Marathon Digital Holdings, Inc. (MARA): Business Model Canvas [Dec-2025 Updated]

You're looking to see how Marathon Digital Holdings, Inc. (MARA) is really making money now that the crypto landscape has totally shifted, and honestly, the story isn't just about stacking Bitcoin anymore. As a former head analyst, I can tell you their Business Model Canvas reveals a strategic pivot: they are building out a vertically integrated digital infrastructure powerhouse, not just a simple miner. With an energized hashrate of 60.4 EH/s as of September 2025 and a treasury nearing 53,000 BTC, their value proposition now blends low-cost BTC production-at just $39,235 purchased energy cost per coin in Q3 2025-with high-margin enterprise AI/HPC compute services. This nine-block breakdown shows you exactly where the capital is flowing and how they plan to secure that future revenue stream; dig in below to see the full structure.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Key Partnerships

You're looking at how Marathon Digital Holdings, Inc. (MARA) is building out its compute and energy backbone through strategic alliances, which is critical as the company pivots toward AI workloads alongside its core digital asset mining. These aren't just handshake deals; they involve significant capital deployment and capacity commitments designed to secure low-cost, reliable power and generate yield from the treasury.

The core of the infrastructure expansion and financial activation is captured in the table below, showing the scale and financial commitment behind the most significant alliances as of late 2025.

Partner	Purpose	Key Metric / Financial Data	Capacity / Allocation
MPLX LP	Integrated power and data center campuses	Letter of Intent signed (November 2025)	Initial capacity of 400 MW, potential to scale to 1.5 GW
Exaion (EDF subsidiary)	International AI/HPC expansion	Upfront cash investment of $168 million for 64% stake	Option to reach 75% ownership by 2027 for an additional $127 million
Two Prime	Institutional Bitcoin yield strategies	$20 million equity investment led by MARA	2,000 BTC capital allocation to yield platform

The MPLX agreement in West Texas is about securing long-term, low-cost natural gas to fuel MARA's planned power generation units and data centers near MPLX's Delaware Basin processing facilities. This arrangement is structured so that MARA will supply electricity back to MPLX's operations under a tolling arrangement, which helps stabilize energy reliability for both parties. MARA's Q2 2025 revenue hit $238.5 million, showing the scale of operations that these new power sources are intended to support and optimize.

The acquisition of a controlling stake in Exaion is a direct move into the European AI and High-Performance Computing (HPC) space. This deal gives MARA access to Exaion's existing infrastructure, which includes four data centers and 1,250 GPUs. This strategic move follows a strong financial period for MARA, which reported a net income of $808.2 million in Q2 2025, making the $168 million acquisition a calculated deployment of capital.

To manage the dynamic power needs of these expanding compute environments, MARA has established key operational partnerships:

• TAE Power Solutions for modular load management systems.
• Pado AI Orchestration for power load balancing services.

The collaboration with TAE Power Solutions, announced in June 2025, focuses on deploying a grid efficiency system using TAE's proprietary technology, which powers a 10MW clean energy storage network capable of microsecond-responsive load balancing. The first prototypes were slated for deployment by late summer 2025. This complements MARA's existing infrastructure, such as its 25-megawatt micro data center project in Texas and North Dakota, which was expected to be fully operational by January 2025.

The Pado AI Orchestration partnership, starting in May 2025, centers on developing a power load balancing service using AI and machine learning to anticipate and manage power demand flexibility for hyperscale data centers. This is essential for maximizing the value of MARA's 1.1 GW of owned power capacity, which is being utilized at a reported energy cost of $0.04/kWh.

Finally, activating the treasury is a key focus, evidenced by the deepening relationship with Two Prime. MARA invested $20 million in equity and expanded its allocation to 2,000 BTC on Two Prime's yield platform. This is part of a treasury policy to actively invest its holdings, which totaled 49,179 BTC as of May 2025, rather than just holding them passively. Two Prime itself manages approximately $1.75 billion in assets.

Finance: draft 13-week cash view by Friday.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Key Activities

You're looking at the core actions Marathon Digital Holdings, Inc. (MARA) is taking to transition from a pure-play miner to a vertically integrated digital infrastructure provider. This isn't just about hashing anymore; it's about energy conversion and intelligence services, so let's look at the hard numbers defining these activities as of late 2025.

