MARA Holdings sold $1.1B in BTC in Q3 as net income jumped

MARA Holdings said it sold 13,597 BTC for about $1.1 billion during the third quarter. Net income rose to $634.4 million from $123.1 million a year earlier, while revenue fell 35% year over year to $164.2 million, The Block reported. The company attributed the sharp increase in net income to Bitcoin’s price gains and recorded $885 million in unrealized gains on its crypto holdings. Revenue from its mining segment declined as block reward revenue fell 37%. MARA Holdings also used $750 million of the BTC sale proceeds to repay collateralized loans.