MARA Reports $1.7 Billion Q4 Loss After $1.5 Billion Bitcoin Write-Down
MARA Holdings Inc. posted a $1.7 billion web loss within the fourth quarter (Q4) of 2025, a pointy reversal from the $528 million revenue it recorded a yr earlier.
This report comes solely hours after the Bitcoin miner entered a strategic partnership with Barry Sternlicht’s Starwood Capital Group.
MARA’s $1.7 Billion Loss Underscores Bitcoin Volatility — But AI Pivot Signals a New Playbook
MARA’s $1.7 billion Q4 loss got here in opposition to the backdrop of a roughly 30% decline in Bitcoin’s worth in the course of the interval. This compelled the corporate to take a $1.5 billion non-cash honest worth write-down on its digital asset holdings.
- Revenue for the quarter slipped 6% year-over-year (YoY) to $202.3 million, down from $214.4 million in Q4 2024.
- Adjusted EBITDA swung dramatically to adverse $1.49 billion, in contrast with constructive $796 million in the identical interval final yr.
- For the complete yr, MARA reported a web lack of $1.3 billion, in contrast with web revenue of $541 million in 2024.
This exhibits how mark-to-market accounting can amplify volatility for large Bitcoin treasuries. Despite the earnings hit, MARA ended 2025 with 53,822 BTC on its steadiness sheet, up 20% YoY.
At a year-end valuation of roughly $87,498 per Bitcoin, these holdings had been price roughly $4.7 billion. Of the overall:
- 38,507 BTC had been unrestricted,
- 9,377 had been loaned, and
- 5,938 had been pledged as collateral.
This means about 28% of its Bitcoin stack is encumbered. The firm generated $32.1 million in curiosity revenue from lending actions in the course of the yr.
Liquidity remained substantial. MARA reported about $5.3 billion in mixed unrestricted money and Bitcoin holdings, together with loaned and pledged property.
It additionally raised $568.6 million in 2025 by way of its at-the-market (ATM) program however suspended utilization in Q4, marking the primary quarter since 2022 with out tapping the power.
Operationally, the miner continued to broaden. Energized hashrate reached a document 66.4 exahash per second (EH/s) in Q4, up 25% from a yr earlier. However, this was under its beforehand said 75 EH/s goal as administration emphasised capital self-discipline.
AI Infrastructure Pivot Reshapes MARA’s Growth Strategy
Bitcoin manufacturing totaled 2,011 BTC within the quarter, down 6% YoY, reflecting greater community issue and seasonal vitality pressures.
Purchased vitality value per Bitcoin rose to $48,611 in Q4, whereas value per petahash per day improved 4% to $30.5. It factors to effectivity positive factors from the deployment of newer tools.
Beyond mining, MARA is accelerating a strategic pivot towards vitality and digital infrastructure, notably AI and high-performance computing (HPC).
The firm introduced a joint venture with Starwood Digital Ventures to develop hyperscale, enterprise, and AI-capable knowledge facilities.
The partnership goals to ship roughly 1 gigawatt (GW) of near-term IT capability, with a roadmap exceeding 2.5 GW over time.
MARA can make investments as much as 50% within the tasks, positioning itself for recurring infrastructure income and diminished publicity to Bitcoin worth swings.
The firm additionally highlighted its 64% stake in Exaion and the acquisition of a 42-megawatt knowledge middle in Nebraska as a part of its AI/HPC growth technique.
Adding to market intrigue, MARA lately updated its government compensation metrics in an 8-Okay submitting. The firm tied inventory awards to megawatt capability and contracted recurring income somewhat than solely to mining output.
The submitting additionally launched a change-of-control provision below which efficiency targets would mechanically be handled as achieved if the corporate is bought. This transfer has fueled takeover hypothesis amongst traders.
Taken collectively, MARA seems to be balancing a large Bitcoin treasury with an formidable infrastructure buildout.
If that is true, then its transformation from a pure-play miner to a diversified vitality and AI platform might decide whether or not it may possibly easy earnings volatility within the subsequent crypto cycle.
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