The company's Key Activities are centered around maximizing energy use and diversifying revenue away from solely block rewards. This involves aggressive capital deployment into owned infrastructure and strategic acquisitions to secure future revenue streams, especially in the Artificial Intelligence (AI) space.

Here's the quick math on their Q3 2025 performance, which shows the scale of their current operations:

Activity Metric	Value/Amount	Context/Period
Bitcoin Mined	2,144 BTC	Q3 2025
Average Daily BTC Mined	23.3 BTC	Q3 2025
Total Bitcoin Holdings	52,850 BTC	As of September 30, 2025
BTC Holdings Value (Approx.)	$5.6 billion	Q3 2025 (at ~$107,000/BTC)
Total Liquid Assets	Over $7 billion	Late 2025
Owned Power Capacity	1.1 GW	Late 2025
Purchased Energy Cost per BTC	$39,235	Q3 2025

The shift toward owning and operating assets is a major activity for cost control. By the end of the previous year, Marathon Digital Holdings, Inc. had increased its owned and operated sites to 70% of its capacity, up from 0% at the start of that year.

The core activities driving value creation right now include:

• Bitcoin mining operations, producing 2,144 BTC in Q3 2025.
• Developing and operating vertically integrated digital infrastructure and data centers.
• Power management solutions, leveraging owned and contracted energy sources.
• Deploying AI inference racks at sites like Granbury, Texas.
• Managing a large Bitcoin treasury for incremental income.

For the Bitcoin mining operations, the company mined 2,144 BTC in Q3 2025, averaging 23.3 BTC per day during the quarter. This activity is supported by an energized hash rate that expanded 64% between Q3 2024 and Q3 2025, moving from 36.9 EH/s to 60.4 EH/s. Still, the daily cost per petahash improved by 15% year-over-year, showing efficiency gains are critical.

Developing and operating vertically integrated digital infrastructure is evidenced by the company's energy footprint. Marathon Digital Holdings, Inc. operates four Tier 3 and Tier 4 data centers focused on High-Performance Computing (HPC) and AI. Furthermore, they operate 1.1 GW of owned power capacity, which they report at a cost of $0.04/kWh. The expansion into AI is concrete: installation of the company's first AI inference racks was completed at the Granbury site, signaling readiness for AI computing workloads.

Managing the large Bitcoin treasury is a financial activity that generates non-mining income. As of September 30, 2025, the total holdings stood at 52,850 BTC. A key part of this activity is asset activation; approximately one-third of these holdings, specifically 17,357 BTC, were actively managed, loaned, or pledged as collateral. This strategy contributed to a reported $343.1 million gain on digital assets during Q3 2025 alone. Finance: draft 13-week cash view by Friday.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Key Resources

You're looking at the core assets Marathon Digital Holdings, Inc. (MARA) relies on to execute its strategy as a leading digital energy and infrastructure company. These aren't just numbers; they represent tangible computational power, strategic energy control, and a massive digital balance sheet.

The foundation of Marathon Digital Holdings, Inc. (MARA)'s Key Resources centers on its massive, self-controlled computing infrastructure and its significant Bitcoin treasury, which acts as both a store of value and a source of operational flexibility.

The company's operational scale is best captured by its hashrate and the ownership structure supporting it. Marathon has made a clear strategic pivot toward owning its infrastructure, which is a key differentiator in managing long-term costs and ensuring uptime.

Resource Metric	Value	Context/Date
Energized Hashrate	60.4 EH/s	As of September 2025
Owned & Operated Capacity Share	~70%	Percentage of total hashrate as of early 2025
Total Operational Capacity	1.1 GW	Across owned and hosted sites
Fleet Efficiency	18.3 J/TH	Reported Q2 2025 efficiency
Energy Cost per Bitcoin	$33,735	Reported for Q2 2025

The computational efficiency of the deployed hardware is critical for margin preservation, especially given network difficulty increases. The fleet is heavily invested in modern, high-performance machinery.

• High-efficiency S21 Pro miners are central to the fleet.
• The fleet efficiency stands at 18.3 J/TH as of Q2 2025.
• This efficiency represents a 26% year-over-year improvement in Q2 2025.

