MARA Posts $1.7B Q4 Loss as Bitcoin Slump Hits Earnings

MARA Holdings (MARA) posted a substantial net loss of $1.71 billion, or $4.52 per diluted share, for the fourth quarter of 2025, a sharp reversal from a $528.3 million net income in Q4 2024. This loss was primarily driven by a $1.50 billion negative change in the fair value of digital assets, reflecting the decline in Bitcoin's price from approximately $114,300 to $88,800 during the quarter. Revenue also decreased by 6% to $202.3 million. For the full year 2025, MARA recorded a net loss of $1.31 billion, despite revenue rising to $907.1 million. In production, the company mined 2,011 BTC in Q4, ending the year holding 53,822 BTC. Strategically, Marathon announced a multi-year shift from being a pure-play Bitcoin miner to an energy and digital infrastructure company, highlighted by a joint venture with Starwood Digital Ventures to develop AI and high-performance compute (HPC) data centers, and its acquisition of a 64% stake in Exaion.

(Source：Cointelegraph)