MARA, DFDV and Gemini Put Their Q3 Numbers on the Line as the Market’s Glow Fades

MARA Holdings, DeFi Development Corp and Gemini are set to report third-quarter results this week, with the disclosures arriving after the total crypto market cap rose 40.86% during the quarter but all three stocks fell at least 37% from September 30. MARA will report after the close on Monday, November 9, followed by a 5 p.m. ET call, while DeFi Development and Gemini report on Thursday, November 12. Gemini will hold a call Friday at 8:30 a.m. ET.

MARA’s results will focus on its Bitcoin (BTC) holdings and the impact of the quarter’s rally on the value of its holdings. Analysts expect a loss of $0.33 per share on revenue of $176.13 million, per Seeking Alpha. The company reported a $611.3 million net loss in Q2, including roughly $343 million in markdowns on its Bitcoin. MARA sold about 23,093 BTC in the first half of 2026, and its holdings declined to 35,577 BTC as of June 30 from 53,822 at the end of 2025. The stock closed Friday at $6.35, down 29.29% year-to-date, and fell 18.43% during Q3 from $13.89 on June 30 to $11.33 on September 30.

DeFi Development will release its results Thursday morning at about 8 a.m. ET, with Solana (SOL) holdings at the center of the report. The company held 2,600,948 SOL and SOL equivalents as of October 30, according to a November 2 filing. In an October 5 filing, it estimated double-digit SOL per share growth from August 12 to September 30 and said net asset value (NAV) per share more than doubled over the same stretch; both figures remain preliminary. The company has funded part of its purchases through CHAD, a preferred stock whose annual dividend rate rose to 14% from 13% on November 2. CHAD shares jumped 82.65% in Q3 before falling 37.62% after September 30, while DeFi Development stock closed Friday at $3.35, down 33.66% so far this year.

Gemini reports after the close on Thursday, with a revenue mix that has shifted away from trading. Analysts expect a loss of $0.58 per share on revenue of $44.38 million, per TradingView. In Q2, Gemini’s exchange revenue fell 38% to $12.5 million as trading volume declined 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. The company’s stock closed Friday at $2.46, down 75.20% so far this year.