Insider Monkeyยท2025-11-20 14:05Core Insights - The cryptocurrency market is experiencing heightened volatility, with a total market capitalization decline of 1.8% to $3.57 trillion as of November 12, 2025, and Bitcoin dropping to below $97,000, down 22% from its all-time high of approximately $126,000 in October [2][3] - Investor sentiment is diverging, with retail investors in "max desperation" mode while institutional investors remain stable [5] - Regulatory clarity is boosting investor confidence, with 55% of hedge funds now holding some exposure to crypto, up from 47% in 2024 [6] Company Summaries MARA Holdings, Inc. (NASDAQ:MARA) - MARA reported Q3 2025 revenue of $252.4 million, a 92% year-over-year increase, and net income of $123.1 million, a significant recovery from a net loss of $124.8 million in Q3 2024 [12][13] - The company is focusing on integrating AI infrastructure with Bitcoin mining and has over $7 billion in liquid assets [14][15] - Cantor Fitzgerald reduced its price target for MARA from $30 to $21 while maintaining an "Overweight" rating [12] Hut 8 Corp. (NASDAQ:HUT) - Hut 8 reported Q3 2025 revenue of $83.5 million, a 91% year-over-year growth, and net income of $50.6 million, up from $0.9 million in the previous year [19] - The company announced the sale of its 310-megawatt portfolio of natural gas plants to TransAlta, which reflects its strategic asset management [17] - Northland's analyst raised Hut 8's price target from $26 to $58, citing strong performance from its subsidiary, American Bitcoin [18] IREN Limited (NASDAQ:IREN) - IREN reported Q3 2025 revenue of $240.3 million, a 355% year-over-year increase, and adjusted EBITDA of $91.7 million, up 3,568% year-over-year [24] - Canaccord Genuity increased its price target for IREN from $42 to $70, highlighting the significance of its GPU cloud contract with Microsoft [23] - The company plans to expand its GPU infrastructure from 23,000 to 140,000 by the end of 2026, with Microsoft partially funding the expansion [25][26]