Bitcoin News: MARA Posts $1.71B Q4 Loss as BTC Price Slide Triggers Decline

Key Insights:

• Bitcoin News: MARA reported a $1.71B Q4 2025 net loss, reversing a year-ago profit.
• A $1.5B fair-value drop in digital assets contributed to much of the quarterly hit.
• MARA held 53,822 BTC at year-end and outlined an AI/HPC data center pivot.

MARA Holdings (MARA) reported a fourth-quarter 2025 net loss of $1.71 billion, reversing a profit in the same period last year. The loss came as revenue slipped and a sharp fair-value swing in its digital asset holdings weighed on results. In related Bitcoin news, the company also provided details on how the fall in Bitcoin price impacted its balance sheet and strategy.

Bitcoin News: MARA Q4 Revenue Slips as Fair Value Hit Sparks Loss

MARA reported a Q4 2025 net loss of $1.71 billion, or $4.52 per diluted share. A year prior, it reported a net income of $528.3 million, or $1.24 per diluted share. The company revealed the results in the company’s shareholder letter filed with the US Securities and Exchange Commission.

MARA Stocks Key Highlights | Source: SEC

Revenue in the quarter dropped 6% to $202.3 million from $214.4 million in the previous year’s period. MARA stated that a lower average bitcoin price trumped the advantage of a higher hashrate. The company also cited mark-to-market pressure from the company’s crypto holdings.

MARA said its Q4 net income was hit by a $1.5 billion negative change in the fair value of digital assets and digital asset receivables. It attributed that move to bitcoin’s fall from around $114,300 on Sept. 30 to $88,800 on Dec. 31, according to CoinGecko data. That price fluctuation increased balance sheet volatility and lowered reported earnings.

MARA Holdings Full-year Results Show Widening Losses

For the full year 2025, MARA booked a net loss of $1.31 billion. In 2024, it generated net income of $541 million. The swing happened even as revenue rose sharply in 2025.

MARA had full-year revenue of $907.1 million compared to $656.4 million in 2024. The annual rise was due to expanded operations and increased output capacity. However, fair-value losses related to the drawdown in bitcoin prices dominated the bottom line.

The stock has also struggled during the period, with Mara Stocks down 46% over the past six months. The drawdown has kept investors’ focus on cost discipline, treasury management, and diversification plans. It has also brought more focus on how mining companies manage exposure to crypto prices.

Bitcoin Production Drops While Treasury Reaches 53,822 BTC

On the production side, MARA said it mined 2,011 BTC in Q4 2025, down 6% from 2,144 BTC in the past quarter. Output also decreased from 2,492 BTC in the year-earlier period. The company explained weaker output as a result of the operating environment and changing economics.

For the full year, MARA has mined 8,799 BTC, as compared with 9,430 BTC in 2024. Despite the downturn, the company held a sizable bitcoin treasury. That treasury continues to influence both its long-term positioning and short-term earnings volatility.

MARA said it finished 2025 with 53,822 BTC, including 15,315 BTC loaned or used as collateral. It valued the BTC balance sheet at around $4.7 billion based on a quarter-end spot price of $87,498 per coin. This detail has remained central in Bitcoin news as investors monitor miners’ holdings and leverage.

Due to treasury mark-to-market, profits can differ from operational measures when prices swing. Therefore, Bitcoin’s volatility can have a significant impact on accounts, even with a minor change in mining performance.

AI and HPC pivot Expands Beyond Mining as Miners Diverge

In addition to the results, MARA outlined a multi-year transition away from a pure-play miner. It defined its goal as becoming an energy and digital infrastructure company. The company announced its joint venture with Starwood Digital Ventures to develop AI and high-performance compute data centers in power-rich locations.

MARA said the Starwood partnership is aiming at over 1 gigawatt of IT capacity in the first phase. It also provided a roadmap that could go above 2.5 gigawatts over time. Under the plan, MARA is allowed to invest up to 50% in individual projects, even more so as it continues to mine where power economics remain attractive.

The company also highlighted its acquisition of a 64% stake in Exaion in February to support “sovereign-grade” and enterprise AI deployments. The move adds another layer to the diversification strategy. It is also indicative of how miners are adjusting their models as pressure from bitcoin drawdowns impacts margins.

MARA’s hybrid approach comes as peers go after different playbooks. Hut 8 had a Q4 net loss of $279.7 million, with a $7 billion AI data center lease looming. Trump-backed American Bitcoin posted a $59.5M loss in Q4 2025 while continuing its mine-and-hoard approach.

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