MARA and Hut 8 Post Strong Q3 Results, But Stocks Take a Hit

TLDR

• MARA Holdings’ revenue increased by 92% to $252 million in Q3 2025.
• Hut 8’s revenue nearly doubled to $83.5 million with profits of $50.6 million.
• MARA nearly doubled its Bitcoin reserves to 52,850 BTC from 26,747 BTC last year.
• Hut 8’s Bitcoin reserves grew by 50% to 13,696 BTC compared to the previous year.
• Both companies are expanding into digital energy and high-performance computing.

MARA Holdings and Hut 8 Mining posted strong third-quarter results for 2025. Both companies reported sharp increases in profits. They also expanded their Bitcoin reserves during the period.

MARA Holdings Sees Revenue Jump by 92%

MARA Holdings saw a 92% increase in revenue, reaching $252 million. This marks a sharp turnaround from a loss of $125 million in the same period last year. The company posted $123 million in net income for the quarter.

MARA’s Bitcoin reserves nearly doubled in the past year. The company ended the quarter with 52,850 Bitcoin, compared to 26,747 BTC in Q3 2024. The company continues to diversify its business, expanding into digital infrastructure and low-carbon AI data centers.

MARA’s recent acquisition of Exaion, a subsidiary of France’s state-owned EDF, strengthens its focus on digital energy. This deal, valued at $168 million, aligns with the company’s strategy of converting excess energy into digital capital. CEO of MARA Holdings, Fred Thiel, said, “We continue to transform into a leading digital energy and infrastructure company.”

Hut 8 Reports Strong Growth and Expanding Reserves

Hut 8’s revenue nearly doubled to $83.5 million for the third quarter of 2025. The company also posted strong profits of $50.6 million. This growth came as Hut 8 increased its Bitcoin reserves by 50%.

Hut 8 now holds 13,696 Bitcoin, up from 9,106 BTC in Q3 2024. The company is diversifying its operations into high-performance computing and energy infrastructure. Its expansion into 1.02 gigawatts of managed capacity reflects this broader focus.

Hut 8 has plans to grow its capacity to over 2.5 gigawatts across North America. The company aims to meet demand from both Bitcoin mining and AI workloads. “We continue to build a diversified business while focusing on high-performance computing,” said Hut 8’s CEO, Jaime Leverton.

Despite the positive results, investor reactions were mixed. Both MARA and Hut 8 stocks traded lower following the announcements. MARA’s shares dropped 5%, while Hut 8’s shares fell by 9%.

The overall performance of these companies continues to attract attention in the cryptocurrency mining sector. Both companies face challenges related to market fluctuations and regulatory changes. Bitcoin’s recent price drop to $99,000, a 6% decline over 24 hours, could also impact mining profitability.

MARA and Hut 8’s continued growth in Bitcoin reserves and diversification strategies show their resilience. However, market conditions and investor expectations remain critical factors in the short term.

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