MARA Posts $634 Million Q3 Profit, Sells 13,597 BTC to Repay Debt

MARA ended its third quarter with less debt and more control over its bitcoin. The miner said it repaid $750 million of bitcoin-backed debt after the quarter closed, using proceeds from bitcoin sales, which released every coin it had pledged as collateral and left less than 5% of its holdings loaned or pledged (shareholder letter).

Its board also authorized a share repurchase program of up to $500 million of common stock, the same filing shows.

• The news: MARA repaid $750 million of bitcoin-backed debt after Q3 2026 using proceeds from bitcoin sales, freeing all pledged collateral, and its board authorized a buyback of up to $500 million of stock.
• The figure: MARA's energized hashrate rose 18% to 71.2 EH/s in Q3 2026, up from 60.4 EH/s in Q3 2025.
• What's next: MARA is targeting two data center leases before the end of the year, though it warned that timing could slip into 2027.

The Bitcoin That Was Pledged Is Back

Borrowing against bitcoin means handing a lender a claim on those coins. MARA's repayment unwound that arrangement: the filing says the payment released all bitcoin that had been pledged as collateral, leaving less than 5% of its holdings loaned or pledged. The coins are the company's own again.

Other bitcoin treasuries are unwinding similar loans. Metaplanet plans to repay its bitcoin-backed loans with a convertible bond, which makes MARA's repayment part of a broader balance-sheet trend.

A Buyback of Up to $500 Million

The board authorized repurchases of up to $500 million of common stock. An authorization is a ceiling, not a completed purchase, so what MARA actually spends over the coming quarters will matter more than the headline number.

Hashrate Up 18%, Power Pipeline at 4.8 GW

MARA's energized hashrate rose 18% to 71.2 EH/s in the third quarter, from 60.4 EH/s a year earlier. Energized hashrate is the computing power plugged in and running, rather than the total of rigs a company owns.

The company says it holds 1.9 GW of energized capacity across nearly 20 sites on four continents, with a clear path to about 4.8 GW (Q3 2026 results). Capacity is the power on hand; hashrate is what that power turns into.

Exaion's First US Contract

MARA's majority-owned subsidiary Exaion signed a four-year, $79 million GPU-as-a-service contract with its first US customer. The terms are 100% take-or-pay, meaning the customer pays for the computing capacity whether or not it uses it, a clause that turns a forecast into something closer to billed revenue.

Customer demand has built a pipeline of more than $3 billion in total contract value, with about $1 billion of that targeted for delivery by the end of 2027. The $79 million deal is the signed part; the rest is a pipeline, and MARA has not confirmed how much of it is committed.

It sits inside MARA's wider push into AI infrastructure.

What Investors Should Watch Next

The filing supports the debt repayment, the buyback, the hashrate and the Exaion contract. Two figures often attached to the quarter are not confirmed here: the net income reported in the press, which could not be checked against MARA's shareholder letter or press release, and the size of the bitcoin sale behind the repayment, meaning the number of coins sold and the proceeds.

Timing is the other open question. MARA is targeting two data center leases before year-end but said market conditions are fluid and the timing could slip into next year.

The next checkpoint is whether those two leases get signed before 31 December, or slide into 2027.