MARA reported net income of $632m in the third quarter, or $1.28 per diluted share, compared with $123m a year earlier. The jump in profit was driven almost entirely by an $885m unrealized mark-to-market gain on its Bitcoin holdings. Revenue moved the other way. It fell 35% to $164m, mainly because the average price of Bitcoin mined was 37% lower than in the same quarter last year.
The company produced 2,247 Bitcoin in the quarter and held 34,012 Bitcoin at the end of September. Energized hashrate rose 18% to 71.2 EH/s and cost per petahash per day improved slightly. After the quarter ended, MARA sold Bitcoin to repay $750m of collateralized loans. It has cut total debt by $1.4bn, or 37%, since the start of the year. The board also authorized a share repurchase programme of up to $500m.
MARA pushes further into AI data centers and power
Management continues to frame the business around power and data-center capacity rather than pure Bitcoin mining. Tenant discussions are at advanced stages across most sites. The company expects to close its acquisition of the Long Ridge natural-gas plant in Ohio in the coming weeks after receiving FERC approval. The plant is authorized for 485 MW, rising to 505 MW next year, and sits on more than 1,600 acres.
MARA has also secured development rights for a site in Matagorda County, Texas, with up to 2 GW of potential capacity, subject to grid approvals. Its majority-owned subsidiary Exaion signed a four-year, $79m GPU-as-a-service contract with its first US customer on take-or-pay terms. Management has said it will keep using Bitcoin sales to fund AI infrastructure work and manage debt.
The results show a familiar pattern for listed miners this cycle. Headline profit is still highly sensitive to Bitcoin’s price, while the operating story is shifting toward power assets and higher-value compute. Reported profit is still mostly Bitcoin. The AI and power work is moving, but it has not yet replaced mining as the main source of earnings.
See Also:
From Bitcoin Miner to AI Data Centers: SWI’s Genesis Deal | Disruption Banking
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Andrew Samu
Andrew Samu, Editor-at-Large at Disruption Banking, shapes the publication’s global coverage of banking, capital markets and digital assets. Based at London’s Level39, he combines market analysis with a strong commercial perspective, informed in part by his role as Commercial Director at Verita HR.
