Bitcoin miner MARA Holdings reported a sharp rise in third-quarter profit even as its mining business faced lower revenue and weaker block reward income. The company recorded $634.4 million in net income for Q3 2026, compared with $123.1 million a year earlier. Its results also included a major post-quarter Bitcoin sale.
Table of Contents
In Q3, MARA Holdings posted net income attributed to common stockholders at $634.4 million against $123.1 million in Q3 last year. But there was a 35% drop in revenues from $253.4 million in Q3 of last year to $164.2 million.
Also Read | Charles Schwab Adds 3 Crypto Tokens in Amazing 2026 Move
MARA Bitcoin Sale Clears $750 Million in Loans
The firm sold the 13,597 BTC at a price of $81,039 per coin, earning about $1.1 billion after September 30. The company utilized $750 million of its earnings in the payment of all the Bitcoin collateralized debts. Repaying the loans allowed MARA to retrieve 17,477 BTC, which was pledged as collateral for those loans.
The move will lower MARA’s liabilities as well as reduce the collateral requirements for those loans which were paid off. However, the action will result in lower amounts of Bitcoin holdings as the firm could hold more. The filing is related to the measures of debt and liquidity management of the company along with its cryptocurrency holdings.
At the end of September 30, MARA held 34,012 BTC, representing a fall of 36% on a yearly basis. It mined 2,247 BTC during the quarter, rising by 5% year-over-year. The sale by MARA took place after that period, as the holdings of September do not include the 13,597 BTC sale announced later.
Bitcoin Gains Lift Profit Despite Lower Mining Revenue
In contrast to the decline in its revenues by 37%, Bitcoin miner MARA managed to register a remarkable net income of $634.4 million for the second quarter. The increase is explained by the fair-value gains that exceeded $885 million related to the digital assets and Bitcoin receivables. These gains do not represent any cash flow that mining generates.
The company’s mining revenue decreased by 34% and amounted to $159 million, while its block reward income fell by 37%. In total, the company’s revenue was $164.2 million, compared to $252.6 million last year. Thus, it becomes clear that increased Bitcoin production could not compensate for the drop in revenue from miners’ core activities.
The results underline why mining companies’ earnings can differ sharply from their operating performance. Bitcoin price changes can raise or reduce the reported value of holdings, while mining revenue depends on production, network conditions and coin prices. Investors therefore need to assess both operating income and noncash valuation changes carefully.
MARA Expands AI Infrastructure Beyond Bitcoin Mining
The company is also leaning towards artificial intelligence and high-performance computing, leveraging its energy assets and data centers for new workloads. Bitcoin miner MARA is setting up an AI infrastructure in collaboration with its subsidiary firm Exaion and Starwood Digital Ventures as it maintains Bitcoin mining as a key part of its business amid growing demand across the world.
According to Fred Thiel, the chief executive of the company, “this is about much more than monetizing power capacity.” He added in his quarterly letter to shareholders that “we will shift our focus to infrastructure and computing, and ultimately deliver an end-to-end cloud solution,” noting the longer-term objective in the process.
MARA said its next focus is securing customer leases and generating free cash flow from its infrastructure platform. The company plans to utilize its mining capabilities, energy resources, and partnerships to generate better returns from its power assets. MARA has been successful in reducing total debt by 37% to $1.4 billion since the start of the year.
Bitcoin Miner MARA Face Pressure as Costs Rise
MARA’s results reflect wider pressure across Bitcoin mining. The Bitcoin miners have also seen more production at HIVE Digital Technologies but reduced mining revenues as the prices of Bitcoin fell. HIVE produced 1,070 BTC, which is a 49% increase compared to the previous quarter, and the mining revenues fell 7.4% to $76 million for the period.
Both firms saw higher energy costs and mining equipment as additional cost pressure. For example, MARA had a 12% increase in purchased energy costs to $48.1 million and incurred an impairment expense of $12 million related to mining equipment. HIVE Digital saw higher electricity costs by 20% to $45.6 million with a mining equipment impairment of $31.2 million in the period.
These developments show why miners are seeking income from data centers and computing services. For example, Core Scientific plans to exit Bitcoin mining before the year-end and focus on AI infrastructure, while HIVE Digital Technologies and MARA keep mining while growing their computing capacities.
Also Read | Ethereum Whales Target Dip as ETH Drops Below $2,200 in Selloff
Bena Ilyas is a Global News Correspondent and Market Analyst at Tronweekly with over four years of experience covering global cryptocurrency, blockchain, and Web3 developments. She has written 1,000+ articles for leading crypto news platforms, reporting on Bitcoin, Ethereum, altcoins, DeFi, and global crypto regulation, alongside Web3 trends, Layer 2 ecosystems, and AI-driven crypto use cases. Her work is based on verified sources and fact-based reporting for global market participants.