Marathon Digital Holdings, Inc. (MARA) has secured low-cost, dedicated energy resources, moving away from purely hosted models to gain better control over its primary operating expense. This vertical integration is a major asset.

The company's energy infrastructure includes significant renewable assets, which help lower marginal energy costs and support ESG objectives. For example, the Texas wind farm acquisition is a cornerstone of this strategy.

• Acquired a wind farm in Hansford County, Texas, with 114 MW of nameplate wind capacity.
• This Texas site boasts 240 MW of interconnection capacity.
• The company's energy cost for owned power is reported at $0.04/kWh.
• The Hannibal, Ohio site runs at 86 MW online, targeting an additional 14 MW by year-end.

The Bitcoin treasury is arguably the most visible financial asset, providing a substantial liquidity buffer and reflecting the company's long-term holding strategy. This treasury is managed actively, with a portion being deployed for yield.

As of the end of the third quarter of 2025, the Bitcoin treasury was substantial, though a portion was activated for financial strategies.

Bitcoin Treasury Metric	Amount	Context/Date
Total BTC Holdings	52,850 BTC	As of September 30, 2025
BTC Loaned/Pledged/Managed	17,357 BTC	Approximately 33% of total holdings as of Q3 2025
Q3 2025 BTC Mined	2,144 BTC	For the third quarter of 2025

The company's recent financial performance underscores the value of these resources, even with market volatility. For instance, Marathon Digital Holdings, Inc. (MARA) reported a net income of $123.1 million in Q3 2025, a significant turnaround from the prior year's loss. Finance: draft 13-week cash view by Friday.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Marathon Digital Holdings, Inc. (MARA) believes it stands out in the evolving digital asset and infrastructure space as of late 2025. It's about more than just mining now; it's about energy conversion and high-end compute.

The first proposition centers on cost leadership in Bitcoin production, which is key to capital efficiency. Marathon Digital Holdings has achieved a very low operational cost structure for its primary business line.

• Vertically integrated, low-cost Bitcoin production with a purchased energy cost per BTC of $39,235 in Q3 2025.
• Fleet efficiency improved to 18.6 J/TH in Q3 2025, with 32% of the hashrate operating below 20 J/TH.
• Energized hashrate reached 60.4 EH/s as of September 2025.

Next, you see the value in operational reliability, which is critical for both mining and the new compute services. They are delivering consistent performance from their infrastructure assets.

• Reliable, high-uptime digital infrastructure, reporting an overall fleet uptime of 99% in September 2025, excluding temporary weather-related curtailment at one site.
• The company operates 16 data centers across four continents.

The strategic shift is a major value proposition, aiming to decouple valuation from the pure volatility of Bitcoin mining. They are actively transforming into a broader digital infrastructure player.

• Strategic pivot to a digital infrastructure leader, not just a miner, by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC).
• Announced an ambitious plan to achieve a 50/50 revenue split between U.S. and international operations within five years, with AI being a significant driver.

This pivot is backed by tangible assets acquired to serve the AI market. This is where they leverage their energy expertise for a recurring revenue model.

The acquisition of a majority stake in the French firm Exaion provides immediate access to established, secure compute infrastructure:

HPC/AI Asset Detail	Capacity/Count
Tier III/IV Data Centers	4
GPU Count	1,250
CPU Cores	83,600
Storage Capacity	37 Pb
Network Speed	100 Gbps RDMA

Finally, capital efficiency is demonstrated through the management of their substantial Bitcoin holdings. They treat the treasury as an active asset base, not just a passive reserve.

• Large, actively managed Bitcoin treasury holding 52,850 BTC as of September 30, 2025.
• Approximately 33% of total holdings, equating to 17,357 BTC, were actively managed, loaned, or pledged as collateral to generate yield.
• The company reported a gain on digital assets of $343.1 million in Q3 2025, reflecting the positive impact of these holdings on the balance sheet.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Customer Relationships

You're looking at how Marathon Digital Holdings, Inc. (MARA) manages its various stakeholders-from the individual miner using their pool to the institutional investor tracking their balance sheet. The relationships are layered, moving from highly automated digital interactions to deep, consultative enterprise deals.

