MARA Holdings reported a fourth quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, versus net income of $528.3 million a year earlier.
Earnings hit by bitcoin markdowns
Revenue fell 6% year over year to $202.3 million, which the company said reflected a lower average bitcoin price despite higher hashrate.
MARA said earnings were pressured by a $1.50 billion negative change in the fair value of digital assets and receivables, tied to bitcoin’s decline from about $114,300 on Sept. 30 to roughly $88,800 on Dec. 31.
For full-year 2025, the miner reported a net loss of $1.31 billion compared with net income of $541 million in 2024, even as revenue rose to $907.1 million from $656.4 million.
Production and treasury position
Marathon mined 2,011 BTC in Q4 2025, down 6% from 2,144 BTC in the prior quarter and 2,492 BTC in the year-earlier period.
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 BTC loaned or pledged as collateral, with the balance sheet position valued at about $4.7 billion at a quarter-end spot price of $87,498.
AI and HPC pivot
In its shareholder letter, Marathon described a multi-year shift toward becoming an energy and digital infrastructure company.
The company said it formed a joint venture with Starwood Digital Ventures to develop AI and high-performance compute data centers at power-rich sites.
Marathon stated:
“from a pure-play Bitcoin miner into an energy and digital infrastructure company.”
It said the partnership targets more than 1 gigawatt of IT capacity initially, with a roadmap that could extend above 2.5 gigawatts, and noted it can invest up to 50% in individual projects while continuing to mine where power remains attractive.
Miners take different approaches
Marathon’s strategy comes as other miners report losses and pursue different pivots.
Hut 8 reported a fourth-quarter net loss of $279.7 million while leaning into a $7 billion AI data center lease.
Trump-backed American Bitcoin reported a $59.5 million Q4 2025 loss while continuing a mine-and-hoard bitcoin model.
