MARA Holdings (MARA) reported a fourth-quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share. This compares to net income of $528.3 million, or $1.24 per diluted share, in the year-ago period.
According to a shareholder letter filed with the U.S. Securities and Exchange Commission (SEC), fourth-quarter sales fell 6% to $202.3 million from $214.4 million in the same period last year, as the decline in the average Bitcoin (BTC) price more than offset the impact of the rising hash rate.
MARA posted a net loss of $1.31 billion for the full year 2025, compared to net income of $541 million in 2024, despite sales increasing from $656.4 million to $907.1 million.
The company said its fourth-quarter net income was hurt by a negative $1.5 billion change in the fair value of digital assets and digital asset receivables, reflecting the fall in the price of Bitcoin from about $114,300 on September 30 to $88,800 on December 31, according to CoinGecko data.
The company’s stock price has also slumped, with MARA stock falling 46% in the past six months.
On the production side, MARA announced that it mined 2,011 BTC in the fourth quarter of 2025, which was a 6% decrease from 2,144 BTC in the previous quarter and 2,492 BTC in the same period last year. The mining amount for the whole year was 8,799 BTC, and the mining amount in 2024 was 9,430 BTC.
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The company announced that it held 53,822 BTC at the end of 2025, including 15,315 BTC pledged as loans or collateral, and the value of BTC on its balance sheet was approximately $4.7 billion at a quarter-end spot price of $87,498 per coin.
MARA Powers AI and High Performance Computing
Adding to the numbers, MARA outlined a multi-year transition “from a pure Bitcoin miner to an energy and digital infrastructure company” in its fourth quarter shareholder letter, announcing a strategic joint venture with Starwood Digital Ventures to develop artificial intelligence (AI) and high performance computing (HPC) data centers at power-rich sites.
According to MARA, the partnership with Starwood is designed to support more than 1 gigawatt of IT capacity in the initial phase, with a roadmap that could exceed 2.5 gigawatts over time, giving MARA the option to invest up to 50% in individual projects while continuing to mine where power remains attractive.
The company also highlighted its acquisition of a 64% stake in Exaion in February, targeting “sovereign-grade” and enterprise AI deployments.
Miners have different strategies due to drawdown
MARA’s hybrid approach comes as other large miners continue to experiment with different playbooks in response to the latest Bitcoin drawdown.
Hut 8 on Wednesday reported a fourth-quarter net loss of $279.7 million, driven by a $7 billion AI data center lease agreement. President Trump-backed American Bitcoin on Thursday reported a $59.5 million loss for the fourth quarter of 2025, but continues to double down on its mined-and-stored BTC model.
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