Marathon Digital and Hut 8 posted robust third-quarter results, with both nearly doubling their Bitcoin reserves. MARA’s holdings climbed from 26,747 BTC to 52,850, while Hut 8 grew its reserve from 9,106 to 13,696 coins, driving its revenue to $83.5 million and profit to $50.6 million.
MARA CEO Fred Thiel said the company is evolving into a “digital energy and infrastructure firm,” integrating Bitcoin mining with AI data operations. MARA deployed its first AI inference racks in Texas and partnered with MPLX for low-cost natural gas.
It also acquired a majority stake in Exaion, EDF’s AI subsidiary, for $168 million.
Hut 8, operating 1.02 gigawatts of capacity, plans to expand beyond 2.5 GW across North America. Despite strong fundamentals, both stocks dipped post-earnings as investors sought more upside.
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