MARA Holdings and Hut 8 Announce Strong Q3 2025 Financials
MARA Holdings reported record quarterly revenue of $252 million for Q3 2025, representing a 92% year-over-year increase. The company posted net income of $123 million compared to a $125 million loss during the same period last year.
Hut 8 delivered similarly strong results with revenue nearly doubling to $83.5 million and profits reaching $50.6 million. Both miners significantly expanded their Bitcoin holdings during the quarter. MARA nearly doubled its reserves from 26,747 coins a year earlier to 52,850, while Hut 8 grew its strategic reserve from 9,106 to 13,696 coins.
Evolution Beyond Mining: Embracing Digital Energy and Infrastructure
CEO Fred Thiel emphasized the company's evolution beyond pure mining operations during the earnings call. He described MARA as a digital energy and infrastructure company that converts power into both value and intelligence. The firm views electrons as the defining resource of the modern economy.
MARA's Strategic Expansion into AI and Integrated Power Solutions
MARA deployed its first AI inference racks at its Granbury, Texas, facility following the quarter's close. The company also announced a partnership with MPLX to access low-cost natural gas supplies for planned power facilities and data centers in West Texas. These moves position MARA to serve both Bitcoin mining and artificial intelligence workloads.
The miner acquired a majority stake in Exaion, a subsidiary of France's state-owned utility EDF, for $168 million. This deal provides MARA with access to low-carbon AI data center capabilities. Thiel stated the firm is focused on integrating the energy pathways of Bitcoin and AI into a unified platform.
Hut 8's Infrastructure Growth and Investor Reaction
Hut 8 operates 1.02 gigawatts of capacity currently and plans to expand beyond 2.5 gigawatts across North America. The company is building out high-performance computing sites designed to handle both mining and AI infrastructure requirements. Despite strong financial results, both stocks traded lower on Tuesday as investors appeared to expect more.
Industry Trend: Other Miners Pursuing AI Strategies
Other miners have recently pursued similar AI strategies. Former Bitcoin miner IREN signed a $9.7 billion deal with Microsoft on Monday. Cipher Mining struck a $5.5 billion agreement with Amazon to deliver power and space for AI workloads.
Significant Bitcoin Holdings and Market Position
MARA holds approximately 53,250 Bitcoin valued at $5.3 billion, making it the second-largest publicly traded Bitcoin treasury.