MARA Holdings has already reported third-quarter 2026 results, and two more crypto companies follow on Thursday 12 November. The figures cover July through September — a quarter in which the total crypto market capitalisation rose 40.86% — yet since 30 September, all three stocks have fallen at least 37%, according to BeInCrypto.
MARA Holdings: profit built on Bitcoin gains, not mining revenue
MARA Holdings, the Bitcoin miner, was first to report. It released results after the close on Monday 9 November, with a call at 5 p.m. ET.
The headline is a split picture. Revenue fell 35% year over year to $164.2 million, down from $252.4 million a year earlier and below the roughly $176 million consensus, as lower average Bitcoin prices cut about $94.8 million from sales. Net income, however, swung to $632.1 million, or $1.28 per diluted share, from $123.1 million ($0.27 per share) a year earlier — driven by an $885.3 million unrealised fair-value gain on digital assets as Bitcoin rose during the quarter. Adjusted EBITDA rose 117% to $857.7 million, from $395.6 million a year earlier.
Operationally, MARA mined 2,247 Bitcoin in the quarter, up 5% year over year, and energised hashrate rose 18% year over year to 71.2 EH/s. It held 34,012 Bitcoin at 30 September, with $946.5 million in cash and equivalents.
The most important update came after the quarter ended. MARA sold 13,597 Bitcoin for about $1.1 billion (about $81,039 per coin) and used $750 million of the proceeds to fully repay its Bitcoin-backed loans, cutting total debt by $1.4 billion (37%) since the start of the year. The company also authorised a $500 million share repurchase programme.
The key question for MARA was its Bitcoin treasury. MARA sold about 23,093 BTC in the first half of 2026, according to its Q2 10-Q, and in Q2 it posted a $611.3 million net loss. A strong Q3 for Bitcoin prices pushed that line the other way — but through a non-cash revaluation gain, not through mining revenue. MARA shares still fell 18.43% during Q3 itself, from $13.89 on 30 June to $11.33 on 30 September, and closed on Friday 7 November at $6.35, down 29.29% year-to-date.
DeFi Development: a Solana treasury, not a Bitcoin one
DeFi Development Corp, the digital asset treasury company, reports on a different clock. Its results follow Solana (SOL) rather than Bitcoin.
The company announced on 29 October that it will publish third-quarter results on Thursday 12 November at about 8 a.m. ET, with a management video update at about 11 a.m. ET. (An earlier CoinDesk preview had listed Wednesday 11 November; the company's own announcement confirms Thursday 12 November.) Analysts expect a loss of about -$0.17 per share, according to BeInCrypto.
What is not in dispute is the size of its Solana holding. DeFi Development held 2,600,948 SOL and SOL equivalents as of 30 October, according to a filing on 2 November cited by BeInCrypto. Its preferred CHAD stock annual dividend yield was increased from 13% to 14%, according to BBX reporting.
The stock closed on Friday at $3.35, down 33.66% so far this year, even though it had briefly jumped 82.65% during Q3. That is the tension in this report: a large Solana treasury that rose in value during Q3, set against a share price that has fallen by a third this year and a 14% preferred dividend that must be paid regardless of what Solana does next.
For DeFi Development, the numbers to watch are net asset value per share, the size of the SOL stack after any sales, and any update on the dividend. If Solana's price falls further, the treasury — the company's main asset — falls with it.
Gemini: looking for a trading rebound
Gemini, the crypto exchange, closes the week. It reports Thursday 12 November, after the close, and will hold a call on Friday at 8:30 a.m. ET, according to BeInCrypto.
Analysts expect a loss of $0.58 per share on revenue of $44.38 million, according to TradingView estimates cited by BeInCrypto. Note that estimates vary by data provider — Zacks, for example, put the expected loss higher, at $1.13 per share on $45.44 million in revenue — so the "beat or miss" headline will depend on which consensus the market is using.
Gemini's stock has lost 75.20% so far this year, closing on Friday at $2.46. That is the steepest fall of the three companies in this preview.
The problem is trading volume. In Q2, Gemini's exchange revenue fell 38% to $12.5 million, and trading volume dropped to $3.8 billion from $11.3 billion a year earlier, according to BeInCrypto. The question for Q3 is whether that decline continued, and whether Gemini's newer businesses — custody, staking and other services — can offset it.
Disclaimer: This article is for informational purposes only and is not financial advice. Stock and cryptocurrency prices are volatile and you can lose money. Earnings estimates vary by data provider. Do your own research before making any investment decision.
Sources: MARA Holdings Q3 2026 shareholder letter / earnings call, 9 Nov 2026; CryptoBriefing, "MARA Holdings posts $632.1 million Q3 profit as Bitcoin gains offset revenue drop" (10 Nov 2026); The Block, "MARA posts $634 million Q3 net profit on bitcoin gains, sells 13,597 BTC to pay off loans" (9 Nov 2026); DeFi Development Corp. press release via GlobeNewswire, 29 Oct 2026; BeInCrypto, "3 Crypto Earnings to Watch as Q3 Rally Gains Meet a Weaker November" (9 Nov 2026); Zacks, "Will Gemini (GEMI) Report Negative Earnings Next Week?" (5 Nov 2026).
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