MARA Holdings Inc. posted a $1.7 billion internet loss within the fourth quarter (This autumn) of 2025, a pointy reversal from the $528 million revenue it recorded a yr earlier.
This report comes solely hours after the Bitcoin miner entered a strategic partnership with Barry Sternlicht’s Starwood Capital Group.
MARA’s $1.7 Billion Loss Underscores Bitcoin Volatility — However AI Pivot Alerts a New Playbook
MARA’s $1.7 billion This autumn loss got here towards the backdrop of a roughly 30% decline in Bitcoin’s worth throughout the interval. This compelled the corporate to take a $1.5 billion non-cash truthful worth write-down on its digital asset holdings.
- Income for the quarter slipped 6% year-over-year (YoY) to $202.3 million, down from $214.4 million in This autumn 2024.
- Adjusted EBITDA swung dramatically to unfavourable $1.49 billion, in contrast with constructive $796 million in the identical interval final yr.
- For the total yr, MARA reported a internet lack of $1.3 billion, in contrast with internet revenue of $541 million in 2024.
This exhibits how mark-to-market accounting can amplify volatility for giant Bitcoin treasuries. Regardless of the earnings hit, MARA ended 2025 with 53,822 BTC on its steadiness sheet, up 20% YoY.
At a year-end valuation of roughly $87,498 per Bitcoin, these holdings have been price roughly $4.7 billion. Of the overall:
- 38,507 BTC have been unrestricted,
- 9,377 have been loaned, and
- 5,938 have been pledged as collateral.
This implies about 28% of its Bitcoin stack is encumbered. The corporate generated $32.1 million in curiosity revenue from lending actions throughout the yr.
Liquidity remained substantial. MARA reported about $5.3 billion in mixed unrestricted money and Bitcoin holdings, together with loaned and pledged property.
It additionally raised $568.6 million in 2025 by means of its at-the-market (ATM) program however suspended utilization in This autumn, marking the primary quarter since 2022 with out tapping the power.
Operationally, the miner continued to increase. Energized hashrate reached a report 66.4 exahash per second (EH/s) in This autumn, up 25% from a yr earlier. Nonetheless, this was beneath its beforehand said 75 EH/s goal as administration emphasised capital self-discipline.
AI Infrastructure Pivot Reshapes MARA’s Progress Technique
Bitcoin manufacturing totaled 2,011 BTC within the quarter, down 6% YoY, reflecting greater community issue and seasonal vitality pressures.
Bought vitality value per Bitcoin rose to $48,611 in This autumn, whereas value per petahash per day improved 4% to $30.5. It factors to effectivity positive factors from the deployment of newer tools.
Past mining, MARA is accelerating a strategic pivot towards vitality and digital infrastructure, significantly AI and high-performance computing (HPC).
The corporate introduced a three way partnership with Starwood Digital Ventures to develop hyperscale, enterprise, and AI-capable knowledge facilities.
The partnership goals to ship roughly 1 gigawatt (GW) of near-term IT capability, with a roadmap exceeding 2.5 GW over time.
MARA can make investments as much as 50% within the tasks, positioning itself for recurring infrastructure income and lowered publicity to Bitcoin worth swings.
The corporate additionally highlighted its 64% stake in Exaion and the acquisition of a 42-megawatt knowledge middle in Nebraska as a part of its AI/HPC growth technique.
Including to market intrigue, MARA lately up to date its government compensation metrics in an 8-Ok submitting. The corporate tied inventory awards to megawatt capability and contracted recurring income moderately than solely to mining output.
The submitting additionally launched a change-of-control provision underneath which efficiency targets would mechanically be handled as achieved if the corporate is bought. This transfer has fueled takeover hypothesis amongst buyers.
Taken collectively, MARA seems to be balancing a large Bitcoin treasury with an formidable infrastructure buildout.
If that is true, then its transformation from a pure-play miner to a diversified vitality and AI platform could decide whether or not it will probably easy earnings volatility within the subsequent crypto cycle.
