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Bitcoin miners MARA Holdings and Hut 8 posted strong third-quarter results on Tuesday, with both reporting much higher profits and expanding Bitcoin reserves.
MARA’s revenue he climbed 92% year on year to $252 million in the third quarter of 2025, which goes from a loss of $125 million to $123 million in net income in the period, while Hut 8’s income nearly doubled to $83.5 million with profits of $50.6 million.
Both miners also strengthened their balance sheets. MARA Holdings ended the quarter with 52,850 Bitcoin (BTC), nearly doubling its reserves from 26,747 BTC a year earlier. Hut 8 reported 13,696 BTC in its strategic reserve, up from 9,106 BTC in the same period last year.
The results highlight the two companies’ continued diversification beyond Bitcoin mining into large-scale computing and energy infrastructure. MARA describes itself as an “energy and digital infrastructure” company focused on converting excess energy into digital capital, including investments in low-carbon AI data centers through its $168 million acquisition of Exaion, a subsidiary of French state utility EDF.
Hut 8 is pursuing a similar path, with 1.02 gigawatts of capacity under management and plans to expand to more than 2.5 gigawatts across North America as it builds high-performance computing sites to serve Bitcoin and AI workloads.
The results appeared to fall short of investors’ expectations, with both stocks trading on Tuesday. The shares of Hut 8 traded around 9%, while MARA slides 5% at this writing.
Bitcoin traded near $99,000, down about 6% in the past 24 hours, according to Cointelegraph Markets Pro.
Related: Bitcoin Drops Below $100K As Analysts Say BTC Is Ready To Go Lower: Here’s Why
The US leads in Bitcoin mining
After China 2021 Bitcoin mining banMost of the industry’s hash power has migrated to the United States, which now accounts for an estimated 37% of global Bitcoin. hashratemaking it the largest single mining hub in the world. Six of the ten largest mining companies in the world are based in the United States.
Texas has become the leading state for US Bitcoin miningthat offers cheap electricity, abundant renewable energy, and a business-friendly power grid. Major miners, including MARA, Riot Platforms, CleanSpark, Bitdeer and Hut 8, operate here, and it is also called “an oasis for Bitcoin” by US Senator Ted Cruz.
Meanwhile, some states are still discussing how to regulate the sector. In New Hampshire, the Senate Commerce Committee broke down on a bill on Friday ease restrictions on crypto miningfollowing an increase in public feedback since the measure was last discussed.
Magazine: China officially hates stablecoins, DBS trades Bitcoin options: Asia Express
