The publicly traded Bitcoin mining company, MARA (Marathon Digital Holdings), has just reported the most successful third quarter in its operational history, recording a record revenue of $252 million. This figure marks a 92% growth compared to the same period last year, making this timeframe a significant milestone for the company.
Not only did revenue grow, but MARA also turned losses into profits, reporting earnings of $123 million, equivalent to $0.27 per share, compared to a loss of $124 million in the same period last year. This impressive financial performance was achieved thanks to improvements in hashrate and enhanced performance of the Bitcoin mining team.
However, MARA's stock has dropped about 5.8% on the day, trading at $16.96, reflecting the overall decline in the digital asset market, as Bitcoin's price briefly slipped below $100,000 for the first time in six months.
"Electron is the New Oil": Strategy for Transitioning to Digital Infrastructure
During the Q3 earnings announcement, MARA's CEO, Fred Thiel, emphasized the company's efforts to go beyond the limitations of a pure Bitcoin mining company.
"This quarter, we continue to evolve MARA from a pure Bitcoin mining company into a vertically integrated digital infrastructure company. A company transforming energy into both value and intelligence," Thiel stated. He presented a core strategic philosophy: "Electron is the new oil. Energy is becoming the defining resource of the digital economy, powering everything from Bitcoin mining to artificial intelligence."
In the long term, Thiel stated that the company is focusing on integrating Bitcoin and AI energy pathways into a single platform. He describes this symbiotic relationship: "Bitcoin mining monetizes untapped energy and stabilizes the power grid, while AI reasoning transforms that energy into intelligence and productivity."
Deploying AI and Strategic Cooperation on Energy
To realize this strategy, #MARA has deployed its first AI inference racks at its Granbury, Texas facility immediately after the end of Q3.
Additionally, the company announced a partnership with MPLX, an agreement that allows MARA to mine a low-cost natural gas supply for planned power and data center facilities in West Texas. Securing this stable and low-cost energy source is key to reinforcing MARA's position as a digital infrastructure company that provides power for both Bitcoin mining and high-performance AI computing.
Treasury Assets and Industry Convergence Trends
MARA currently holds about 53,250 $BTC , worth approximately $5.3 billion, making the company the second largest publicly traded Bitcoin treasury in the world. Recently, the company also accumulated an additional 400 BTC after a record liquidation of $19 billion in October, taking advantage of the price drop to bolster its assets.
MARA's expansion strategy into AI occurs against the backdrop of other Bitcoin mining companies pursuing similar directions. IREN, an old BTC mining company that has successfully transformed into an AI cloud computing company, recently signed a $9.7 billion deal with Microsoft. Similarly, Cipher Mining has also secured a $5.5 billion agreement with Amazon to provide power and space for AI tasks.
This transition affirms the growing role of Bitcoin mining companies as core digital energy infrastructure providers, not only for cryptocurrency but also for the future of artificial intelligence.
