Marathon Digital Holdings (MARA) has delivered a landmark third quarter in 2025, reporting $123 million in net profit, a dramatic turnaround from its $125 million loss during the same period in 2024. The results underscore the success of the company’s hybrid strategy that combines Bitcoin mining, power generation, and artificial intelligence (AI) computing.
Revenue for the quarter climbed 92% year-over-year to $252 million, supported by stronger Bitcoin prices and improved operational efficiency. Despite the record growth, the results narrowly missed analyst forecasts, with GAAP earnings per share of $0.27 falling short of expectations.
Power and AI Integration Reshape Marathon’s Business Model
Marathon’s evolution from a pure-play Bitcoin miner into a broader energy and AI infrastructure provider was the core focus of the report.
The company has signed a letter of intent with MPLX LP to develop integrated power generation and data center campuses in West Texas. The facilities will start with 400 megawatts (MW) of capacity, with plans to scale up to 1.5 gigawatts (GW). This move gives Marathon direct control over its energy supply, improving efficiency and positioning it to serve both its own operations and external clients.
On the AI front, Marathon is exploring how Bitcoin mining and AI workloads can coexist. The company describes Bitcoin miners as a “flexible load,” able to shut down during high demand periods to free up power for AI computing, an approach that strengthens the grid and improves utilization efficiency.
Strategic Acquisitions and Global Expansion
Marathon also announced plans to acquire a 64% stake in Exaion, a French data center and high-performance computing (HPC) provider. This acquisition will expand the company’s AI and cloud computing presence in Europe while diversifying its revenue streams beyond Bitcoin.
Additionally, the company confirmed the deployment of its first ten AI inference racks at its Granbury, Texas data center, marking the first real-world application of its hybrid AI–Bitcoin infrastructure.
Bitcoin Holdings Reach $5.6 Billion
Marathon’s Bitcoin holdings nearly doubled year-over-year, reaching 52,850 BTC by the end of Q3 2025, valued at approximately $5.6 billion based on current market prices. This makes Marathon the second-largest public company Bitcoin holder, behind only Strategy (formerly MicroStrategy).
Outlook: Mining Meets Machine Learning
Marathon’s leadership framed the quarter as the beginning of a new phase where energy infrastructure, AI, and Bitcoin mining converge. CEO Fred Thiel highlighted that the integration of power generation with digital asset and AI operations will position the company to “capitalize on both compute demand and decentralized energy trends.”
As Bitcoin’s price fluctuates and AI infrastructure demand accelerates, Marathon Digital appears to be building a bridge between two of the most capital-intensive frontiers in modern technology.