Automated, high-volume interaction via the MARAPool mining software

For the core mining customer base, the relationship is almost entirely digital and performance-driven. The MARAPool software is the interface where trust is built or lost based on uptime and reward share. In September 2025, MARA's block-winning share via MARAPool rose to approximately 5.2%, up from 4.9% the month prior, showing consistent execution for the pool participants. That same month, the company won 218 blocks, translating to roughly 736 BTC produced. The operational backbone supporting this automated relationship is robust: overall fleet uptime was reported at 99%, and a specific site like the Hannibal, Ohio facility was running at 99% uptime after reaching 86 MW online. This high-touch automation is critical because, honestly, if the uptime dips, the relationship with the contributing miners immediately suffers.

Here's a quick look at the operational scale driving these automated interactions as of late 2025:

Metric	Value (September 2025)	Context
Energized Hashrate	60.4 EH/s	Directly impacts pool performance
Block-Winning Share (MARAPool)	~5.2%	Share of network rewards earned
BTC Produced	736 BTC	Monthly output for the period
Fleet Uptime	99%	Measure of operational reliability

Direct, consultative B2B relationships for new AI/HPC infrastructure services

Marathon Digital Holdings, Inc. is actively shifting its customer base for its new digital infrastructure segment. This requires a departure from the automated mining pool model toward direct, consultative B2B engagement, especially in the high-performance computing (HPC) and Artificial Intelligence (AI) space. A key step was the August 2025 agreement to acquire a 64% majority stake in the French firm Exaion for $168 million. Exaion brings existing relationships with European enterprise clients and governments, operating Tier-4, GDPR-compliant AI data centers. The company is building out this recurring revenue model to counter the cyclical nature of mining. For instance, they installed their first AI inference racks at the Granbury facility. Management is targeting a 50% international revenue split by 2028, indicating a significant future focus on these B2B relationships.

Investor Relations (IR) and public disclosure for capital markets

The relationship with capital markets stakeholders-shareholders, analysts, and potential debt holders-is managed through rigorous public disclosure and direct engagement. Marathon Digital Holdings, Inc. reported record Q3 2025 revenue of $252.4 million, a 92% year-over-year surge, and a net profit of $123 million ($0.27 per diluted share). The company is one of the largest public Bitcoin holders, with a treasury of 52,850 BTC as of September 30, 2025, where approximately 17,357 BTC were actively managed or pledged as collateral. This treasury size is a primary point of discussion with investors. To enhance this relationship, the company planned its first investor day for the fall of 2025. For direct inquiries, the dedicated Investor Relations contact email is ir@mara.com.

Community engagement with the broader Bitcoin ecosystem

Marathon Digital Holdings, Inc. engages the broader Bitcoin community by positioning itself as a foundational player in the ecosystem's infrastructure. They are recognized as the world's largest publicly traded Bitcoin miner and, as of July 2025, surpassed 50,000 BTC in holdings, solidifying its position as the second-largest publicly traded corporate holder globally. This treasury strategy is a direct form of community signaling, showing commitment to the asset. Furthermore, their operational strategy, which includes leveraging energy assets for grid stability and exploring AI compute, positions them as a thought leader bridging traditional energy with decentralized digital infrastructure. The company views its energy conversion as a core metric: profit per megawatt hour.

Key metrics defining the relationship with the financial community include:

• Reported Q3 2025 Revenue: $252.4 million.
• Total Bitcoin Holdings (as of 9/30/2025): 52,850 BTC.
• Reported Q3 2025 Net Income: $123 million.
• Targeted International Revenue Share by 2028: 50%.
• Acquisition cost for 64% stake in Exaion: $168 million.

Finance: draft Q4 2025 cash flow projection incorporating Exaion earn-out schedule by next Tuesday.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Channels

Marathon Digital Holdings, Inc. uses several distinct channels to deliver its value proposition, spanning direct operations, proprietary software, public markets, and strategic partnerships.

Directly owned and operated data centers (e.g., Hannibal, Ohio; Granbury, Texas)

Marathon Digital Holdings, Inc. owns and operates approximately 70% of its sites as part of its vertical integration strategy.

