Bitcoin's price did most of the work this quarter: MARA's Q3 2026 results include an $885.3M gain on the fair value of digital assets, lifting net income to $632.1M from $123.1M a year earlier while revenue fell 35% to $164.2M.

After the quarter closed, the miner sold 13,597 BTC at around $81,039 for roughly $1.1B. It used $750M to fully repay its bitcoin-collateralized term loans, which returned 17,477 BTC that had been pledged as collateral.

MARA held 34,012 BTC at the end of Q3 and has cut total debt by $1.4B (37%) since the start of the year.

The board also approved a buyback of up to $500M. The company says the remaining proceeds give it room for AI and HPC infrastructure and for puts on convertible notes that become exercisable next year, and that the move is not a pivot away from bitcoin.