Bitcoin Miners MARA & Hut 8 Report Strong Q3 Earnings, Expanding Bitcoin Holdings

Key Takeaways:

• Significant revenue and profit increases for both MARA Holdings and Hut 8 in Q3.
• Substantial growth in Bitcoin reserves held by both companies.
• Companies are expanding operations into large-scale compute and energy infrastructure.
• The United States leads in Bitcoin mining globally, with Texas as a prominent hub.

Bitcoin mining firms MARA Holdings and Hut 8 reported impressive third-quarter results on Tuesday, demonstrating sharply improved profitability and increased Bitcoin holdings. MARA’s revenue surged 92% year-over-year to $252 million in Q3 2025, rebounding from a $125 million loss to a $123 million net income. Hut 8 nearly doubled its revenue to $83.5 million, reporting a profit of $50.6 million. Both companies also bolstered their balance sheets. MARA Holdings concluded the quarter with 52,850 Bitcoin (BTC), almost doubling its reserves from 26,747 BTC the prior year. Hut 8 reported 13,696 BTC in their strategic reserve, up from 9,106 BTC in the same period last year.

These results underscore the companies’ ongoing diversification efforts beyond Bitcoin mining into broader energy and compute infrastructure. MARA has positioned itself as a “digital energy and infrastructure” company, focusing on converting surplus energy into digital assets, including investments in low-carbon AI data centers through the $168 million acquisition of Exaion, a subsidiary of French state-owned utility EDF. Hut 8 is pursuing a similar strategy, managing 1.02 gigawatts of capacity with expansion plans exceeding 2.5 gigawatts across North America. This expansion involves building high-performance computing sites to support both Bitcoin and AI workloads.

Despite the positive results, investor reaction seemed muted, with both stocks experiencing declines on Tuesday. Hut 8 shares fell approximately 9%, while MARA shares slid 5% at the time of writing. Bitcoin traded near $99,000, a roughly 6% decrease over the previous 24 hours, according to Cointelegraph Markets Pro.

US Dominance in Bitcoin Mining

Following China’s 2021 Bitcoin mining ban, a significant portion of the industry's hash power shifted to the US, which now accounts for an estimated 37% of global Bitcoin hashrate, making it the leading mining hub globally. Six of the ten largest publicly traded mining companies are based in the US.

Texas has emerged as the premier state for Bitcoin mining in the US, offering competitive electricity rates, abundant renewable energy sources, and a business-friendly regulatory environment. Major miners, including MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, operate in Texas, leading US Senator Ted Cruz to call the state “an oasis for Bitcoin”.

Meanwhile, regulatory frameworks for the sector are still under discussion in some states. In New Hampshire, a Senate Commerce Committee recently deadlocked on a bill intended to ease restrictions on crypto mining, following increased public interest and feedback since its last consideration.