Bitcoin miner MARA Holdings reported a $1.71 billion net loss for Q4 2025, a sharp reversal from a $528.3 million profit a year prior. Annual revenue rose to $907.1 million, but the full-year net loss widened to $1.31 billion, driven by falling Bitcoin prices and new accounting rules. The company announced a strategic pivot, forming a joint venture to develop AI data centers and acquiring a majority stake in AI solutions provider Exaion.
MARA Holdings recorded a severe reversal in Q4 2025, posting a net loss of $1.71 billion compared to a $528.3 million profit the previous year. Quarterly revenue fell 6% to $202.3 million as a significant drop in Bitcoin prices erased gains from improved operational hash rates.
The largest factor was a negative $1.5 billion revaluation of its digital assets, reflecting lower Bitcoin market prices. This adjustment impacted both its Bitcoin holdings and the value of its own MARA tokens on the balance sheet.
For the full year, MARA reported a net loss of $1.31 billion versus a net income of $541 million in 2024. Annual revenue increased to $907.1 million from $656.4 million the prior year.
Bitcoin production declined, with the company mining 2,011 BTC in Q4, down from 2,492 BTC a year earlier. Total annual production for 2025 was 8,799 BTC, lower than the 9,430 BTC mined in 2024.
The company ended Q4 with 53,822 BTC in reserves, valued at approximately $4.7 billion based on a quarter-end price of $87,498. MARA pledged 15,315 BTC of this reserve as collateral.
MARA announced a strategic shift beyond Bitcoin mining, developing a new energy and digital infrastructure segment. The company entered a joint venture with Starwood Digital Ventures to develop AI and high-performance computing data centers in areas with sufficient energy.
It plans to own up to 50% of each project and may develop up to 2.5 gigawatts in later phases. MARA also acquired a 64% stake in Exaion in February, a firm that develops AI solutions for corporate and government clients.
