MARA Holdings Reports $252M Q3 Revenue, Pivots to AI Infrastructure

MARA Holdings announced third-quarter 2025 financial results on Nov. 4, reporting revenues of $252.4 million and net income of $123.1 million. The Bitcoin miner also unveiled plans to expand into artificial intelligence infrastructure and energy-integrated data centers.

The company mined 2,144 BTC BTC $104 196 24h volatility: 2.1% Market cap: $2.08 T Vol. 24h: $86.77 B and purchased 2,257 BTC during the quarter, bringing total holdings to 52,850 BTC as of Sept. 30, according to the company’s earnings release. Revenues increased 92% compared to the same period in 2024, when MARA reported $131.6 million in quarterly revenue and a net loss of $124.8 million.

Financial Performance and Bitcoin Operations

MARA’s energized hashrate grew 64% year-over-year to 60.4 EH/s in the third quarter. Cost per petahash per day improved 15% to $31.3, while adjusted EBITDA reached $395.6 million, representing a 1,671% increase from the prior year. The company will discontinue monthly production updates like September’s Bitcoin production report, providing data quarterly starting with Q4 2025 results.

Strategic Expansion into AI and Energy Infrastructure

MARA announced a partnership with MPLX to develop power generation and data center campuses in West Texas. The initial development targets 400 MW of capacity, scalable to 1.5 GW. The partnership includes a tolling agreement for natural gas supply, with facilities transitioning from mining operations to AI workloads as the project scales.

MARA deployed its first ten AI inference racks at its Granbury, Texas site after the quarter ended. The company signed an agreement to acquire approximately 64% of Exaion, a Paris-based AI and high-performance computing subsidiary of Électricité de France. The acquisition is expected to close in the fourth quarter, subject to regulatory approvals.

The strategic shift comes as several miners pivot to AI infrastructure to diversify revenue beyond Bitcoin mining. Other companies pursuing similar strategies include TeraWulf’s AI infrastructure deal and Cango’s AI expansion into high-performance computing.

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