Mara And Hut 8 Profits Surge In Q3 As Bitcoin Reserves Grow 2025

The companies saw profits and Bitcoin reserves rise in the third quarter of 2025 as they moved further into high-performance computing and energy development.

Bitcoin miners MARA Holdings and Hut 8 posted strong third-quarter results on Tuesday, with both reporting sharply higher profits and expanding Bitcoin reserves.

MARA’s revenue climbed 92% year-over-year to $252 million in the third quarter of 2025, swinging from a $125 million loss to $123 million in net income over the period, while Hut 8’s revenue nearly doubled to $83.5 million with profits of $50.6 million.

Both miners also strengthened their balance sheets. MARA Holdings ended the quarter with 52,850 Bitcoin (BTC), nearly doubling its reserves from 26,747 BTC a year earlier. Hut 8 reported 13,696 BTC in its strategic reserve, up from 9,106 BTC in the same period last year.

The results highlight both companies’ continued diversification beyond Bitcoin mining into large-scale compute and energy infrastructure. MARA described itself as a “digital energy and infrastructure” company focused on converting excess energy into digital capital, including investments in low-carbon AI data centers through its $168 million acquisition of Exaion, a subsidiary of France’s state-owned utility EDF.

Hut 8 is pursuing a similar path, with 1.02 gigawatts of capacity under management and plans to expand to more than 2.5 gigawatts across North America as it builds out high-performance computing sites to serve both Bitcoin and AI workloads.

The results appeared to fall short of investor expectations, with both stocks trading lower on Tuesday. Hut 8 shares traded down about 9%, while MARA slides 5% at this writing.

Bitcoin traded near $99,000, down roughly 6% over the past 24 hours, according to Cointelegraph Markets Pro.

Related: Bitcoin slips below $100K as analysts say BTC is set to drop lower: Here’s why

Following China’s 2021 Bitcoin mining ban, much of the industry’s hash power migrated to the US, which now accounts for an estimated 37% of global Bitcoin hashrate, making it the single largest mining hub in the world. Six of the world’s ten largest publicly traded mining companies are based in the US.

Source: CoinTelegraph