TL;DR:
MARA, the largest Bitcoin miner in the United States, reported a net loss of $1.71 billion in the fourth quarter of 2025, equivalent to $4.52 per diluted share, compared to a gain of $528.3 million in the same period of the prior year.
The result, detailed in a letter to shareholders filed with the U.S. Securities and Exchange Commission (SEC), was driven by a negative adjustment of $1.5 billion in the fair value of its digital assets, stemming from Bitcoin’s price decline from approximately $114,300 on September 30 to $88,800 on December 31, according to CoinGecko data.
Quarterly revenue fell 6% to $202.3 million, down from $214.4 million in Q4 2024, as the lower average Bitcoin price offset the increase in hashrate. For the full year, MARA recorded a net loss of $1.31 billion, even as revenue grew from $656.4 million in 2024 to $907.1 million in 2025.
On the production side, the company mined 2,011 BTC during the fourth quarter, 6% less than the 2,144 of the prior quarter and below the 2,492 recorded in the same period of the previous year. At year-end, MARA Holdings held 53,822 BTC on its balance sheet, valued at approximately $4.7 billion at a reference price of $87,498 per unit.
Alongside the results, the company announced a strategic partnership with Starwood Digital Ventures to develop artificial intelligence and high-performance computing data centers at its own power generation facilities. The first phase contemplates developing more than 1 gigawatt of IT capacity.
Its roadmap points to a potential expansion beyond 2.5 gigawatts, allowing MARA to participate with up to 50% in individual projects. Additionally, the company acquired in February a 64% stake in Exaion, focused on sovereign and enterprise-level AI deployments in France.
MARA’s strategy stands in clear contrast to that of its competitors. Hut 8 reported a net loss of $279.7 million in the same quarter and is working to close a $7 billion AI data center lease agreement, while American Bitcoin, backed by the Trump family, posted a loss of $59.5 million while sustaining its BTC accumulation model. MARA’s shares have fallen 46% over the past six months.
