MARA Holdings reported a net loss of $1.71 billion for the fourth quarter of 2025, or $4.52 per diluted share, reversing from net income of $528.3 million, or $1.24 per share, in the same quarter a year earlier.
In a shareholder letter filed with the U.S. Securities and Exchange Commission, the company said fourth-quarter revenue declined 6% year over year to $202.3 million, down from $214.4 million. The drop was attributed to a lower average price of Bitcoin, which offset gains from an increased hashrate.
For the full year 2025, MARA posted a net loss of $1.31 billion, compared with net income of $541 million in 2024, despite revenue climbing to $907.1 million from $656.4 million the previous year.
MARA Holdings said its fourth-quarter results were heavily impacted by a $1.5 billion negative fair value adjustment on digital assets and digital asset receivables, reflecting the drop in Bitcoin’s price from about $114,300 on Sept. 30 to $88,800 on Dec. 31, according to data from CoinGecko.
The downturn also weighed on investor sentiment, with MARA shares falling 46% over the past six months.
On the production front, MARA Holdings said it mined 2,011 Bitcoin in the fourth quarter of 2025, down 6% from 2,144 BTC in the previous quarter and below the 2,492 BTC mined in the same period a year earlier. For the full year, the company produced 8,799 BTC, compared with 9,430 BTC in 2024.
MARA ended 2025 holding 53,822 BTC, including 15,315 BTC that were loaned out or pledged as collateral. At a quarter-end spot price of $87,498 per coin, its Bitcoin holdings were valued at roughly $4.7 billion.
MARA’s AI and high-performance computing pivot
In its Q4 shareholder letter, MARA outlined a multi-year transition “from a pure-play Bitcoin miner into an energy and digital infrastructure company.” As part of that strategy, it announced a joint venture with Starwood Digital Ventures to build artificial intelligence and high-performance computing (HPC) data centers at its power-abundant sites.
The partnership is intended to support more than 1 gigawatt of IT capacity in its initial phase, with plans that could scale beyond 2.5 gigawatts over time. MARA said it would have the option to invest up to 50% in individual projects while continuing its core mining operations where energy economics remain favorable.
The company also pointed to its February acquisition of a 64% stake in Exaion, aimed at serving “sovereign-grade” and enterprise AI deployments.
Miners adopt diverging strategies
MARA’s hybrid mining-and-infrastructure approach comes as other major players pursue different strategies amid the latest Bitcoin downturn.
Hut 8 reported a fourth-quarter net loss of $279.7 million, while advancing a $7 billion AI data center lease strategy. Meanwhile, American Bitcoin — backed by former US President Donald Trump — posted a $59.5 million loss for Q4 2025 but continues to focus on its “mine-and-hold” Bitcoin strategy.
