MARA Holdings reported Q3 net profit of $634.4 million, up from $123.1 million a year earlier, despite revenue falling 35% year over year to $164.2 million. Profit was driven by nearly $885 million in fair-value gains on digital assets and bitcoin receivables, while block reward income fell 37%. The company said it sold 13,597 BTC for roughly $1.1 billion after quarter-end, using $750 million to fully repay bitcoin-collateralized loans. Total debt is down 37% this year to $1.4 billion. CEO Fred Thiel emphasized shifting toward customer leases, free cash flow and AI infrastructure.

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