MARA Holdings (MARA) reported a fourth quarter 2025 internet lack of $1.71 billion, or $4.52 per diluted share, in contrast with internet revenue of $528.3 million, or $1.24 per diluted share, in the identical interval a yr earlier.
Its shareholder letter filed with the US Securities and Trade Fee (SEC) mentioned income in This autumn fell 6% to $202.3 million from $214.4 million within the year-earlier interval, as a decrease common Bitcoin (BTC) worth outweighed the impression of a better hashrate.
For the total yr 2025, MARA booked a internet lack of $1.31 billion, in contrast with internet revenue of $541 million in 2024, although its income rose to $907.1 million from $656.4 million.
The corporate mentioned that its This autumn internet revenue was hit by a $1.5 billion adverse change within the honest worth of digital belongings and digital belongings receivable, reflecting the decline in Bitcoin’s worth from round $114,300 on Sept. 30 to $88,800 on Dec. 31, in response to knowledge from CoinGecko.
The corporate’s share worth additionally took a beating, with MARA inventory down 46% previously six months.
On the manufacturing aspect, MARA mentioned that it mined 2,011 BTC in This autumn 2025, down 6% from 2,144 BTC within the prior quarter and a couple of,492 BTC within the year-earlier interval. It mined 8,799 BTC for the total yr, in contrast with 9,430 BTC in 2024.
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The corporate mentioned that it ended 2025 holding 53,822 BTC, together with 15,315 BTC loaned or pledged as collateral, with its steadiness sheet BTC valued at about $4.7 billion at 1 / 4‑finish spot worth of $87,498 per coin.
MARA’s AI and excessive‑efficiency compute push
Alongside the numbers, MARA used its This autumn shareholder letter to stipulate a multi‑yr shift “from a pure‑play Bitcoin miner into an power and digital infrastructure firm,” saying a strategic three way partnership with Starwood Digital Ventures to develop synthetic intelligence (AI) and excessive‑efficiency compute (HPC) knowledge facilities at its energy‑wealthy websites.
MARA mentioned the Starwood partnership was designed to help greater than 1 gigawatt of IT capability in its preliminary section, with a roadmap that might prolong above 2.5 gigawatts over time, giving MARA the choice to take a position as much as 50% in particular person initiatives whereas persevering with to mine the place energy stays enticing.
The corporate additionally highlighted its acquisition of a 64% stake in Exaion in February to focus on “sovereign‑grade” and enterprise AI deployments.
Miners diverge on technique as drawdown bites
MARA’s hybrid strategy comes as different main miners proceed to experiment with completely different playbooks in response to the newest Bitcoin drawdown.
Hut 8 reported a fourth‑quarter internet lack of $279.7 million on Wednesday, because it leans right into a $7 billion AI knowledge middle lease. Trump‑backed American Bitcoin reported a $59.5 million This autumn 2025 loss on Thursday, but it continues to double down on its mine-and-hoard BTC mannequin.
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