MARA and Hut 8 Achieve Record Profits in Q3 on Bitcoin Reserve Growth

Recently released quarterly results from Bitcoin miners Marathon Digital Holdings (MARA) and Hut 8 show that both companies are reporting strong profits and growing Bitcoin reserves. MARA saw a 92% year-over-year increase in revenue, resulting in $252 million in revenue for the third quarter of 2025. This marked a dramatic turnaround from a $125 million loss to a net profit of $123 million. Hut 8 saw its revenue double to $83,5 million, with a profit of $50,6 million.

Both mining companies also strengthened their balance sheets. MARA Holdings ended the quarter with 52.850 Bitcoin (BTC), nearly doubling the 26.747 BTC they held a year earlier. Hut 8 reported a strategic reserve of 13.696 BTC, a significant increase from 9.106 BTC in the same period last year. These results underscore that both MARA and Hut 8 are broadening their focus beyond Bitcoin mining and investing in large-scale infrastructure for computational and energy capacity.

Diversification in energy infrastructure

MARA bills itself as a “digital energy and infrastructure” company. It focuses on converting surplus energy into digital assets, which led, among other things, to the $168 million acquisition of Exaion, a subsidiary of the French state-owned EDF, focused on low-carbon AI data centers. This is more than just a strategic move; it presents an opportunity at a time when sustainability is becoming increasingly important in the crypto industry. Hut 8 is following a similar path and currently manages 1,02 gigawatts of capacity, with plans to expand to over 2,5 gigawatts in North America. This infrastructure is focused on both Bitcoin and AI workloads, demonstrating the versatility of its operations.

Despite the positive figures, the market reaction appears muted. Both stocks followed a downward trend on the stock market, with Hut 8 falling by around 9%, while MARA lost 5%. This raises questions about investor expectations and the future direction of the companies, especially now that the sector is in a dynamic and competitive landscape.

The US's Leading Role in Bitcoin Mining

Following the 2021 Bitcoin mining ban in China, a significant portion of mining capacity has relocated to the US, which now accounts for approximately 37% of the global Bitcoin hashrate. This makes it the world's largest mining hub, with six of the ten largest publicly traded mining companies based there.

Texas has emerged as the premier state for Bitcoin mining in the US. It offers cheap electricity, abundant renewable energy, and favorable energy policies. Major mining companies like MARA, Riot Platforms, and Hut 8 operate there, and US Senator Ted Cruz has even called Texas an "oasis for Bitcoin." This speaks volumes about the state's appeal in the current US economic climate.

Although some states, such as New Hampshire, are still grappling with how to regulate the sector, and a recent impasse has erupted in the Senate over a bill to ease crypto mining restrictions, the sector's development continues unabated. The regulatory debate reflects the growing attention the crypto industry is receiving, which presents opportunities and challenges for both investors and policymakers.

Frequently Asked Questions

What did the increase in turnover mean for MARA and Hut 8?
The strong revenue growth not only reflects improved financial health, but also growing demand for Bitcoin and its expansion into new markets such as energy infrastructure and AI.

Why are stocks falling despite positive results?
The stock's decline suggests a discrepancy between the figures and investor expectations, possibly caused by concerns about competition, regulation and overall market conditions.

How is the shift of mining to the US impacting the global market?
The concentration of mining capacity in the US is changing the dynamics of the global Bitcoin market, leading to new strategic alliances and challenges in energy use and policy.