MARA's third-quarter net profit reached $634.4 million.

MARA Holdings reported third-quarter net income of $634.4 million, up from $123.1 million a year earlier, even as revenue fell 35% to $164.2 million. The profit was driven almost entirely by a near-$885 million fair-value gain on the company's digital assets and bitcoin receivables as bitcoin appreciated, while block reward income dropped 37% and weighed on mining revenue. The result highlights how bitcoin miners' earnings are increasingly tied to mark-to-market gains on treasury holdings rather than core mining economics. Watch whether MARA's mining revenue stabilizes and how further bitcoin price swings flow through its balance sheet.