MARA Holdings and Hut 8 posted strong Q3 2025 results, with MARA reporting a sharp revenue rise and larger Bitcoin reserves that underscore their improving profitability.

MARA mined 2,144 BTC in the quarter and now holds about 53,250 BTC, valued at roughly $5.6 billion, placing them near the top among public bitcoin treasuries behind Strategy and ahead of XXI.

Q3 2025 revenue climbed 92% year over year to $252 million, reflecting continued strength in mining performance.

Regulatory context remains mixed, with states like New Hampshire debating crypto mining deregulation as the industry expands.

Industry peers are pursuing similar plays, including IREN’s large AI cloud deal with Microsoft, highlighting energy-cost advantages in the sector.

The US has emerged as a global bitcoin mining hub, accounting for about 37% of global hashrate, with Texas leading due to cheap, renewable electricity and favorable grid conditions.

Both MARA and Hut 8 are diversifying beyond mining into compute and energy infrastructure, with MARA investing in low-carbon AI data centers and Exaion for $168 million, positioning as a digital energy and infrastructure player.

Hut 8 is pursuing large-scale high-performance computing sites to support Bitcoin and AI workloads, targeting about 1.02 GW of capacity now and aiming to exceed 2.5 GW in North America.

MARA and Hut 8 expect to scale their energy-heavy compute operations, integrating mining with AI workloads and energy infrastructure to drive efficiency.

The quarter left MARA with about $6.8 billion in combined cash and Bitcoin and a goal to reach 75 EH/s of total hashrate by year-end, roughly 25% higher than current levels.

MARA and Hut 8 posted a dramatic turnaround, returning to profitability in Q3 2025 after last year’s loss, aided by higher hashrate and lower power costs.

Despite strong results, investors trimmed shares: Hut 8 fell about 9% and MARA around 5% on the news.