MARA Stock Surges Past $1.71B Loss on AI Data Center Shift

What to Know

$1.71 billion — MARA Holdings posted a massive fourth-quarter net loss driven by a Bitcoin revaluation hit
13% — Shares jumped in premarket trading on Friday as investors embraced the company's AI infrastructure strategy
1 gigawatt — MARA's joint venture with Starwood Digital Ventures targets over one gigawatt of AI and HPC data center capacity
45% — MARA stock has declined roughly 45% over six months amid post-halving mining pressure

MARA Holdings saw its stock climb 13% in premarket trading on Friday despite the Bitcoin miner disclosing a $1.71 billion net loss for Q4 2025. Investors rallied around the company's aggressive pivot toward artificial intelligence and high-performance computing data centers, signaling confidence in a fundamental shift in strategy.

MARA Reports $1.71 Billion Q4 Loss on Bitcoin Revaluation

MARA Holdings posted a net loss of $1.71 billion for Q4 2025, a sharp reversal from $528.3 million in net income during the same quarter a year earlier, according to a filing with the Securities and Exchange Commission. Revenue declined 6% to $202.3 million, as lower Bitcoin prices erased gains from improved hash rate.

The main driver was a $1.5 billion negative revaluation of digital assets. Under fair-value accounting rules, firms must mark cryptocurrency holdings to prevailing market prices each quarter, producing wide swings in reported earnings.

For the full year 2025, MARA reported a net loss of $1.31 billion, versus net income of $541 million in 2024. Annual revenue climbed to $907.1 million from $656.4 million, reflecting expanded operations and higher Bitcoin output earlier in the cycle.

Mining Output Slips as BTC Reserves Near $4.7 Billion

MARA mined 2,011 BTC during Q4, a 6% drop from the prior quarter and below the 2,492 BTC produced a year ago. Full-year production reached 8,799 BTC, down from 9,430 BTC in 2024, reflecting headwinds from the most recent Bitcoin halving.

As of December 31, the company held 53,822 BTC, including 15,315 BTC pledged as collateral. At a quarterly price near $87,498 per coin, those reserves were valued at roughly $4.7 billion. Over six months, MARA shares have dropped about 45% amid sector-wide pressure from Bitcoin volatility and tighter post-halving margins.

Why Did MARA Stock Jump Despite a Massive Loss?

Investors focused on MARA's transformation into an energy and digital infrastructure company. Alongside its earnings, MARA announced a joint venture with Starwood Digital Ventures to build AI-focused and high-performance computing data centers at sites with low-cost power and grid capacity.

The first phase targets more than one gigawatt of IT infrastructure, with potential expansion to 2.5 gigawatts. Projects will be structured site by site, with MARA retaining stakes of up to 50% while continuing Bitcoin mining where economics support it.

Earlier this month, MARA also acquired a 64% stake in Exaion, a firm providing AI and high-performance computing solutions for corporate and government clients, underscoring its push to diversify beyond pure-play mining.

What Does the AI Pivot Mean for Miners?

MARA's shift mirrors a broader industry movement in which major Bitcoin mining firms such as Cipher and Bitfarms are repurposing energy-heavy infrastructure for AI and high-performance computing workloads as traditional mining margins shrink.

The strategy could deliver more predictable revenue and reduce exposure to Bitcoin's boom-and-bust cycles. With over one gigawatt of planned AI data center capacity and a growing enterprise computing footprint through Exaion, MARA is betting its future on the convergence of cryptocurrency infrastructure and artificial intelligence. Whether that vision translates into sustained share price recovery will depend on how quickly these ventures generate meaningful cash flow.