Bitcoin miner MARA used $750 million of the approximately $1.1 billion in proceeds from selling 13,597 BTC after the third quarter to pay off all of its Bitcoin-backed loans.
According to a company statement reported by The Block, MARA’s total debt has fallen 37% since the start of the year to $1.4 billion. Despite the sale, the company ranks fifth among corporate Bitcoin treasuries.
MARA’s revenue fell, while profit topped $634 million
MARA’s third-quarter revenue fell 35% year over year to $164.2 million. The company, which reported revenue of $174.9 million in the previous quarter, also saw revenue from block rewards fall 37% year over year.
By contrast, net profit rose to $634.4 million from $123.1 million a year earlier. The increase was driven by an approximately $885 million valuation gain recorded on the company’s digital assets and Bitcoin-denominated receivables.
MARA focuses on customer agreements for AI infrastructure
Growing in high-performance computing alongside Bitcoin mining, MARA is focused on signing customer contracts for AI infrastructure and generating free cash flow. In a letter to shareholders, CEO Fred Thiel said the company aims to derive greater value from its energy assets through infrastructure, computing, and cloud services.
MARA shares rose more than 4.5% during the regular session before showing little change in after-hours trading.
Not investment advice.