MARA Holdings, (MARA), reported a loss in its fourth quarter, 2025, of 1.71 billion USD, which is equivalent to $4.52 for each diluted shares. The same period one year ago, MARA had a profit of 528.3 MUSD, equal to $1.24, per diluted shares.
Shareholder letter The US Securities and Exchange Commission reported that revenue fell by 6% in the fourth quarter to $202.3 from $214.4 in the prior period.BTCPrice outweighed impact of increased hashrate.
MARA recorded a $1.31 billion net loss in the year 2025 compared to a $541 million net profit for 2024. This is despite its revenues increasing from $656.4 millions to $907.1million.
It said its Q4 earnings were affected by the $1.5 billion decline in Bitcoin’s value from around CoinGecko’s data show that from $114.300 in Sept. to $88,800 at Dec. 31.
MARA shares also fell, resulting in a drop of the company’s value. 46% The last six months.
MARA’s production figures for Q4 2025 show that the company mined 2,011 BTC. This is a drop of 6% compared to the 2,144 BTC produced in the quarter before and 2,492 BTC during the same period last year. The total amount of BTC mined for 2025 was 8,799 BTC, down from 9,430 BTC the year before.
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The company said that it ended 2025 holding 53,822 BTC, including 15,315 BTC loaned or pledged as collateral, with its balance sheet BTC valued at about $4.7 billion at a quarter‑end spot price of $87,498 per coin.
MARA’s AI and high‑performance compute push
Alongside the numbers, MARA used its Q4 shareholder letter to outline a multi‑year shift “from a pure‑play Bitcoin miner into an energy and digital infrastructure company,” announcing a strategic joint venture with Starwood Digital Ventures to develop artificial intelligence (AI) and high‑performance compute (HPC) data centers at its power‑rich sites.
MARA has said that its partnership with Starwood is designed to provide more than one gigawatt in IT capacity during the initial phase. The roadmap can be expanded to include 2.5 gigawatts at a later date, and MARA will have the option of investing up to 50 percent in each project, as well as continuing to explore areas where there are still attractive power sources.
Also, the company highlighted its acquisition of a 64% stake in Exaion In February, target “sovereign‑grade” Enterprise AI is a key component of enterprise AI.
As the drawdown begins to bite, miners have divergent strategies.
MARA has adopted a hybrid strategy as major miners experiment with new playbooks to respond to the recent Bitcoin drop.
Hut 8 reported a fourth‑quarter net loss It is preparing to lease a data center worth $7 billion. Trump‑backed American Bitcoin reported a $59.5 million Q4 2025 loss On Thursday, it continued to double-down on its BTC mine-and hoard model.
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Source: cointelegraph.com
