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MARA Holdings Reports $1.71B Q4 2025 Loss on Bitcoin Fair Value Hit

MARA Holdings (MARA) reported a fourth-quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, reversing net income of $528.3 million in the year-ago period, according to a shareholder letter filed with the US Securities and Exchange Commission. Revenue fell 6% to $202.3 million from $214.4 million, pressured by a $1.5 billion negative change in the fair value of digital assets tied to Bitcoin's decline from around $114,300 on Sept. 30 to $88,800 on Dec. 31, CoinGecko data show. The company mined 2,011 BTC in Q4 2025, down from 2,144 BTC in the prior quarter and 2,492 BTC in the year-earlier period, and ended 2025 holding 53,822 BTC, including 15,315 BTC loaned or used as collateral, valued at about $4.7 billion based on a quarter-end spot price of $87,498 per coin. For full-year 2025, MARA posted a net loss of $1.31 billion versus net income of $541 million in 2024 while revenue rose to $907.1 million from $656.4 million, and outlined a transition toward energy and digital infrastructure via a joint venture with Starwood Digital Ventures targeting over 1 gigawatt in its first phase alongside a February acquisition of a 64% stake in Exaion.
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