MARA Holdings (MARA) reported a 4th quarter 2025 bottom line of $1.71 billion, or $4.52 per diluted share, compared to earnings of $528.3 million, or $1.24 per diluted share, in the very same duration a year previously.
Its investor letter submitted with the United States Securities and Exchange Commission (SEC) stated income in Q4 fell 6% to $202.3 million from $214.4 million in the year-earlier duration, as a lower typical Bitcoin (BTC) rate surpassed the effect of a greater hashrate.
For the complete year 2025, MARA reserved a bottom line of $1.31 billion, compared to earnings of $541 million in 2024, despite the fact that its income increased to $907.1 million from $656.4 million.
The business stated that its Q4 earnings was struck by a $1.5 billion unfavorable modification in the reasonable worth of digital possessions and digital possessions receivable, showing the decrease in Bitcoin’s rate from around $114,300 on Sept. 30 to $88,800 on Dec. 31, according to information from CoinGecko.
The business’s share rate likewise took a whipping, with MARA stock down 46% in the previous 6 months.
On the production side, MARA stated that it mined 2,011 BTC in Q4 2025, down 6% from 2,144 BTC in the previous quarter and 2,492 BTC in the year-earlier duration. It mined 8,799 BTC for the complete year, compared to 9,430 BTC in 2024.
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The business stated that it ended 2025 holding 53,822 BTC, consisting of 15,315 BTC lent or promised as security, with its balance sheet BTC valued at about $4.7 billion at a quarter‑end area rate of $87,498 per coin.
MARA’s AI and high‑performance calculate push
Together with the numbers, MARA utilized its Q4 investor letter to lay out a multi‑year shift “from a pure‑play Bitcoin miner into an energy and digital facilities business,” revealing a tactical joint endeavor with Starwood Digital Ventures to establish expert system (AI) and high‑performance calculate (HPC) information centers at its power‑rich websites.
MARA stated the Starwood collaboration was developed to support more than 1 gigawatt of IT capability in its preliminary stage, with a roadmap that might extend above 2.5 gigawatts with time, providing MARA the alternative to invest approximately 50% in specific jobs while continuing to mine where power stays appealing.
The business likewise highlighted its acquisition of a 64% stake in Exaion in February to target “sovereign‑grade” and business AI releases.
Miners diverge on technique as drawdown bites
MARA’s hybrid method comes as other significant miners continue to try out various playbooks in action to the current Bitcoin drawdown.
Hut 8 reported a fourth‑quarter bottom line of $279.7 million on Wednesday, as it leans into a $7 billion AI information center lease. Trump‑backed American Bitcoin reported a $59.5 million Q4 2025 loss on Thursday, yet it continues to double down on its mine-and-hoard BTC design.
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