MARA Holdings and Hut 8 reported impressive third-quarter earnings, showcasing significant profit increases and growing Bitcoin reserves. MARA's revenue surged 92% year-over-year to $252 million, reversing a $125 million loss to achieve a net income of $123 million. Hut 8 nearly doubled its revenue to $83.5 million, with profits reaching $50.6 million. Both companies enhanced their balance sheets, with MARA holding 52,850 Bitcoin, up from 26,747 BTC last year, while Hut 8 increased its reserves to 13,696 BTC from 9,106 BTC. The firms are diversifying beyond Bitcoin mining into energy and computing infrastructure. MARA aims to convert excess energy into digital capital, highlighted by its $168 million acquisition of Exaion. Hut 8 is also expanding its capacity to over 2.5 gigawatts across North America. Despite these strong results, investor reactions were lukewarm, with both stocks declining. Bitcoin's price hovered around $99,000, down approximately 6% in the last 24 hours.
