MARA Holdings (MARA) stock surged 5.05% in pre-market trading on Wednesday, riding the wave of a broader cryptocurrency market rebound and buoyed by the company's strong third-quarter performance. The Bitcoin mining giant's shares climbed as crypto stocks across the board saw gains, with Tron rising 5% and competitors like BitMine also posting increases.

The rally comes on the heels of MARA's recently released Q3 earnings report, which showcased the company's robust growth. While earnings per share of 27 cents missed analysts' expectations, MARA's quarterly revenue of $252.41 million surpassed the Street estimate of $250.67 million. Notably, the firm's Bitcoin holdings grew an impressive 98% year-over-year to 52,850 BTC, valued at over $5 billion, cementing MARA's position as one of the largest corporate holders of the leading cryptocurrency.

Adding to investor optimism, MARA CEO Fred Thiel expressed confidence in the company's future during the earnings call. Thiel highlighted MARA's evolving business model, particularly its expansion into energy generation and AI segments, which he believes will attract "more attention" from investors. The company's strategic partnerships, including a collaboration with MPLX for power generation facilities in West Texas and the acquisition of a majority stake in Exaion for high-performance computing capabilities, further underscore MARA's diversification efforts beyond traditional Bitcoin mining.