MARA Holdings reported a fourth quarter 2025 internet lack of $1.71 billion, or $4.52 per diluted share, versus internet earnings of $528.3 million a 12 months earlier.
Earnings hit by bitcoin markdowns
Income fell 6% 12 months over 12 months to $202.3 million, which the corporate stated mirrored a decrease common bitcoin value regardless of increased hashrate.
MARA stated earnings had been pressured by a $1.50 billion adverse change within the honest worth of digital property and receivables, tied to bitcoin’s decline from about $114,300 on Sept. 30 to roughly $88,800 on Dec. 31.
For full-year 2025, the miner reported a internet lack of $1.31 billion in contrast with internet earnings of $541 million in 2024, whilst income rose to $907.1 million from $656.4 million.
Manufacturing and treasury place
Marathon mined 2,011 BTC in This autumn 2025, down 6% from 2,144 BTC within the prior quarter and a pair of,492 BTC within the year-earlier interval.
It mined 8,799 BTC for the complete 12 months, in contrast with 9,430 BTC in 2024.
The corporate ended 2025 holding 53,822 BTC, together with 15,315 BTC loaned or pledged as collateral, with the stability sheet place valued at about $4.7 billion at a quarter-end spot value of $87,498.
AI and HPC pivot
In its shareholder letter, Marathon described a multi-year shift towards changing into an power and digital infrastructure firm.
The corporate stated it shaped a three way partnership with Starwood Digital Ventures to develop AI and high-performance compute knowledge facilities at power-rich websites.
Marathon said:
“from a pure-play Bitcoin miner into an power and digital infrastructure firm.”
It stated the partnership targets greater than 1 gigawatt of IT capability initially, with a roadmap that would prolong above 2.5 gigawatts, and famous it might make investments as much as 50% in particular person initiatives whereas persevering with to mine the place energy stays engaging.
Miners take completely different approaches
Marathon’s technique comes as different miners report losses and pursue completely different pivots.
Hut 8 reported a fourth-quarter internet lack of $279.7 million whereas leaning right into a $7 billion AI knowledge heart lease.
Trump-backed American Bitcoin reported a $59.5 million This autumn 2025 loss whereas persevering with a mine-and-hoard bitcoin mannequin.