Just sold 13,597 bitcoins for $1.1 billion—and says it will keep selling
Bitcoin miner MARA Holdings ($MARA ) closed regular trading on Monday at around $6.64, up about 4.57% on the day. But the rally had nothing to do with its earnings report: the shareholder letter came out after the market closed that afternoon.
As of around 5:17 a.m. Eastern time today, Nasdaq data put the stock at about $6.57, roughly 1.05% below the closing price.
The shareholder letter said that since the end of the quarter, the company had sold 13,597 bitcoins at an average price of around $81,039, raising about $1.1 billion. That was roughly 40% of the 34,012 bitcoins it held as of September 30. Of the proceeds, $750 million went toward fully repaying loans secured by bitcoin.
Third-quarter revenue was about $164.2 million, down around 35% year over year, mainly because the average price of the coins it mined fell about 37%. Net income was around $632.1 million, including about $885.3 million in gains from changes in the fair value of digital assets—a figure recorded on the books based on holdings at quarter-end.
The company also said it plans to keep converting bitcoin into cash to fund AI infrastructure, convertible notes that may be called early next year, and up to $500 million in buybacks. Today, another 500 coins were seen being transferred on-chain, worth around $37.38 million based on publicly available figures. A transfer does not necessarily mean they have been sold.
Mining revenue is falling, holdings are being sold off in large chunks, and profits are mainly being propped up by unrealized gains on the books. The company plans to keep selling. I’m personally bearish on $MARA .
For beginners, I recommend watching more and trading less. If you buy crypto, stick to $BTC .
Bitcoin miner MARA Holdings ($MARA ) closed regular trading on Monday at around $6.64, up about 4.57% on the day. But the rally had nothing to do with its earnings report: the shareholder letter came out after the market closed that afternoon.
As of around 5:17 a.m. Eastern time today, Nasdaq data put the stock at about $6.57, roughly 1.05% below the closing price.
The shareholder letter said that since the end of the quarter, the company had sold 13,597 bitcoins at an average price of around $81,039, raising about $1.1 billion. That was roughly 40% of the 34,012 bitcoins it held as of September 30. Of the proceeds, $750 million went toward fully repaying loans secured by bitcoin.
Third-quarter revenue was about $164.2 million, down around 35% year over year, mainly because the average price of the coins it mined fell about 37%. Net income was around $632.1 million, including about $885.3 million in gains from changes in the fair value of digital assets—a figure recorded on the books based on holdings at quarter-end.
The company also said it plans to keep converting bitcoin into cash to fund AI infrastructure, convertible notes that may be called early next year, and up to $500 million in buybacks. Today, another 500 coins were seen being transferred on-chain, worth around $37.38 million based on publicly available figures. A transfer does not necessarily mean they have been sold.
Mining revenue is falling, holdings are being sold off in large chunks, and profits are mainly being propped up by unrealized gains on the books. The company plans to keep selling. I’m personally bearish on $MARA .
For beginners, I recommend watching more and trading less. If you buy crypto, stick to $BTC .
