Bitcoin miners' Q3 net profit soars…impact of increased holdings and AI infrastructure investment

Bitcoin (BTC) mining companies MARA Holdings and Hut 8 reported strong results for Q3 2025. Both companies saw large increases in net income and Bitcoin holdings, and are accelerating their shift into high-performance computing (AI) and energy infrastructure businesses.

On the 4th (local time), Cointelegraph reported that MARA Holdings' Q3 revenue was 92% higher year-on-year at 252,000,000 dollars. Net income was 123,000,000 dollars, turning profitable from a loss of 125,000,000 dollars in the same period last year. Hut 8's revenue was 83,500,000 dollars, nearly doubled, and net income was 50,600,000 dollars.

Bitcoin holdings also increased significantly. MARA Holdings held 52,850BTC, nearly double the 26,747BTC from a year earlier. Hut 8 also increased from 9,106BTC to 13,696BTC, expanding its strategic reserve.

Furthermore, the two companies are diversifying beyond Bitcoin mining into energy and data infrastructure businesses. MARA Holdings describes itself as a "digital energy and infrastructure company" and is strengthening investments in low-carbon AI data centers. In particular, it is expanding its AI data infrastructure business by acquiring Exaion, a subsidiary of the French state-owned utility EDF, for 168,000,000 dollars.

Hut 8 operates a total power capacity of 1.02 gigawatts (GW) across North America and plans to expand to more than 2.5GW in the future. The company is focusing on building data centers that can meet demand for artificial intelligence (AI) and high-performance computing (HPC), not just Bitcoin mining.

However, share prices fell after the earnings announcements. Hut 8's stock fell by about 9%, and MARA Holdings fell 5%. At the same time, Bitcoin was trading at around 99,000 dollars, down 6% over 24 hours.