Bitcoin miners MARA Holdings and Hut 8 posted robust third-quarter results, with both companies reporting higher profits and growing Bitcoin reserves while continuing to invest in computing and energy infrastructure.
MARA’s revenue for Q3 2025 rose 92% year-over-year to $252 million, reversing a $125 million loss from the prior year to $123 million in net income. Hut 8’s revenue nearly doubled to $83.5 million, producing profits of $50.6 million.
Both companies strengthened their strategic reserves.
MARA ended the quarter with 52,850 BTC, nearly double its 26,747 BTC from the same period last year. Hut 8 reported 13,696 BTC, up from 9,106 BTC year-over-year.
Diversification into energy and computing
The results highlight both firms’ focus beyond traditional mining. MARA described itself as a digital energy and infrastructure company, converting excess energy into digital capital. Its $168 million acquisition of Exaion, a subsidiary of France’s state-owned utility EDF, adds low-carbon AI data center capabilities.
Hut 8 is pursuing a similar approach, managing 1.02 gigawatts of capacity with plans to expand to over 2.5 gigawatts across North America. Its infrastructure supports both Bitcoin mining and high-performance computing workloads for AI applications.
Despite the strong results, both stocks traded lower following the earnings release. Hut 8 shares fell about 9%, while MARA declined 5%. Bitcoin traded near $99,000, down roughly 6% over the past 24 hours.
US leads global Bitcoin mining
Following China’s 2021 Bitcoin mining ban, the United States has become the largest hub for Bitcoin mining, accounting for an estimated 37% of global hashrate. Six of the world’s ten largest publicly traded mining companies are based in the US.
Texas has emerged as a key state, offering low electricity costs, abundant renewable energy, and a business-friendly grid. Major miners, including MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, operate in the state.
US Senator Ted Cruz has referred to Texas as “an oasis for Bitcoin.”
Other states continue to debate regulatory approaches. In New Hampshire, the Senate Commerce Committee deadlocked on a bill last Friday that would ease restrictions on crypto mining, following significant public feedback.
Miner accumulation and corporate adoption
The third-quarter results from MARA and Hut 8 reflect a broader pattern of accumulation within the Bitcoin ecosystem. Recently, Marathon Digital Holdings added 400 BTC to its treasury during a period of market weakness, bringing its total holdings to over 52,800 BTC.
Such purchases by major miners indicate continued confidence in Bitcoin as both an asset and operational hedge, even amid short-term price volatility.
Institutional adoption extends beyond miners. According to recent data, the number of public companies holding Bitcoin rose 38% in Q3 2025, with total corporate holdings exceeding 1 million BTC, or roughly 4.9% of circulating supply.
Together, miner accumulation and corporate adoption suggest that structural demand is strengthening, supporting long-term market resilience even as short-term corrections unfold.
Oleksii Shumak
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