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Our Q3 2026 Shareholder Letter is here.
Bitcoin built the foundation. Power created the opportunity. Our strategy now is simple: maximize the value of every megawatt we control.
Highlights:
• Tenants: Since the end of last quarter, we have made great progress and our discussions with tenants are in advanced stages. Our engineering and operations teams have hosted prospective tenants across nearly all of our sites and we feel particularly proud of the development team's progress at Kearney, where pre-development is well advanced.
• Long Ridge: We received FERC approval for our acquisition in Ohio and expect to close in the coming weeks, subject to customary conditions. The natural gas plant is currently authorized to sell 485 MW (expected to increase to 505 MW in 1H 2027), with roughly 70% of its output under long-term contracts, and the site has over 1,600 contiguous acres with access to power, water, fiber, and rail.
• Matagorda: We secured the rights to develop a site in Matagorda County, Texas, with up to 2 GW of power capacity, subject to ERCOT and interconnection approvals. Any payments to the sellers are contingent on power being approved. To date, we have made none.
• Exaion: Our majority-owned subsidiary signed a GPU-as-a-service contract with its first US customer, with total contract value of $79 million over four years, on 100% take-or-pay terms.
• Debt reduction: After quarter-end, we repaid $750M of BTC-backed debt with proceeds from Bitcoin sales. The repayment released all BTC that had been pledged as collateral. Together with the $1.4 billion, or 37% of total debt reduced since the beginning of the year, this repayment reduces our exposure to bitcoin price volatility.
• Share repurchase: After quarter-end, our Board of Directors authorized a share repurchase program of up to $500M of our common stock.
Read the full letter: ir.mara.com/news-events/pres…
MARA retweeted
Proud to share that @MARA has mined its first Stratum V2 block 💪💪
SV2 improves mining efficiency, reduces bandwidth usage, and strengthens security through encrypted, authenticated connections. It also enables miners to select their own transactions rather than relying on pools, strengthening Bitcoin’s decentralization and censorship resistance.
This was a major lift for the @MARA mining operations team. Congratulations to everyone involved with this milestone and for leading the way in a major industry transition!
Additional thanks to @spiral_xyz @pavlenex and everyone involved in the Stratum V2 Working Group for their support 🙏
At MARA’s Texas wind farm, we estimate that Vertebrai, our managed flexible load service, helped cut curtailment by more than half from April through September 2026.
Our team built Vertebrai to put underused power to work. At the wind farm, its on-site computing absorbs power that otherwise would have gone unused.
Over those six months, curtailment was 22% of potential wind generation, compared with an estimated 46% without Vertebrai.
Our new blog explains why we built it, how it works, and how that flexibility can help renewable producers and data center developers.
Read the blog: mara.com/posts/introducing-v…
MARA retweeted
Q3 marked an important shift for MARA. The bar for AI infrastructure is higher now, and that goes directly to our strengths. Bitcoin gives us optionality: we can keep each megawatt in mining or redirect it to AI or HPC when those uses offer the greatest risk-adjusted return.
Our Q3 2026 Shareholder Letter is here.
Bitcoin built the foundation. Power created the opportunity. Our strategy now is simple: maximize the value of every megawatt we control.
Highlights:
• Tenants: Since the end of last quarter, we have made great progress and our discussions with tenants are in advanced stages. Our engineering and operations teams have hosted prospective tenants across nearly all of our sites and we feel particularly proud of the development team's progress at Kearney, where pre-development is well advanced.
• Long Ridge: We received FERC approval for our acquisition in Ohio and expect to close in the coming weeks, subject to customary conditions. The natural gas plant is currently authorized to sell 485 MW (expected to increase to 505 MW in 1H 2027), with roughly 70% of its output under long-term contracts, and the site has over 1,600 contiguous acres with access to power, water, fiber, and rail.
• Matagorda: We secured the rights to develop a site in Matagorda County, Texas, with up to 2 GW of power capacity, subject to ERCOT and interconnection approvals. Any payments to the sellers are contingent on power being approved. To date, we have made none.
• Exaion: Our majority-owned subsidiary signed a GPU-as-a-service contract with its first US customer, with total contract value of $79 million over four years, on 100% take-or-pay terms.