• The Ohio data center capacity reached 100 MW following a 50 MW expansion.
• The company fully energized 25 MW of gas-to-power operations across North Dakota and Texas.
• In Ohio, Marathon Digital acquired two operational data centers with a combined 222 megawatts of interconnect-approved capacity, including 122 megawatts operational and approval to expand by another 100 megawatts.
• Development is underway on a greenfield site in Ohio, expected to add 150 megawatts, which already has 30 megawatts of capacity.
• The total interconnect-approved capacity across the three Ohio facilities is 372 megawatts, targeted for full energization by the end of 2025.
• The company closed on the acquisition of a Bitcoin mining data center in Garden City, Texas, with a name plate capacity of 200 megawatts.

MARAPool, the company's proprietary Bitcoin mining pool

The proprietary pool, MARAPool, is a key channel for direct control over block rewards.

Metric	Value	Context/Date
Energized Hashrate	57.4 EH/s	Q2 2025 (82% YoY growth)
Realized Hashrate	Approx. 53.78 EH/s	May 2025
Annual Hash Rate Growth	168%	2024
Bitcoin Network Growth Rate	49%	2024

NASDAQ stock exchange for capital raising and investor access

Listing on the NASDAQ allows Marathon Digital Holdings, Inc. to access public capital markets and provides investor liquidity.

• Market Capitalization: $4.47 billion (as of late 2025 data).
• Consensus Analyst Target Price: $23.50.
• Price-to-Earnings Ratio: 10.66.
• Debt-to-Equity Ratio: 0.47.
• Q2 2025 Revenue: $238.5 million (a 64% year-over-year increase).
• Q2 2025 Net Income: $808.2 million, or $1.84 per diluted share.
• Q2 2025 Adjusted EBITDA: $1.2 billion.
• The company trades at approximately ~9x EV/EBITDA.

Strategic international joint ventures and acquisitions (e.g., Exaion)

Marathon Digital Holdings, Inc. is expanding its reach through international infrastructure plays, notably the Exaion investment.

• Marathon Digital operates in 16 data centers across four continents.
• The company acquired a 64% controlling stake in Exaion SAS for an upfront cash investment of approximately $168 million.
• There is an option to acquire an additional 11% stake in Exaion by 2027 for $127 million.
• Exaion operates four data centers and manages 1,250 GPUs, focusing on AI/HPC.
• The Exaion transaction is slated to close in Q4 2025.
• Operations in Finland leverage data center heat to warm 80,000 homes.
• The company targets achieving 50% international revenue by 2028.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Customer Segments

You're looking at the core groups Marathon Digital Holdings, Inc. (MARA) serves as it transitions from a pure-play miner to a digital infrastructure provider. This is based on data available as of late 2025.

Bitcoin Network

The primary customer segment is the global decentralized Bitcoin network itself, which pays Marathon Digital Holdings, Inc. for securing the ledger through block validation. Marathon Digital Holdings, Inc. is scaling its contribution to this network significantly.

• Energized hash rate reached 60.4 EH/s as of September 2025.
• The company won 218 blocks in September 2025, an 8% increase in average daily production month-over-month.
• Bitcoin produced in September 2025 was 736 BTC.
• MARAPool share of available miner rewards was approximately 5.2% in September 2025.
• The purchased energy cost per Bitcoin in Q3 2025 was $39,235.
• The company reduced its cost per petahash by approximately 25% year-over-year as of Q1 2025.

The global mining difficulty in September 2025 averaged 1,031 EH/s, meaning Marathon Digital Holdings, Inc. must continuously deploy capital to maintain or grow its block-winning share. That's the cost of staying relevant in the digital gold rush.

Institutional and Retail Investors

Public market participants buy Marathon Digital Holdings, Inc. stock, making them a critical segment whose confidence dictates capital availability and valuation. Their interest is tied directly to operational performance and the value of the company's treasury.

Here's a quick look at the market snapshot following the Q3 2025 report:

Metric	Value (Late 2025)
Market Capitalization	$7 billion
Stock Price (Dec 4, 2025)	$12.47
Institutional Ownership	~44.53%
Q3 2025 Revenue	$252.4 million
Q3 2025 Net Income	$123.1 million
Total BTC Holdings (Sept 30, 2025)	52,850 BTC
Total Liquid Assets (End Q3 2025)	More than $7 billion

The company's treasury strategy involves holding Bitcoin, with approximately 31% of its total holdings (or 15,550 BTC as of Q2 2025) being activated through loans, active management, or as collateral. This shows investors are buying into a hybrid asset manager, not just a miner.

