Publicly traded mining firm MARA (formerly Marathon Digital) has reported a record quarterly revenue of $252.4 million for Q3 2025 — a 92% year-over-year increase. The company also achieved a net profit of $123 million ($0.27 per share), compared to a $124 million loss in the same period last year.
However, despite the strong financials, MARA shares slipped 5.8% to $16.96, according to Yahoo! Finance, following Bitcoin’s brief dip below $100,000.
From Bitcoin Mining to AI Infrastructure
During the earnings call, CEO Fred Thiel announced that MARA is evolving into a multi-layered digital infrastructure company, expanding beyond Bitcoin mining into AI and high-performance computing.
“This quarter, we continued MARA’s evolution from a pure Bitcoin miner to a vertically integrated digital infrastructure company — one that transforms energy into both value and intelligence,” said Thiel.
He emphasized that the company’s vision is driven by the idea that “electrons are the new oil.”
“Energy is becoming the defining resource of the digital economy, powering everything from Bitcoin mining to artificial intelligence,” Thiel added.
MARA plans to merge Bitcoin mining energy flows with AI workloads into a unified platform, using the same infrastructure for computation and monetization.
AI Expansion in Texas and Strategic Partnerships
After the quarter’s close, MARA deployed its first AI servers at its site in Granbury, Texas, signaling the start of its new hybrid infrastructure.
The company also unveiled a strategic partnership with MPLX LP, a subsidiary of Marathon Petroleum Corporation, the largest oil refiner in the U.S. The collaboration will develop energy generation and data center facilities in West Texas, ensuring access to low-cost natural gas and stable power supply.
Another major step is MARA’s acquisition of a controlling stake in Exaion, a French subsidiary of energy giant EDF, one of the world’s largest low-emission energy producers. Pending regulatory approval, Exaion will provide MARA with Tier III/IV data center management expertise and high-performance computing (HPC) capabilities.
“Together, Exaion and MPLX bridge the two pillars of our business — energy and computation,” Thiel explained. “These initiatives deepen our expertise in how energy is created, managed, and monetized.”
Strengthening Bitcoin Reserves
MARA now holds approximately 53,250 BTC, valued at over $5.3 billion, representing a 98% increase year-over-year, according to Bitcoin Treasuries. This makes MARA the second-largest publicly listed Bitcoin holder. The company added an additional 400 BTC during October’s market correction.
Industry Trend: Mining Meets AI
Other major miners are also pivoting toward AI infrastructure. IREN, a former Bitcoin miner, recently signed a $9.7 billion AI hosting deal with Microsoft, while Cipher Mining secured a $3 billion partnership with Fluidstack, backed by Google, to supply AI compute capacity.
This shift highlights how traditional mining companies are redefining their business models, aligning energy utilization with the growing demand for AI computation.
