Bitcoin Miner MARA Reports $1.7B Quarterly Loss on BTC Drop

Bitcoin miner MARA Holdings disclosed a $1.71 billion net loss for the fourth quarter of 2025, as a sharp decline in BTC prices erased billions in digital asset value from its balance sheet. The company simultaneously unveiled a pivot toward artificial intelligence and high-performance compute infrastructure.

How Much Did MARA Lose in Q4 2025?

MARA Holdings recorded a Q4 2025 net loss of $1.71 billion, or $4.52 per diluted share, a stark reversal from net income of $528.3 million, or $1.24 per diluted share, in the same quarter of 2024. The primary driver was a $1.5 billion negative change in the fair value of digital assets, according to the company's shareholder letter filed with the US Securities and Exchange Commission.

The markdown reflected Bitcoin's slide from roughly $114,300 on September 30 to $88,800 on December 31, based on CoinGecko data. Revenue came in at $202.3 million, down 6% from $214.4 million a year earlier, as the lower average BTC price more than offset gains from a higher hashrate.

Full-Year 2025 Results and Production Numbers

For the full year 2025, MARA booked a net loss of $1.31 billion, compared with net income of $541 million in 2024, despite annual revenue climbing to $907.1 million from $656.4 million. The gap between rising revenue and deepening losses underscores how fair-value accounting for Bitcoin holdings can overwhelm operational gains during price declines.

On the production front, MARA mined 2,011 BTC in Q4 2025, a 6% drop from 2,144 BTC the prior quarter and below 2,492 BTC in Q4 2024. Full-year output totaled 8,799 BTC, down from 9,430 BTC in 2024. The company ended the year holding 53,822 BTC, including 15,315 BTC loaned or pledged as collateral, valued at roughly $4.7 billion at a quarter-end spot price of $87,498 per coin.

MARA Pivots Toward AI and Energy Infrastructure

Alongside its Q4 results, MARA used its shareholder letter to outline a multi-year transformation from a pure-play Bitcoin miner into an energy and digital infrastructure company. The centerpiece is a strategic joint venture with Starwood Digital Ventures to develop AI and high-performance compute data centers at MARA's power-rich sites.

The Starwood partnership is designed to support more than 1 gigawatt of IT capacity in its initial phase, with a roadmap that could extend above 2.5 gigawatts over time. MARA retains the option to invest up to 50% in individual projects while continuing to mine Bitcoin wherever power economics remain attractive. The company also spotlighted its acquisition of a 64% stake in Exaion to target sovereign-grade and enterprise AI deployments.

We are transitioning from a pure-play Bitcoin miner into an energy and digital infrastructure company.

— MARA Holdings, Q4 2025 Shareholder Letter

What Does This Mean for Bitcoin Miners?

MARA's massive quarterly loss and strategic pivot reflect the broader pressure facing Bitcoin miners as BTC prices remain depressed. The company's stock has fallen 46% over the past six months, illustrating the toll the drawdown has taken on mining equities.

Other major miners are charting their own paths. Hut 8 reported a Q4 net loss of $279.7 million on Wednesday while leaning into a $7 billion AI data center lease. Trump-backed American Bitcoin disclosed a $59.5 million Q4 2025 loss on Thursday yet continues to double down on its mine-and-hoard BTC model. The divergent approaches suggest the mining sector is at an inflection point, with companies choosing between diversification into AI compute and doubling down on Bitcoin accumulation.