Enterprise Clients

Marathon Digital Holdings, Inc. is actively pivoting to serve enterprise clients requiring secure, high-performance AI inference and High-Performance Computing (HPC) workloads, leveraging its energy infrastructure.

• Acquired a 64% stake in Exaion (an EDF subsidiary) in August 2025 for $168 million.
• Exaion provides access to Tier-4, GDPR-compliant AI data centers and European enterprise clients.
• The company completed installation of its first AI inference racks at the Granbury site.
• Exaion runs HPC and AI cloud data centers in partnership with Nvidia and Deloitte.

This segment aims to diversify revenue away from the volatility of Bitcoin mining rewards, turning cheap power into intelligence services.

Energy Providers/Grids

Energy providers and grids are partners for load management and power balancing services, where Marathon Digital Holdings, Inc. monetizes its flexible energy capacity by absorbing or curtailing power use dynamically.

The infrastructure supporting this segment is substantial:

• Operational power capacity stands at 1.1 GW.
• Nameplate capacity across owned and hosted sites is 1.738 GW.
• The company owns 114 MW of wind power at its Hansford County, Texas location, with an additional 240 MW of interconnect capacity.
• The Hannibal, Ohio site is running at 100% capacity with 86 MW online.
• Fleet uptime was reported at 99% overall in September 2025.

Marathon Digital Holdings, Inc. is forging public-private partnerships, including one with MPLX LP, a Marathon Petroleum subsidiary, to develop power generation facilities and data centers in West Texas. The goal is to monetize stranded electrons via off-grid and load-balancing solutions.

Finance: draft Q4 2025 energy utilization report by January 15, 2026.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Marathon Digital Holdings, Inc.'s operations as of late 2025. The shift to vertical integration means a larger fixed cost base, but also better control over the most critical input: power.

Purchased energy and power generation costs are central to the cost structure. For Marathon Digital Holdings, Inc.'s owned sites in Q3 2025, the cost remained stable at $0.04/kWh. This low rate is a key competitive advantage, especially as the company continues to scale its owned and operated footprint, which accounted for approximately 70% of the total hash rate by Q2 2025. However, the cost per Bitcoin mined is also influenced by network difficulty; the purchased energy cost per Bitcoin was $39,235 in Q3 2025, up from $32,433 in Q3 2024.

Capital expenditures (CapEx) for infrastructure expansion remain significant to support the growth strategy. The reported CapEx for the full year 2024 was $253.5 million, funding major acquisitions and international growth initiatives. Marathon Digital Holdings, Inc. is focused on keeping its current fleet of over 400,000 Bitcoin mining rigs energized and running optimally through 2025.

Operating expenses for owned/operated data centers and miner maintenance show a substantial increase year-over-year, reflecting the expanded operational scale achieved through acquisitions and deployment. This category includes direct power costs, maintenance, and third-party hosting fees, which are all rising as the energized hash rate grows. For instance, third-party hosting and other energy costs for Q3 2025 hit $75.664 million.

The impact of asset growth is clearly visible in Depreciation and amortization of mining equipment and infrastructure assets. This non-cash charge is a major component of the total cost base, reflecting the massive investment in new, high-efficiency hardware and data center build-outs. The D&A expense for the nine months ended September 30, 2025, reached $486.950 million.

General and administrative (G&A) expenses, including corporate overhead, have also increased as Marathon Digital Holdings, Inc. transitions into a more mature, global organization. This covers employee costs, administrative fees, and corporate overhead supporting the expanded footprint. G&A for the nine months ended September 30, 2025, was $264.109 million.

Here's a look at the breakdown of key costs for the third quarter:

Cost Component (in thousands USD)	Q3 2025	Q3 2024
Purchased energy costs	$43,080	$26,988
Operating and maintenance costs	$26,310	$9,365
Third-party hosting and other energy costs	$75,664	$63,694
General and administrative	$85,296	$58,744
Depreciation and amortization	$167,312	$101,859

The overall cost profile reflects the aggressive build-out strategy. You can see the direct impact of scale on the expense lines:

• Purchased energy costs for Q3 2025 were $43.1 million, a $16.1 million increase from Q3 2024, driven by a 64% growth in total hash rate.
• The total costs and operating expenses for Q3 2025 totaled $204.819 million.
• The company deployed approximately 5,000 new miners with an energy efficiency of 18.6 J/TH as of September 30, 2025.
• The cost per petahash per day improved by 15% from $37.0 in Q3 2024 to $31.3 in Q3 2025.
• Employee count grew to 228 at the end of Q3 2025 from 171 at the end of Q3 2024, contributing to G&A growth.

