Marathon Reports $1.7B Q4 Loss as Bitcoin Drops

Marathon Digital Holdings (MARA) posted a fourth-quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, compared with net income of $528.3 million, or $1.24 per diluted share, in the year-ago quarter. In a shareholder letter filed with the SEC, the company said Q4 revenue declined 6% to $202.3 million from $214.4 million in Q4 2024, as a weaker average Bitcoin price more than offset gains from higher hashrate.

For the full year 2025, Marathon swung to a net loss of $1.31 billion versus net income of $541 million in 2024, even as revenue increased to $907.1 million from $656.4 million the prior year. The fourth-quarter results included about a $1.50 billion negative adjustment to the fair value of digital assets and digital assets receivable, driven by Bitcoin falling from roughly $114,300 on Sept. 30 to about $88,800 on Dec. 31.

Marathon’s shares have been pressured, trading about 46% lower 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 beneath the 2,492 BTC mined in the year-earlier period. Marathon produced 8,799 BTC for the full year, compared with 9,430 BTC in 2024. At year-end it held 53,822 BTC on the balance sheet, which included 15,315 BTC that were loaned or pledged as collateral, with those holdings valued at about $4.7 billion using a quarter-end spot price of $87,498 per coin.

Alongside the results, Marathon outlined a strategic shift from a pure-play Bitcoin miner toward a broader energy and digital infrastructure company. The company announced a joint venture with Starwood Digital Ventures to build AI and high-performance compute (HPC) data centers at Marathon’s power-rich sites. The initial phase of the Starwood partnership targets more than 1 gigawatt of IT capacity, with a potential roadmap exceeding 2.5 gigawatts over time; Marathon said it has the option to take up to a 50% stake in individual projects while continuing to mine Bitcoin where power economics make it attractive. Marathon 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 multi-billion-dollar AI data-center lease, while American Bitcoin posted a $59.5 million Q4 2025 loss but remains focused on mining and holding BTC.

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