MARA Holdings, DeFi Development Corp, and Gemini report third-quarter results this week. The figures cover a quarter when the total crypto market cap rose 40.86%.
Since September 30, however, all three stocks have fallen at least 37%. The reports will land on share prices well below their quarter-end levels.
MARA Opens the Week With a Smaller Bitcoin Cushion
The miner goes first, and its Bitcoin (BTC) holdings sit at the center of the report.
- The firm reports after the close on Monday, November 9, with a call at 5 p.m. ET.
- Analysts expect a loss of $0.33 per share on revenue of $176.13 million, per Seeking Alpha.
- The stock closed Friday at $6.35, down 29.29% year-to-date.
MARA sold about 23,093 BTC in the first half of 2026, according to its Q2 10-Q. Its holdings fell to 35,577 BTC as of June 30, from 53,822 at the end of 2025.
In Q2, MARA posted a $611.3 million net loss. Roughly $343 million of it came from markdowns on its Bitcoin.
Q3’s rally should push that line the other way, even on a smaller stack. Still, MARA shares fell 18.43% during Q3 itself, from $13.89 on June 30 to $11.33 on September 30.
DeFi Development Has Already Hinted at a Strong Solana Quarter
The digital asset treasury reports Thursday morning, and its results follow Solana (SOL) rather than Bitcoin.
- The firm posts results Thursday, November 12, at about 8 a.m. ET.
- DeFi Development held 2,600,948 SOL and SOL equivalents as of October 30, according to a November 2 filing.
- The stock closed Friday at $3.35, down 33.66% so far this year.
The company has already previewed parts of its quarter. In an October 5 filing, it estimated double-digit SOL per share growth from August 12 to September 30.
It also expects net asset value (NAV) per share to have more than doubled over the same stretch. Both figures remain preliminary.
DeFi Development has funded part of its buying through CHAD, a preferred stock. CHAD’s annual dividend rate rose to 14% from 13% on November 2.
Its shares jumped 82.65% in Q3, then lost 37.62% after September 30.
Gemini Closes the Week Looking for a Trading Rebound
The cryptocurrency platform reports later the same day, after the close, with a revenue mix that has shifted away from trading.
- Gemini reports Thursday, November 12, after the close, and will hold a call Friday at 8:30 a.m. ET.
- Analysts expect a loss of $0.58 per share on revenue of $44.38 million, per TradingView.
- Its stock has lost 75.20% so far this year, closing Friday at $2.46.
In Q2, Gemini’s exchange revenue fell 38% to $12.5 million. Trading volume dropped to $3.8 billion from $11.3 billion a year earlier.
Services revenue and interest income climbed 117% to $26.0 million over the same period. That helped total revenue rise 37% to $45.5 million.
Q3 exchange volume will show whether the rally brought traders back. Shares fell after Gemini’s Q2 report.
All three reports describe July through September. The stock moves since then put more weight on what management says about the fourth quarter.
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