Key Highlights
- MARA Holdings reported a $1.71 billion loss in Q4 2025, mainly because Bitcoin’s price fell, reducing the value of the coins it holds.
- Although the company expanded operations and increased full-year revenue, earnings dropped due to accounting losses tied to crypto price changes.
MARA Holding, a Bitcoin-focused firm, reported a net loss of $1.71 billion for the fourth quarter of 2025 after a decline in Bitcoin’s (BTC) price reduced the value of its holdings, according to its shareholder letter filed with the U.S. Securities and Exchange Commission (SEC).
According to the report, MARA recorded a loss of $4.52 per diluted share, compared with net income of $528.3 million, or $1.24 per share, in the same period a year earlier. Quarterly revenue fell 6% to $202.3 million from $214.4 million.
The company said that although its mining power increased, the lower average Bitcoin price reduced its overall earnings. A major factor behind the loss was a roughly $1.5 billion negative change in the fair value of digital assets and receivables, linked to the decline in Bitcoin’s market price during the quarter.
During the period, Bitcoin fell from its all-time high of $126K in October 2025. At the time, the token is trading for $65,877, marking a massive 49% drop.
Increase in production and Bitcoin Holdings
For the entire year, MARA reported a net loss of $1.31 billion, compared with net income of $541 million in 2024. Despite this, total yearly revenue went up to about $907 million from $656 million.
The production data from the report showed that the company mined 2,011 Bitcoin in the fourth quarter and 8,799 Bitcoin for the full year, which are both slightly lower than the previous year.
By the end of 2025, the company held about 53,822 Bitcoin on its balance sheet, including 15,315 BTC that were loaned or pledged as collateral, with a total value of about $4.7 billion at a spot price of $87,498 per Bitcoin.
Shift towards AI and high-powered computing
Aside from the financial report, the company announced that it is entering a new long-term plan to expand beyond its mining business.
MARA said it has formed a joint venture with Starwood Digital Ventures to build artificial intelligence and high-performance computing data centers using its energy-powered sites. This project is expected to deliver more than one gigawatt of computing capacity at the start, with room to grow later.
According to the company, the joint venture is planned with flexibility in mind. MARA can retain up to 50% ownership in each project, invest in stages, or exit at an “attractive price” if it chooses. This allows the company to balance energy use between AI computing and Bitcoin mining. During periods of lower AI demand, Bitcoin mining can increase, and vice versa, using a “load balancing” strategy supported by battery technology that switches power quickly within the data centers.
MARA stock surges 12% despite $1.71B loss
Despite the losses, MARA stock is up 13% from the previous day. The stock is currently trading for $9.59, up from an intraday low of $8.13, which it traded during early trading hours, according to Robinhood.
Trading volume is also up to about $38 million over the same period against a daily average of $41.46 million, while its market cap sits at $3.64 billion.
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