Finance: draft 13-week cash view by Friday.

Marathon Digital Holdings, Inc. (MARA) - Canvas Business Model: Revenue Streams

You're looking at how Marathon Digital Holdings, Inc. (MARA) actually makes money now, late in 2025, which is definitely more complex than just flipping a switch on a mining rig. The core business is still rooted in securing the Bitcoin network, but the company is aggressively layering on new revenue sources to smooth out the volatility inherent in digital assets.

Bitcoin Mining Rewards (Block Rewards and Transaction Fees)

This remains the foundation. The revenue generated directly from mining-the block rewards plus any transaction fees bundled into those blocks-drove the top line significantly in the third quarter. Marathon Digital Holdings reported total revenue of $252.4 million for Q3 2025. That revenue figure reflects both the Bitcoin mined during the period and the market value of those coins, plus the value of any transaction fees collected.

To give you a clearer picture of the operational scale driving that revenue, here are some key Q3 2025 metrics:

Metric	Value	Context
Q3 2025 Total Revenue	$252.4 million	Total income before expenses for the third quarter of 2025.
Bitcoin Mined in Q3 2025	2,144 BTC	The actual amount of Bitcoin earned from block rewards and fees.
Bitcoin Purchased in Q3 2025	2,257 BTC	Additional Bitcoin added to the treasury via opportunistic buying.
Total Bitcoin Holdings (End Q3 2025)	52,850 BTC	Total treasury size, including assets loaned or pledged.
Energized Hashrate (End Q3 2025)	60.4 exahashes per second (EH/s)	The total operational mining capacity.

Incremental Income from Bitcoin Asset Management

Marathon Digital Holdings is treating its substantial Bitcoin treasury not as a static reserve, but as a productive asset. This means they are actively generating incremental income from those holdings through various financial strategies. Honestly, this is a key differentiator from pure-play miners.

• The company uses a portion of its total holdings-around ~31%, which equated to approximately 15,550 BTC as of June 30, 2025-in active management strategies.
• These strategies explicitly include lending, trading, and structured arrangements designed to unlock cash flow.
• The goal here is to generate cash flows that help support operating expenses and fund infrastructure expansion without immediately selling mined Bitcoin.

Future Revenue from High-Performance Computing (HPC) and AI Inference Services

The pivot into digital infrastructure is about future-proofing the business against mining volatility. Marathon Digital Holdings is actively integrating its energy assets to serve the Artificial Intelligence (AI) sector, which is where the big, recurring revenue is expected to land. They are positioning themselves to capture a piece of this massive market.

Here's what that looks like in terms of current action and market potential:

• The global High-Performance Computing (HPC) market was valued at $60 billion in 2025.
• The company completed the installation of its first AI inference racks at the Granbury facility, signaling readiness for compute workloads.
• Through the acquisition of a 64% majority stake in Exaion, Marathon gains access to established European enterprise and government clients for HPC and AI cloud data centers.

The market is waiting for the P&L visibility on these AI/HPC dollars, as analysts see this as a path to a significant stock re-rating.

Potential Revenue from Power Management and Load Balancing Services

Leveraging their massive, vertically integrated power capacity is the third leg of the stool. By controlling power generation and interconnection capacity, Marathon Digital Holdings can offer services back to the grid or to energy partners, which is a more stable, utility-like revenue stream.

They have concrete plans and partnerships in place for this:

• Marathon Digital Holdings has an energy control footprint expansion in West Texas, centered around an initial 400-megawatt campus that can scale up to 1.5 gigawatts.
• This capacity is intended to support both Bitcoin mining flexibility and AI compute, but also enables them to channel energy to its most productive use cases, including load balancing.
• Partnerships, such as the one with Pado AI Orchestration, are focused on developing power load balancing services, and another with TAE Power Solutions for modular load management systems.

Finance: draft 13-week cash view by Friday.