MARA offloads 40,581 BTC for over $3 billion as miners turn to AI

MARA's treasury and debt

MARA (NASDAQ: MARA) had sold 40,581 BTC as of November 10, 2026, for total proceeds above $3 billion, according to CoinGeek. The company's treasury stood at 34,012 BTC at the end of the third quarter, down from about 53,250, and it has since reduced the stack by a further 13,597 BTC.

MARA borrowed heavily to buy much of that bitcoin, CoinGeek reported, and used $750 million of the $1.1 billion raised in fourth-quarter sales to repay loans secured by BTC. At September 30 the remaining coins were worth roughly $135 million more than their cost basis; CoinGeek noted that bitcoin now trades about $10,000 below its September 30 price, which would put the treasury underwater.

Chief financial officer Salman Khan called bitcoin a strategic asset that the company is using methodically, according to CoinGeek. The proceeds have gone toward debt repayment, acquisitions and a share buyback program of up to $500 million.

Q3 results and the AI pivot

MARA's third-quarter revenue was $164.2 million, 35% lower than a year earlier. Block rewards brought in nearly $145 million, down 37%; pool mining and hosting added $14.6 million, down 13%; other revenue fell almost 4% to $4.8 million. The company still reported a $632 million profit, five times the prior-year figure, but that includes $885 million in fair-value gains on its bitcoin holdings, which CoinGeek said could reverse in the fourth quarter.

MARA mined 2,247 BTC in the quarter, up 5% year-on-year. Chief executive Fred Thiel said on the analyst call that the company is taking advantage of extremely low prices for mining hardware to modernize its fleet, and that it will direct power to whichever use offers the best risk-adjusted return: at some sites bitcoin mining, at others contracted AI and high-performance computing infrastructure.

MARA's share price rose from about $6.50 to more than $7.50 after the results and closed at $7.66 on Wednesday, up 4.4%, though it is down nearly 13% this year, CoinGeek reported.

Bitdeer: record revenue, a net loss

Bitdeer (NASDAQ: BTDR) reported record third-quarter revenue of $320.7 million, up 40% from the second quarter and 89% from a year earlier. It mined 3,855 BTC in the quarter, against 2,694 in the second quarter and 1,109 a year earlier. Most of the revenue, $217.5 million, came from self-mining with ASIC rigs it could not sell, but gross profit from that activity was only $6.2 million.

Hardware sales fell to $300,000, 25% below the second quarter and 97% below the $11.4 million of a year earlier. The AI Cloud business contributed $20.4 million, up from $14 million in the second quarter. Higher interest costs and fair-value changes on digital-asset loans and derivatives left Bitdeer with a net loss of $125.5 million, one-third more than in the second quarter and four times its year-earlier loss.

Bitdeer held 47 BTC on September 30, compared with 2,029 a year before, and has sold about 10,500 coins so far this year, including newly mined bitcoin. Chief executive Jihan Wu said he felt a little uncertain after the midterm election about data-center projects in the United States, including the Rockdale, Texas site, but hoped local communities would eventually grant permission. He said the company would slow the pace of new capital investment next year while continuing to expand mining, and that it has no plan to build rigs for ZCash mining.

Hardware makers under pressure

CoinGeek reported that Canaan Inc. (NASDAQ: CAN) faces a Nasdaq delisting notice, and that Hive is holding off on expansion while TeraWulf plans to leave mining by 2027. The common thread in the quarterly reports, according to CoinGeek, is that demand for ASIC mining rigs has collapsed as operators redirect capital and power toward AI and high-performance computing.