MARA Holdings (MARA) Company Report

Marathon Digital Holdings (MARA) is evolving from a pure-play Bitcoin miner into a vertically integrated digital infrastructure company, aiming to convert energy into both value (Bitcoin mining) and intelligence (AI inference).
The company is expanding its AI capabilities through key initiatives, including the pending acquisition of XTion, which will provide enterprise-grade AI-optimized private cloud and HPC infrastructure, and a partnership with MPLX to develop power generation and compute infrastructure in West Texas with an initial capacity of 400 megawatts and an option to expand to 1.5 gigawatts.
MARA ended Q3 2025 with 52,850 Bitcoin on its balance sheet, having mined over 2,100 BTC during the quarter.
Financially, the company issued $1.025 billion of zero coupon convertible notes due 2032 and held over $7 billion in liquid assets as of September 30, 2025.
The company has a long-term goal to derive 50% of its revenue from international operations by 2028.

Nov 4, 2025, 2:30 PM

Marathon Digital Holdings Announces Q3 2025 Results and Strategic Shift Towards AI and Energy Infrastructure

MARA

New Projects/Investments

M&A

Debt Issuance

Marathon Digital Holdings (MARA) is transitioning from a pure-play Bitcoin miner to a vertically integrated digital infrastructure company, aiming to convert energy into value (Bitcoin mining) and intelligence (AI inference).
For Q3 2025, MARA held 52,850 Bitcoin and mined over 2,100 BTC. The company also issued $1.025 billion in zero-coupon convertible notes due 2032 and reported over $7 billion in liquid assets as of September 30, 2025.
Strategic initiatives include the pending acquisition of Exxion for AI-optimized private cloud and HPC infrastructure, and a partnership with MPLX to develop power and data center facilities with an initial 400 megawatts capacity, expandable to 1.5 gigawatts.
The company has set a goal to derive 50% of revenue from international operations by 2028.

Nov 4, 2025, 2:30 PM

MARA Announces Strong Q3 2025 Financial Results and Strategic Expansion into AI

MARA

Earnings

New Projects/Investments

Debt Issuance

MARA reported strong financial results for Q3 2025, with revenues increasing 92% to $252.4 million and net income reaching $123.1 million compared to a net loss of ($124.8) million in Q3 2024.
Adjusted EBITDA significantly increased by 1,671% to $395.6 million in Q3 2025 from $22.3 million in Q3 2024.
The company's Bitcoin holdings increased 98% to 52,850 BTC and energized hashrate grew 64% to 60.4 EH/s in Q3 2025.
MARA is strategically expanding into AI/HPC infrastructure through an agreement to acquire a majority stake in Exaion for approximately $168.0 million and a joint initiative with MPLX to develop integrated power and data campuses.
The company also issued $1.025 billion of 0.00% Convertible Senior Notes due 2032.

Nov 4, 2025, 12:10 PM

MARA Announces September 2025 Bitcoin Production and Operational Updates

MARA

New Projects/Investments

Revenue Acceleration/Inflection

MARA reported a 5% month-over-month increase in blocks won to 218 and a 4% month-over-month increase in BTC produced to 736 for September 2025.
As of September 30, 2025, MARA's Bitcoin holdings increased to 52,850 BTC, despite a net sale of BTC during the month.
The company's energized hashrate grew 1% month-over-month, with the Texas wind farm on track for full operational status in Q4 and the Hannibal, Ohio site achieving 99% uptime at 86 MW online.