ChainThink reports that on November 10, Bitcoin mining company MARA Holdings released its third-quarter financial results, producing 2,247 BTC during the quarter, a 5% year-over-year increase;
Revenue of $1.64 billion, a 35% year-over-year decline; net profit of $6.32 billion, compared to $1.23 billion in the same period last year.
As of the end of September, MARA held 34,012 BTC, a 36% year-over-year decrease, primarily due to bitcoin sales in the first half of the year, with part of the proceeds used to repurchase convertible bonds and repay credit facilities.
In October, MARA sold 13,597 BTC at an average price of approximately $81,039, generating around $1.1 billion to fully repay its $750 million Bitcoin-backed loan and release 17,477 BTC from collateral.
