Crypto: Bitcoin Miner Mara Posts $1.7b Quarterly Loss On BTC Slump 2026
MARA reported a $1.71 billion quarterly loss as Bitcoin fair‑value markdowns hit earnings and the company laid out a major push into AI and high‑performance compute.
MARA Holdings (MARA) reported a fourth quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, compared with net income of $528.3 million, or $1.24 per diluted share, in the same period a year earlier.
Its shareholder letter filed with the US Securities and Exchange Commission (SEC) said revenue in Q4 fell 6% to $202.3 million from $214.4 million in the year-earlier period, as a lower average Bitcoin (BTC) price outweighed the impact of a higher hashrate.
For the full year 2025, MARA booked a net loss of $1.31 billion, compared with net income of $541 million in 2024, even though its revenue rose to $907.1 million from $656.4 million.
The company said that its Q4 net income was hit by a $1.5 billion negative change in the fair value of digital assets and digital assets receivable, reflecting the decline in Bitcoin’s price from around $114,300 on Sept. 30 to $88,800 on Dec. 31, according to data from CoinGecko.
The company’s share price also took a beating, with MARA stock down 46% in the past six months.
On the production side, MARA said that it mined 2,011 BTC in Q4 2025, down 6% from 2,144 BTC in the prior quarter and 2,492 BTC in the year-earlier period. It mined 8,799 BTC for the full year, compared with 9,430 BTC in 2024.
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The company said that it ended 2025 holding 53,822 BTC, including 15,315 BTC loaned or pledged as collateral, with its balance sheet BTC valued at about $4.7 billion at a quarter‑end spot price of $87,498 per coin.
Alongside the numbers, MARA used its Q4 shareholder letter to outline a multi‑year shift “from a pure‑play Bitcoin miner into an energy and digital infrastructure company,” announcing a strategic joint venture with Starwood Digital Ventures to develop artificial intelligence (AI) and high‑performance compute (HPC) data centers at its power‑rich sites.
Source: CoinTelegraph
