MARA and Hut 8 profits surge in Q3 as Bitcoin reserves grow

The companies saw profits and Bitcoin reserves rise in the third quarter of 2025 as they moved further into high-performance computing and energy development.

Bitcoin miners MARA Holdings and Hut 8 posted strong third-quarter results on Tuesday, with both reporting sharply higher profits and expanding Bitcoin reserves.

MARA’s revenue climbed 92% year-over-year to $252 million in the third quarter of 2025, swinging from a $125 million loss to $123 million in net income over the period, while Hut 8’s revenue 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.