Three crypto earnings reports due as Q3 rally fades in November

MARA Holdings, DeFi Development Corp and Gemini are each scheduled to announce their third-quarter financial results this week. Those numbers cover a period when the overall crypto market capitalization increased by 40.86%.

Since September 30, though, each of the three stocks has dropped by at least 37%. The earnings will land on share prices that are significantly lower than where they stood at the end of the quarter.

MARA Kicks Off the Week With a Reduced Bitcoin Inventory

The mining company reports first, and its Bitcoin (BTC) stash is the key focus.

• The firm issues results after Monday's market close, November 9, followed by a call at 5 p.m. ET.
• Consensus estimates point to a loss of $0.33 per share on revenue of $176.13 million, according to Seeking Alpha.
• The stock ended Friday at $6.35, a 29.29% decline year-to-date.

During the first six months of 2026, MARA sold roughly 23,093 BTC, per its Q2 10-Q filing. By June 30, its holdings had fallen to 35,577 BTC, down from 53,822 at the close of 2025.

In the second quarter, MARA recorded a net loss of $611.3 million. About $343 million of that figure was attributable to markdowns on its bitcoin holdings.

The Q3 rally should push that metric in the opposite direction, even with a smaller inventory. Nevertheless, MARA shares dropped 18.43% during Q3 itself, moving from $13.89 on June 30 to $11.33 on September 30.

DeFi Development Has Already Signaled a Robust Solana Quarter

The digital asset treasury company reports Thursday morning, with results tied to Solana (SOL) rather than Bitcoin.

• The firm posts its numbers on Thursday, November 12, at around 8 a.m. ET.
• As of October 30, DeFi Development held 2,600,948 SOL and SOL equivalents, according to a November 2 filing.
• Friday's close was $3.35, representing a 33.66% loss so far this year.

The company has already provided a glimpse of its quarterly figures. In an October 5 filing, it projected double-digit SOL per share growth between August 12 and September 30.

It also expects net asset value (NAV) per share to have more than doubled over that same period. Both numbers are still preliminary.

DeFi Development has financed part of its purchases through CHAD, a preferred stock. On November 2, CHAD's annual dividend rate increased to 14% from 13%.

Its shares surged 82.65% in Q3, then gave back 37.62% after September 30.

Gemini Ends the Week Seeking a Trading Revival

The cryptocurrency platform reports later the same day, after the market closes, with a revenue composition that has moved away from trading.

• Gemini reports Thursday, November 12, after the close, and will host a call Friday at 8:30 a.m. ET.
• Analysts forecast a loss of $0.58 per share on revenue of $44.38 million, per TradingView.
• The stock has fallen 75.20% year-to-date, closing Friday at $2.46.

In Q2, Gemini's exchange revenue declined 38% to $12.5 million. Trading volume contracted to $3.8 billion from $11.3 billion a year earlier.

Services revenue and interest income grew 117% to $26.0 million over the same period. That helped push total revenue up 37% to $45.5 million.

Q3 exchange volume will reveal whether the rally brought traders back into the market. Gemini's shares dropped following its Q2 report.

All three earnings cover July through September. The stock movements since then place added emphasis on what management says regarding the fourth quarter.