• Debt reduction: After quarter-end, we repaid $750M of BTC-backed debt with proceeds from Bitcoin sales. The repayment released all BTC that had been pledged as collateral. Together with the $1.4 billion, or 37% of total debt reduced since the beginning of the year, this repayment reduces our exposure to bitcoin price volatility.
• Share repurchase: After quarter-end, our Board of Directors authorized a share repurchase program of up to $500M of our common stock.
Read the full letter: ir.mara.com/news-events/pres…
Join us live for the Q3 2026 earnings call at 5PM ET.
Webcast: event.webcasts.com/starthere…
The Federal Energy Regulatory Commission (“FERC”) has authorized our acquisition of Long Ridge Energy & Power. Closing is expected in the coming weeks.
The deal will add 1,600+ contiguous acres and a power plant currently authorized to sell 485 MW, expected to reach 505 MW nameplate in 1H 2027. Learn more: ir.mara.com/news-events/pres…
Join us for our Q3 2026 earnings call on Monday, November 9, at 5:00 p.m. ET.
Webcast details: buff.ly/8rwIDKO
In response to market reaction, MARA reiterates that it has no business relationship or dealings with Binance and is not involved in the reported incident.
Our operations remain unaffected.
Introducing Vertebrai, MARA’s managed flexible load service.
There’s power all over the grid that no one is using. A data center pays for it months before it can fill the space. A wind farm gets told to stop when the grid is full.
Vertebrai puts that power to work, then steps aside the moment it’s needed. Watch how it works:
Today, @fgthiel and @theRealSalKhan join the 2026 KBW Virtual AI Infrastructure Summit, an event spotlighting the companies building the infrastructure behind AI.
Tune in to their fireside chat at 11:40 AM ET: buff.ly/WBLNjmN
MARA retweeted
Today, the first known quantum-resistant Bitcoin transaction was mined on mainnet by @MARA via Slipstream.
@StarkWareLtd GM @avihu28 executed the transaction using "Quantum Safe Bitcoin," a technique he developed adding a layer of quantum-resistant security to Bitcoin transactions while they are in flight in the mempool.
Although Bitcoin held behind hashed public keys (e.g. P2PKH) is already considered quantum-resistant while funds are at rest, spending Bitcoin requires revelation of wallet public keys, making transactions quantum-vulnerable while waiting to be confirmed.
Quantum Safe Bitcoin is believed to close this gap, enabling quantum-resistant protection throughout the Bitcoin spending process — without the need for a soft fork or changes to Bitcoin's consensus rules.
The technique leverages "Binohash," developed by BitVM creator @robin_linus, protecting transactions through proof-of-work signature grinding whose security relies on hash functions considered resistant to quantum attacks.
While the technique introduces meaningful tradeoffs — for instance, by employing a non-standard transaction format that requires the use of private mempools (e.g., Slipstream) — it is the only known way to execute quantum-resistant Bitcoin transactions today, while Bitcoiners wait for a consensus-level upgrade.
Head of MARA Foundation @isabelfoxenduke notes, “While we don’t believe private mempools are an appropriate long-term solution for Bitcoin quantum resistance, we’re happy to explore ways Slipstream can support break-glass techniques while we wait for a consensus change.”
The MARA Foundation continues to support research and development into Bitcoin quantum resistance under different attack scenarios, and looks forward to exploring ways that Slipstream may be used to execute quantum-resistant Bitcoin transactions in the short-to-medium term.
A few months later - a Quantum Safe Bitcoin tx on mainnet: mempool.space/tx/305a24ffea9…
Thanks to StarkWare's @giladi_tom85141 taking this to the finish line and @MARAFoundation_ Slipstream mining this non-standard tx
Also @robin_linus & @Ethan_Heilman on previous work led to QSB
MARA retweeted
This news doesn't affect @MARA's recently acquired Matagorda County site. It actually makes incumbent loads and East/SE Texas sites (like the strategically located powered site in Matagorda County) more valuable. It impacts the ability to grow West Texas sites.
kcentv.com/article/news/loca…
