Q4 Results: $1.71B Net Loss, Premarket Stock Still Rises 13%
MARA Holdings (MARA) saw its premarket stock climb 13% after reporting a $1.71 billion net loss for the fourth quarter of 2025. The market's attention centered on the company's pivot toward artificial intelligence and high-performance computing (HPC). In the same period a year earlier, MARA had posted net income of $528.3 million.
Revenue for the quarter fell 6% year over year to $202.3 million, according to an SEC filing, as lower Bitcoin prices offset gains from a higher network hash rate. The main driver of the quarterly loss was a $1.5 billion negative revaluation of digital assets under fair-value accounting rules, which require companies to adjust the carrying value of their crypto holdings each quarter to reflect market prices.
For the full year 2025, MARA reported a net loss of $1.31 billion, compared with net income of $541 million in 2024. Annual revenue rose to $907.1 million from $656.4 million, reflecting expanded operations and increased Bitcoin production earlier in the cycle.
Mining Output Down, Bitcoin Reserves Worth ~$4.7B
During the fourth quarter, MARA mined 2,011 BTC, down 6% from the third quarter and below the 2,492 BTC mined in the year-ago period. Total production for 2025 reached 8,799 BTC, compared with 9,430 BTC in 2024. As of Dec. 31, the company held 53,822 BTC, including 15,315 BTC pledged as collateral. Based on the quarterly average price of $87,498 per coin, the value of its Bitcoin reserves stood near $4.7 billion at quarter's end.
Over the past six months, MARA shares have fallen roughly 45%, reflecting pressure across the mining sector tied to Bitcoin price volatility and post-halving economics.
Strategic Pivot to AI: JV for Data Centers, Acquisition of Exaion
Alongside its earnings release, MARA outlined a plan to transform from a pure-play Bitcoin miner into an energy and digital infrastructure company. The company announced a joint venture with Starwood Digital Ventures to develop AI-focused and HPC data centers at select sites with access to 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 on a site-by-site basis, with MARA retaining stakes of up to 50% while continuing Bitcoin mining operations where economics support it. Earlier this month, MARA acquired a 64% stake in Exaion, a provider of AI and HPC solutions for corporate and government clients, signaling its intent to diversify beyond mining.
Industry Trend: Miners Embrace AI Infrastructure Amid Halving Pressure
MARA's pivot mirrors a broader industry shift. As Bitcoin mining margins shrink due to the 2024 halving and volatile prices, major mining firms like Cipher and Bitfarms have been aggressively repurposing their energy-intensive facilities into AI and HPC data centers to diversify revenue. By leveraging existing power infrastructure and grid access, these miners aim to capture higher-value computing workloads while maintaining optionality in Bitcoin production.