Bitcoin mining giants MARA Holdings and Hut 8 have both released impressive third-quarter results, revealing sharp increases in profits and significant growth in their Bitcoin reserves.
MARA’s revenue surged 92% year-over-year to $252 million in Q3 2025. The company posted a net profit of $123 million, a dramatic turnaround from a $125 million loss in the same period last year. Hut 8 also saw its revenue nearly double to $83.5 million, generating $50.6 million in profit.
Both firms strengthened their balance sheets through strategic Bitcoin accumulation. MARA ended the quarter holding 52,850 BTC, nearly twice as much as its 26,747 BTC a year earlier. Hut 8 reported 13,696 BTC in reserves, up from 9,106 BTC during the same period.
These results reflect a broader shift in focus beyond traditional mining. MARA now describes itself as a digital energy and infrastructure company, aiming to convert surplus energy into digital assets. This includes investments in low-carbon AI data centers, highlighted by its $168 million acquisition of Exaion, a subsidiary of the French energy group EDF.
Similarly, Hut 8 is scaling its operational capacity, managing 1.02 gigawatts of infrastructure with plans to expand beyond 2.5 GW across North America. The company’s data centers are being designed to support both Bitcoin mining and high-performance AI workloads, marking a growing convergence between crypto and artificial intelligence industries.
Despite the strong fundamentals, market reactions were mixed. On Tuesday, Hut 8 shares fell 9%, while MARA’s stock slipped 5%, mirroring Bitcoin’s recent 6% dip to $99,000, according to TradingView data.
Following China’s 2021 mining ban, the United States has become the global leader in Bitcoin mining, now accounting for roughly 37% of the total network hashrate. Six of the world’s top ten public mining companies are based in the U.S., with Texas emerging as the leading hub thanks to cheap power, renewable energy, and a pro-business environment.
