Nasdaq-listed MARA Holdings Inc (ticker MARA) reported record earnings on Tuesday, posting $123 million in third-quarter profit as higher bitcoin prices during the period and operational efficiency drove a 92% jump in revenue to $252 million.
The results marked a sharp turnaround from a $125 million loss a year earlier, helped by a 64% increase in hashrate and lower power costs.
The company mined 2,144 bitcoin during the quarter and now holds 53,250 BTC worth nearly $5.6 billion at current prices. That keeps MARA ranked second among all publicly known bitcoin treasuries, behind market leader Strategy and ahead of Jack Mallers’ XXI.
Adjusted EBITDA, a profitability measure that excludes interest, taxes, depreciation, and other non-cash items, rose to nearly $400 million, as the company pushes to own more of its energy infrastructure and reduce hosting expenses.
Shares of MARA were trading around $17.80 on Tuesday, down more than 13% over the past month, and only 3% higher than at the start of the year.
Digital infrastructure
MARA also announced plans with MPLX LP, a Marathon Petroleum affiliate, to build up to 1.5 gigawatts of gas-fired power generation and data-center capacity in West Texas.
MPLX will supply natural gas from its Delaware Basin operations, while MARA will construct and operate the power and compute facilities.
The initiative is part of MARA’s and its peers’ shift toward integrating energy production with digital infrastructure, positioning the company to serve both bitcoin mining and emerging AI-computing workloads.
Other miners are making similar moves, including IREN, which recently signed a $9.7 billion AI cloud deal with Microsoft to provide GPU-powered data center capacity — a sign that control over low-cost energy has become a key advantage in the industry.
MARA ended the quarter with $6.8 billion in combined cash and bitcoin and reiterated its goal of reaching 75 EH/s of total hashrate by year-end, about 25% higher than current levels.
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