TL;DR
MARA Holdings Inc reported a net profit of $123 million in Q3 2025, fueled by higher Bitcoin prices and greater operational efficiency.
This performance marks a full turnaround from the $125 million loss recorded a year earlier and consolidates its shift toward a hybrid model that combines mining, energy production, and artificial intelligence infrastructure.
Revenue reached $252 million, a 92% year-over-year increase, supported by a 64% rise in hashrate and lower energy costs. The company mined 2,144 BTC during the quarter and now holds 53,250 bitcoins in its reserve, valued at approximately $5.6 billion. With this volume, MARA remains the second-largest publicly listed Bitcoin treasury, behind Strategy and ahead of Jack Mallers’ XXI.
Adjusted EBITDA rose to nearly $400 million, reflecting the company’s strategy to reduce hosting expenses and expand direct control over its energy sources. MARA closed the quarter with combined liquidity of $6.8 billion in cash and Bitcoin, and reiterated its goal of reaching a total hashrate of 75 EH/s by year-end, roughly 25% higher than current levels.
The company announced an agreement with MPLX LP, a Marathon Petroleum affiliate, to develop up to 1.5 gigawatts of energy and data-center capacity in Texas. MPLX will supply natural gas from its Delaware Basin operations, while MARA will construct and operate the power and compute facilities.
The project reflects a growing trend in the mining industry: integrating energy production with digital infrastructure to reduce costs and meet the soaring demand for AI computing. Other companies, such as IREN, are following the same path; the latter recently signed a $9.7 billion deal with Microsoft to provide AI compute capacity.
Despite record results, MARA shares trade around $17.80, down 13% from the previous month. The market continues to assess the real impact of its diversification, as competition for low-cost energy reshapes the structure of the mining business
