THE BLOCK: MARA Holdings reported Q3 net profit of $634.4 million, compared with $123.1 million a year earlier, despite revenue falling 35% year over year to $164.2 million. Profit was driven largely by bitcoin appreciation, with the company recording nearly $885 million in fair-value gains on its digital assets and bitcoin receivables, while mining revenue declined as block reward income fell 37%. Separately, MARA said it sold 13,597 bitcoin for approximately $1.1 billion after the quarter ended, using $750 million to fully repay its bitcoin-collateralized loans.