Bitcoin mining and energy firm MARA Holdings (MARA) reported a massive fourth-quarter 2025 net loss of $1.71 billion, a sharp reversal from the $528.3 million net income earned a year earlier. The loss was driven by a $1.5 billion negative change in the fair value of its digital assets as Bitcoin’s price fell. For the full year 2025, the company posted a net loss of $1.31 billion despite revenue rising to $907.1 million.
MARA Holdings reported a severe fourth-quarter 2025 net loss of $1.71 billion, compared to net income of $528.3 million in the same period last year. Its revenue fell 6% to $202.3 million as a lower average Bitcoin price outweighed a higher hashrate.
The company’s net income was hit by a $1.5 billion negative change in the fair value of digital assets. This reflected Bitcoin’s price decline from around $114,300 on Sept. 30 to $88,800 on Dec. 31, according to data from CoinGecko.
For the full year 2025, MARA booked a net loss of $1.31 billion, compared with net income of $541 million in 2024. This occurred even though its annual revenue rose to $907.1 million from $656.4 million.
On production, MARA mined 2,011 BTC in Q4 2025, down from 2,492 BTC a year earlier. It mined 8,799 BTC for the full year, compared with 9,430 BTC in 2024.
The company ended 2025 holding 53,822 BTC, including 15,315 loaned or pledged as collateral. Its balance sheet BTC was valued at about $4.7 billion at a quarter-end spot price.
Alongside the financials, MARA outlined a strategic shift in its shareholder letter filed with the SEC. The company is moving “from a pure-play Bitcoin miner into an energy and digital infrastructure company.”
It announced a joint venture with Starwood Digital Ventures to develop AI and high-performance compute data centers. The partnership aims to support over 1 gigawatt of IT capacity initially, with a roadmap extending above 2.5 gigawatts.
The company also highlighted its acquisition of a 64% stake in Exaion in February. This move targets “sovereign-grade” and enterprise AI deployments.
MARA’s hybrid approach comes as other major miners adopt different strategies. Hut 8 reported a Q4 net loss of $279.7 million as it leans into a large AI data center lease.
Trump-backed American Bitcoin reported a $59.5 million Q4 2025 loss. It continues to focus on its mine-and-hoard BTC model.
