Did MARA Make a Profit in Q3?

On paper, yes. The $634.4M net profit came mostly from an accounting mark: bitcoin rose during the quarter, producing nearly $885M in fair-value gains. Per 24/7 Wall St., EPS of $1.28 beat a consensus of negative $0.10, but revenue of $164.2M missed the $176.1M estimate and has fallen for four straight quarters.

Plain English: when Bitcoin’s price rises, a company holding it books a gain even if it sells nothing. The reverse happens when prices fall, which is why MARA lost $1.26B in Q1.

Why Did MARA’s Revenue Fall 35%?

Mining paid less. MARA mined 2,247 BTC, up 5%, but mining revenue dropped about 34% to $159M as weaker prices outweighed production. The Block puts block reward income down 37%, a different measure. The same report notes American Bitcoin posted weaker mining margins, and Core Scientific plans to leave mining entirely by year-end.

Why Did MARA Sell 13,597 Bitcoin?

To pay down debt. The sale raised about $1.1B (roughly $80,900 per coin, our calculation), and $750M repaid its Bitcoin-backed loans in full. Total debt is down 37% since January to $1.4B. CEO Fred Thiel wrote that the opportunity is “bigger than monetizing the megawatt,” and the company is prioritizing customer leases and free cash flow in AI infrastructure.

Context: this isn’t MARA’s first big sale. It sold about 15,133 BTC for $1.1B in March to buy back convertible notes, so don’t read the new sale as a one-off.

How Does This Compare With Strategy?

The two are going opposite ways. Strategy keeps buying with stock sales, and MARA is selling Bitcoin to cut debt. Strategy bought 1,036 BTC on Monday for $82M, per The Block. MARA’s sale came while Bitcoin traded near $80,000, before the slide below $75,000.

What Isn’t Clear?

MARA’s current BTC holdings after the sale aren’t in the sources I found. Its ranking among corporate treasuries may slip further. The company hasn’t broken down how much Q3 revenue came from AI infrastructure.

What Happens Next?

  • MARA’s updated Bitcoin holdings and treasury ranking
  • Whether it signs customer leases for its AI infrastructure
  • Whether other miners follow with sales to cut debt

FAQ

How much Bitcoin did MARA sell? 13,597 BTC for about $1.1B, after the quarter ended.

Was MARA profitable in Q3? It reported a $634.4M net profit, driven mostly by fair-value gains on Bitcoin, while revenue fell 35% to $164.2M.

Why did MARA sell Bitcoin? To fully repay $750M of Bitcoin-backed loans and cut debt.

Is MARA still a Bitcoin miner? Yes, but it is pivoting toward AI infrastructure and leases.

This article is not financial advice. Do your own research.

Sources: The Block · Cointelegraph · 24/7 Wall St. · Bitcoin Magazine, March sale · MARA SEC filing