MARA posts record $123 million profit by pairing bitcoin operations with new power and AI assets
Quick Take MARA is deepening its shift from pure bitcoin mining toward energy ownership and AI-focused infrastructure, mirroring broader moves across the sector. Despite record earnings, MARA’s stock has lagged peers, trading near $17.80 — down more than 13% over the past month.
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The AI boom may follow the path of the 19th-century railway bubble, and builders may not be the ultimate winners
Goldman Sachs analyst Bobby Molavi compared the current situation to the 19th-century British railway mania: 500 companies spent more than the nation's annual income building 8,000 miles of railway, with most early investors losing out, while the real beneficiaries were the later "passengers." He pointed out that the current AI craze is driven by both debt and momentum, and that the S&P 500’s forward P/E ratio of 18x is only "a bit cheaper." Whether the builders can retain value is uncertain, and history does not offer an optimistic answer.
If Anthropic's IPO goes smoothly and the stock price rises next week, then everything remains the same for AI. Otherwise, some companies will go bankrupt.
The shrinking valuations of two major giants have triggered a chain reaction—investors are adopting more conservative revenue multiples for AI startups and are directly halting high-valuation financing for companies with zero revenue. Multiple venture capital firms have advised their portfolio companies to lower valuation expectations and to quickly build up cash reserves. Market participants warn that the outcome of Anthropic’s IPO will be a barometer for the industry: if successful, the boom will continue; if it fails, some companies may face elimination.
After the Brazilian election, political discount deepens; Morgan Stanley remains bullish on Petrobras (PBR.US), focusing on fuel pricing and dividends
Morgan Stanley still maintains its most optimistic "Overweight" rating, but has lowered its year-end 2027 target price from $31 to $25.
Corning (GLW.US) receives initial "Buy" rating from Jefferies! AI factories driving a fiber optic rush, with a potential global supply gap of up to 30%
For Corning, the recent profit growth mainly comes from the expansion of AI clusters. As the number of optical links crossing cabinets and campuses increases, customers need to deploy more optical fibers within limited conduit and cabinet space, thus driving demand for high-density optical cables and connection systems.
Crypto prices
More
