MARA loss widens on Bitcoin valuation hit

In its Q4 shareholder letter, MARA said the loss equaled $4.52 per diluted share, reversing net income of $528.3 million, or $1.24 per diluted share, a year earlier. Revenue fell 6% year over year to $202.3 million from $214.4 million, with the company saying a lower average Bitcoin price outweighed the impact of higher hashrate.

The company attributed the quarterly swing largely to a $1.5 billion negative change in the fair value of digital assets and digital assets receivable, tied to Bitcoin’s price decline from about $114,300 on Sept. 30 to about $88,800 on Dec. 31, based on market data referenced in the filing.

MARA said its stock has also fallen sharply, with shares down about 46% over the past six months, as investors priced in weaker mining economics and the accounting impact of crypto price swings.

Operationally, MARA mined 2,011 BTC in Q4 2025, down 6% from 2,144 BTC in the prior quarter and down from 2,492 BTC in the same quarter of 2024. For the full year, it mined 8,799 BTC versus 9,430 BTC in 2024.

Despite lower production, the company ended 2025 with 53,822 BTC on its balance sheet, including 15,315 BTC that it said were loaned or pledged as collateral. MARA valued that Bitcoin position at roughly $4.7 billion using a quarter-end spot price of $87,498 per coin. 

Alongside the financial results, MARA used the shareholder letter to detail a broader strategy shift away from being a “pure-play” Bitcoin miner toward becoming an energy and digital infrastructure company. It said it formed a strategic joint venture with Starwood Digital Ventures to develop and operate AI and high-performance compute data centers at its “power-rich” sites, with an initial plan supporting more than 1 gigawatt of IT capacity and a longer roadmap that could extend beyond 2.5 gigawatts. MARA said it would have the option to invest up to 50% in individual projects, while continuing to mine Bitcoin where power costs remain attractive.

MARA also highlighted a February acquisition of a 64% stake in Exaion, which it said positions the company for “sovereign-grade” and enterprise AI deployments as it builds out non-mining revenue streams alongside its mining business.

The results and strategy update come as other large miners test different responses to Bitcoin’s drawdown. MARA pointed to peers pursuing AI data center leasing and other diversification efforts, while some miners continue to emphasize holding mined Bitcoin, underscoring how the sector is recalibrating around capital costs, power access, and revenue stability during periods of weaker crypto prices.