When Marathon Digital held 52,850 BTC, setting a historical high, and Hut 8's profits increased by over 80% year-on-year, North American mining giants demonstrated through strong financial reports that the "hash rate + treasury" dual-drive strategy is leading mining companies to evolve from mere hash rate providers to comprehensive digital asset management platforms.

1. Mining Giants: Record Highs in Holdings and Profitability

Marathon Digital Holdings, Inc. (NASDAQ:MARA) Q3 financial report showcases industry leadership:

• Holding 52,850 BTC, a historical high, significantly increased from the previous quarter
• Net profit surged year-on-year, with revenue growth exceeding 90%, showcasing strong profitability
• The "hash rate + treasury" dual-drive strategy has shown significant results, acquiring Bitcoin through mining and achieving asset appreciation through treasury management

Hut 8 Corp. (NASDAQ/TSX:HUT) diversified achievements:

• Bitcoin holdings increased to 13,696 BTC, with profits growing by over 80% year-on-year
• Simultaneously expanded its high-performance computing (HPC) and data infrastructure business landscape
• A diversified business structure provides more stable cash flow, reducing the volatility risk of relying solely on mining revenue

1. Global Layout: Continuous Participation from North American Giants to Japanese SMEs

Japanese companies steadily accumulating:

• Remixpoint Inc. (TYO:3825) increased its holdings by 29.46 BTC, bringing its total Bitcoin holdings to 1,411.29 BTC
• Continues to maintain a high Bitcoin exposure among Japanese listed companies, reflecting long-term confidence in BTC

Canadian startups entering the scene:

• Blockmate Ventures Inc. (TSXV:MATE) announced its treasury added 1 BTC, raising its total holdings to 3 BTC
• Funds came from the company's existing cash reserves, indicating that SMEs are also beginning to incorporate BTC into their financial management planning

1. Capital Support: Hyperscale's $125 Million Financing Layout

Hyperscale Data, Inc. (NYSE American:GPUS) financing progress:

• Announced the completion of a $125 million "market issuance" equity financing plan
• The company stated that part of the raised funds will be used to purchase Bitcoin and XRP, and accelerate the integration of its AI computing power with on-chain data services
• This reflects the trend of technology companies expanding their crypto asset allocation through financing while exploring the fusion of AI and blockchain

1. Trend Insights: From Hash Rate Providers to Digital Asset Management Platforms

Business model upgrade:

• Mining companies are evolving from simple hash rate competition to a comprehensive platform of "hash rate operation + asset management"
• Hut 8's expansion into HPC business shows that mining companies are seeking to reduce their dependence on mining rewards

Diversified financing channels:

• Hyperscale provides funding for crypto allocation through equity financing, indicating traditional capital markets' recognition of the mining company model

Global participation:

• From North American giants to Japanese SMEs, companies of various sizes are participating in the Bitcoin ecosystem according to their capabilities

Data shows that the total amount of Bitcoin held by major listed mining companies increased by 25% quarter-on-quarter in Q3 2025, while the proportion of non-mining business revenue rose to 35%.

From Marathon's over 50,000 BTC to Blockmate's 3 BTC, participants of different scales are engaging in the Bitcoin ecosystem in their own ways. What they share in common is that they are no longer satisfied with merely being hash rate providers; instead, they are upgrading themselves to comprehensive digital asset managers through treasury management, business diversification, and capital operations. This marks the official entry of the crypto mining industry into the 2.0 era.

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