1.4 billion, or 37%, since the start of 2026.

Looking ahead, the letter targets two data center leases before year-end, though timing could slip into 2027, and notes a four-year, $79 million GPU contract at its Exaion unit. The board authorized buybacks of up to $500 million. "Bitcoin built the foundation. Power created the opportunity," the letter says.