Marathon Holdings (MARA), the world's largest publicly traded Bitcoin miner, reported a 6% decline in Q4 2025 revenue to $202.3 million, alongside a staggering net loss of $1.7 billion, driven by lower average Bitcoin prices and reduced mining output.
Revenue and Production Decline
Revenue fell from $214.4 million in Q4 2024, primarily due to a 14% drop in the average price of Bitcoin mined during the quarter. For the full year ended December 31, 2025, Marathon achieved $907.1 million in revenue, up approximately 38% from $656.4 million in 2024. This growth was fueled by a 53% increase in the average Bitcoin price, contributing $301.4 million, but was partially offset by a $28.4 million decline in Bitcoin production and a $22.3 million reduction in hosting revenue.
Daily Bitcoin production averaged 21.9 BTC in Q4, down from 27.1 BTC a year earlier, resulting in 481 fewer BTC mined for the quarter. Full-year production totaled 8,799 BTC, compared to 9,430 BTC in 2024. Additionally, the number of blocks won fell 15% year-over-year.
Massive Losses and Impairment Charges
The company posted a net loss of $1.7 billion ($4.52 per diluted share) in Q4, contrasting sharply with net income of $528.3 million ($1.24 per diluted share) in the same period of 2024. The full-year net loss stood at $1.3 billion, versus net income of $541 million previously. The dramatic swing was driven by a $1.5 billion drop in operating income, including higher depreciation and amortization (accelerated depreciation of $772.8 million), unfavorable Bitcoin mark-to-market adjustments of $425.7 million, and an $82.8 million goodwill impairment.
Strategic Pivot to AI and Digital Infrastructure
In its Q4 shareholder letter, Marathon announced a shift from a "pure-play Bitcoin miner to an energy and digital infrastructure company." It formed a joint venture with Starwood Digital Ventures to develop, finance, and operate next-generation digital infrastructure for enterprise, hyperscale, and AI customers. Marathon explained that recent Bitcoin price challenges prompted the pivot: "Given the decline in Bitcoin prices and the impact of our joint venture, we are prioritizing capital allocation toward the highest-value near-term opportunities."
Nonetheless, the company insists Bitcoin remains a core pillar. During 2025, it increased hashrate from 53.2 EH/s to 66.4 EH/s. Marathon's Bitcoin holdings serve as a liquid balance sheet asset providing strategic optionality and liquidity flexibility. "While the timing of a recovery in Bitcoin prices is difficult to predict, our long-term conviction in the asset class remains unchanged. Recent volatility reflects broader macro uncertainty rather than a deterioration in Bitcoin's fundamentals," the company stated.
FAQ
- Why did Q4 revenue fall? A 14% drop in Bitcoin prices cut earnings.
- How large was the Q4 loss? Marathon posted a $1.7B net loss.
- Is Marathon leaving Bitcoin mining? No, it boosted hashrate to 66.4 EH/s.
- Why pivot to AI? To offset Bitcoin volatility and tap new demand.