MARA Holdings Inc. posted a $1.7 billion web loss within the fourth quarter (This fall) of 2025, a pointy reversal from the $528 million revenue it recorded a 12 months 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 — However AI Pivot Alerts a New Playbook
MARA’s $1.7 billion This fall loss got here in opposition to the backdrop of a roughly 30% decline in Bitcoin’s worth in the course of the interval. This pressured the corporate to take a $1.5 billion non-cash honest worth write-down on its digital asset holdings.
- Income for the quarter slipped 6% year-over-year (YoY) to $202.3 million, down from $214.4 million in This fall 2024.
- Adjusted EBITDA swung dramatically to detrimental $1.49 billion, in contrast with constructive $796 million in the identical interval final 12 months.
- For the complete 12 months, MARA reported a web lack of $1.3 billion, in contrast with web revenue of $541 million in 2024.
This reveals how mark-to-market accounting can amplify volatility for giant Bitcoin treasuries. Regardless of the earnings hit, MARA ended 2025 with 53,822 BTC on its steadiness sheet, up 20% YoY.
Mara Holdings BTC and This fall 2025 Report. Supply: Mara This fall 2025 Report
At a year-end valuation of roughly $87,498 per Bitcoin, these holdings have been price roughly $4.7 billion. Of the entire:
- 38,507 BTC have been unrestricted,
- 9,377 have been loaned, and
- 5,938 have been pledged as collateral.
This implies about 28% of its Bitcoin stack is encumbered. The corporate generated $32.1 million in curiosity revenue from lending actions in the course of the 12 months.
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 means of its at-the-market (ATM) program however suspended utilization in This fall, marking the primary quarter since 2022 with out tapping the ability.
Operationally, the miner continued to develop. Energized hashrate reached a file 66.4 exahash per second (EH/s) in This fall, up 25% from a 12 months earlier. Nevertheless, this was under its beforehand said 75 EH/s goal as administration emphasised capital self-discipline.
AI Infrastructure Pivot Reshapes MARA’s Development Technique
Bitcoin manufacturing totaled 2,011 BTC within the quarter, down 6% YoY, reflecting increased community issue and seasonal power pressures.
Bought power value per Bitcoin rose to $48,611 in This fall, whereas value per petahash per day improved 4% to $30.5. It factors to effectivity positive factors from the deployment of newer tools.
Past mining, MARA is accelerating a strategic pivot towards power and digital infrastructure, notably AI and high-performance computing (HPC).
The corporate introduced a three way partnership with Starwood Digital Ventures to develop hyperscale, enterprise, and AI-capable information facilities.
MARA proclaims a strategic partnership with Starwood Digital Ventures to speed up supply of cutting-edge hyperscale, enterprise, and AI succesful digital infrastructure.
The joint platform is anticipated to ship roughly 1 GW of near-term IT Capability, with a pathway to… pic.twitter.com/9rE8orvUnG
— MARA (@MARA) February 26, 2026
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 initiatives, positioning itself for recurring infrastructure income and lowered publicity to Bitcoin worth swings.
The corporate additionally highlighted its 64% stake in Exaion and the acquisition of a 42-megawatt information heart in Nebraska as a part of its AI/HPC enlargement technique.
Including to market intrigue, MARA lately up to date its government compensation metrics in an 8-Okay submitting. The corporate tied inventory awards to megawatt capability and contracted recurring income reasonably than solely to mining output.
The submitting additionally launched a change-of-control provision underneath which efficiency targets would routinely be handled as achieved if the corporate is offered. This transfer has fueled takeover hypothesis amongst traders.
After the shut yesterday MARA filed an 8-Okay updating exec comp: inventory awards now tied to general MW capability + contracted recurring income (not simply mining output), and importantly, there’s a new change of management provision: if the corporate will get offered these efficiency targets… https://t.co/F7GChY5ZTW pic.twitter.com/usoZkxlgfW
— matthew sigel, recovering CFA (@matthew_sigel) February 26, 2026
Taken collectively, MARA seems to be balancing a large Bitcoin treasury with an bold infrastructure buildout.
If that is true, then its transformation from a pure-play miner to a diversified power and AI platform might decide whether or not it might probably easy earnings volatility within the subsequent crypto cycle.
