MARA Holdings (MARA) reported a fourth-quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, versus net income of $528.3 million, or $1.24 per diluted share, in the same quarter a year earlier. The company’s shareholder letter filed with the SEC said Q4 revenue fell 6% to $202.3 million from $214.4 million in Q4 2024, as a lower average Bitcoin (BTC) price outweighed the benefit of higher hashrate.
For full-year 2025, Marathon recorded a net loss of $1.31 billion, compared with net income of $541 million in 2024, even as revenue rose to $907.1 million from $656.4 million a year earlier. The Q4 results were driven in part by a $1.50 billion negative change in the fair value of digital assets and digital assets receivable, reflecting Bitcoin’s decline from about $114,300 on Sept. 30 to roughly $88,800 on Dec. 31.
Marathon’s stock has been pressured, with shares down about 46% over the past six months. On production, the company mined 2,011 BTC in Q4 2025, down 6% from 2,144 BTC in the prior quarter and below 2,492 BTC in the year‑earlier period. Marathon mined 8,799 BTC for the full year, compared with 9,430 BTC in 2024. It ended 2025 holding 53,822 BTC, including 15,315 BTC loaned or pledged as collateral, with its balance-sheet BTC valued at roughly $4.7 billion at a quarter‑end spot price of $87,498 per coin.
Alongside results, Marathon outlined a multi‑year shift from a pure‑play Bitcoin miner toward an energy and digital infrastructure company, announcing a strategic joint venture with Starwood Digital Ventures to develop AI and high‑performance compute (HPC) data centers at its power‑rich sites. The Starwood partnership targets more than 1 gigawatt of IT capacity in its initial phase, with a roadmap that could exceed 2.5 gigawatts over time; Marathon has the option to invest up to 50% in individual projects while continuing Bitcoin mining where power economics remain attractive. The company also highlighted its February acquisition of a 64% stake in Exaion to pursue sovereign‑grade and enterprise AI deployments.
Marathon’s hybrid strategy contrasts with other miners responding to the Bitcoin drawdown. Hut 8 reported a Q4 net loss of $279.7 million as it pivots toward a $7 billion AI data center lease, while American Bitcoin posted a $59.5 million Q4 2025 loss but continues to focus on mining and holding BTC.
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