Bitcoin miner MARA Holdings (MARA) reported a massive $1.71 billion net loss for the fourth quarter of 2025, as falling Bitcoin prices triggered steep fair-value markdowns. At the same time, the company unveiled an ambitious strategy to expand into artificial intelligence (AI) and high-performance computing (HPC) infrastructure.
The results mark a sharp reversal from a year earlier, when MARA posted net income of $528.3 million in Q4 2024.
MARA’s Q4 2025 Earnings Hit by Bitcoin Price Decline
For the fourth quarter of 2025, MARA reported:
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Net loss: $1.71 billion, or $4.52 per diluted share
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Revenue: $202.3 million, down 6% from $214.4 million in Q4 2024
The primary driver behind the loss was a $1.5 billion negative fair-value adjustment on digital assets and receivables. During the quarter, Bitcoin’s price dropped significantly—from around $114,300 on September 30 to approximately $88,800 by December 31—impacting the company’s balance sheet.
Despite increasing its hashrate, the lower average Bitcoin price offset operational gains.
For the full year 2025, MARA reported:
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Net loss: $1.31 billion
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Revenue: $907.1 million (up from $656.4 million in 2024)
Although annual revenue increased, the overall bottom line suffered due to Bitcoin’s price volatility.
On the production side, MARA mined:
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2,011 BTC in Q4 2025, down from 2,144 BTC in Q3 and 2,492 BTC in Q4 2024
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8,799 BTC for the full year, compared with 9,430 BTC in 2024
By the end of 2025, MARA held 53,822 BTC, including 15,315 BTC loaned or pledged as collateral. At a quarter-end spot price of $87,498 per coin, its Bitcoin holdings were valued at approximately $4.7 billion.
MARA stock has also struggled, falling 46% over the past six months amid the broader crypto market downturn.
MARA Expands Into AI and High-Performance Computing
Alongside its earnings report, MARA announced a strategic pivot that could reshape its long-term business model.
The company revealed a joint venture with Starwood Digital Ventures aimed at developing AI and high-performance compute (HPC) data centers at power-rich locations. The initial phase of the partnership is designed to support more than 1 gigawatt of IT capacity, with plans to scale beyond 2.5 gigawatts over time.
MARA will have the option to invest up to 50% in individual projects, while continuing Bitcoin mining operations in regions where energy economics remain favorable.
In addition, MARA recently acquired a 64% stake in Exaion, targeting “sovereign-grade” and enterprise AI deployments. The move signals a broader transition from being a pure-play Bitcoin miner to becoming an energy and digital infrastructure company.
Bitcoin Miners Take Diverging Paths
MARA’s hybrid strategy reflects a wider shift across the crypto mining sector as companies respond to Bitcoin’s volatility.
Other major miners are experimenting with different approaches—some leaning heavily into AI data center hosting, while others continue to focus on accumulating Bitcoin through mining.
As the industry navigates market drawdowns and tightening margins, MARA’s bet on AI infrastructure could provide diversification beyond crypto mining revenue. However, much will depend on Bitcoin price stability and the successful execution of its multi-year infrastructure expansion.
