Bitcoin (BTC) mining companies MARA and Hut 8 reported strong third-quarter results on Tuesday, with both companies showing significant profit growth and expanding BTC reserves.
MARA's revenue for the third quarter of 2025 increased by 92% year-on-year, reaching $252 million, turning a loss of $125 million into a net profit of $123 million, while Hut 8's revenue nearly doubled to $83.5 million, with a profit of $50.6 million.
Both mining companies have also strengthened their balance sheets. MARA Holdings held 52,850 BTC at the end of the quarter, nearly doubling from 26,747 BTC a year ago. Hut 8 reported having 13,696 BTC in its strategic reserves, up from 9,106 BTC in the same period last year.
These results highlight the ongoing diversification of both companies from BTC mining into large-scale computing and energy infrastructure. MARA describes itself as a "digital energy and infrastructure" company, focusing on converting excess energy into digital capital, including investing in low-carbon AI data centers through the $168 million acquisition of Exaion, a subsidiary of the French state-owned utility company EDF.
Hut 8 is on a similar path, managing 1.02 gigawatts of capacity and planning to expand to over 2.5 gigawatts in North America as it builds high-performance computing sites to serve BTC and AI workloads.
These results seem to have fallen short of investor expectations, with both stocks declining on Tuesday. Hut 8's stock price dropped about 9%, while MARA fell 5% at the time of writing.
According to Cointelegraph Markets Pro, BTC is trading close to $99,000, down about 6% in the past 24 hours.
After China banned BTC mining in 2021, much of the industry's hash power migrated to the United States, which now accounts for about 37% of the global BTC hash rate, making it the largest single mining center in the world. Six of the top ten publicly listed mining companies are headquartered in the U.S.
Texas has become the leading state for BTC mining in the U.S., offering cheap electricity, abundant renewable energy, and a business-friendly grid. Major mining companies, including MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, operate there, and U.S. Senator Ted Cruz has even referred to it as the "oasis of BTC."
Meanwhile, some states are still discussing how to regulate the industry. In New Hampshire, the Senate Commerce Committee was deadlocked on a bill to ease cryptocurrency mining restrictions on Friday, following a surge in public feedback since the last discussion of the measure.
Related: Solana (SOL) treasury company Forward Industries authorizes a $1 billion stock buyback plan
Original article: “MARA and Hut 8 Report Third Quarter Results: Profits Soar, Bitcoin (BTC) Reserves Grow”
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