Publicly traded mining company MARA (formerly Marathon Digital) reported record revenue of $252.4 million in Q3 2025, marking a 92% year-over-year surge. The company’s net profit hit $123 million ($0.27 per share), a sharp turnaround from a $124 million loss a year earlier.
Despite the strong earnings, MARA shares slipped 6.8% to $17.59, according to Yahoo! Finance, as Bitcoin briefly dropped below $100,000.
During the company’s earnings call, CEO Fred Thiel said MARA is transforming into a multi-faceted digital infrastructure firm, integrating Bitcoin mining and AI computing to capitalize on the growing demand for energy-driven digital systems.
“This quarter, we continued MARA's evolution from a pure Bitcoin miner to a vertically integrated digital infrastructure company—one that transforms energy into both value and intelligence,” Thiel stated.
He emphasized that MARA’s vision is based on a core belief: “Electrons are the new oil.”
Strategic Partnerships and AI Expansion
MARA plans to merge Bitcoin and AI energy flows into a unified platform that monetizes energy through both mining and computation.
“Bitcoin mining monetizes unused energy and stabilizes power grids, while AI computing turns that same energy into intelligence and productivity,” said Thiel.
After the quarter’s close, MARA deployed its first AI servers at its Granbury, Texas facility, signaling its entry into AI-powered infrastructure.
The company also revealed a partnership with MPLX LP, a Marathon Petroleum subsidiary, to develop power generation facilities and data centers in West Texas, ensuring low-cost natural gas and reliable energy supply for operations.
Another major step is MARA’s acquisition of a majority stake in Exaion, a French subsidiary of EDF, one of the world’s largest low-emission energy producers. Once approved, Exaion will provide MARA with expertise in Tier III/IV data centers and high-performance computing (HPC).
Bitcoin Reserves and Market Position
MARA currently holds around 53,250 BTC, valued at over $5.3 billion, nearly doubling its reserves year-over-year. This makes MARA the second-largest public Bitcoin holder, according to Bitcoin Treasuries. The company also added 400 BTC following the market correction in October.
Other major miners are following suit. IREN, a former Bitcoin miner, signed a $9.7 billion deal with Microsoft, while Cipher Mining struck a $3 billion agreement with Google-backed Fluidstack to expand its AI computing capacity.
