MARA Reports $1.7 Billion Q4 Loss After $1.5 Billion Bitcoin Write-Down

MARA Holdings posted a significant $1.7 billion net loss in the fourth quarter of 2025, a sharp contrast to the $528 million profit from the previous year. This loss was driven by a $1.5 billion non-cash fair value write-down on its digital asset holdings, reflecting a roughly 30% decline in Bitcoin's price during the quarter. Revenue slipped 6% year-over-year to $202.3 million, and Adjusted EBITDA swung to negative $1.49 billion. Despite the accounting hit, MARA expanded its Bitcoin treasury to 53,822 BTC by year-end 2025. Operationally, the company's energized hashrate reached 66.4 EH/s. Crucially, MARA is accelerating a strategic pivot toward AI and high-performance computing (HPC) infrastructure, highlighted by a joint venture with Starwood Digital Ventures to develop hyperscale data centers, aiming for 1 GW of capacity. Furthermore, an 8-K filing updated executive compensation to tie stock awards to overall MW capacity and contracted recurring revenue, fueling takeover speculation.

(Source：BeInCrypto)