Marathon Holdings (formerly MARA), the world's largest publicly traded Bitcoin miner, reported fourth-quarter 2025 revenue of $202.3 million, a 6% decline from $214.4 million in the same period of 2024, and a staggering net loss of $1.7 billion. The company also unveiled a strategic shift from a pure-play Bitcoin miner to an energy and digital infrastructure company, partnering with Starwood Digital Ventures to develop next-generation AI data centers.
Financial Performance: Revenue Decline and Massive Loss
Marathon's Q4 2025 revenue came in at $202.3 million, down from $214.4 million a year earlier, primarily due to a 14% drop in the average price of Bitcoin mined during the quarter. For the full year ended Dec. 31, 2025, the company generated $907.1 million in revenue, up 38% from $656.4 million in 2024. This annual growth was largely fueled by a 53% increase in the average Bitcoin price, which contributed $301.4 million to revenue. However, a 6.7% decline in Bitcoin production (8,799 BTC in 2025 vs. 9,430 BTC in 2024) and a $22.3 million decrease in hosting service revenue partially offset the gains.
The company posted a net loss of $1.7 billion, or $4.52 per diluted share, for the fourth quarter, compared to net income of $528.3 million ($1.24 per share) in Q4 2024. Full-year 2025 net loss stood at $1.3 billion, versus net income of $541 million in the prior year. The sharp deterioration was driven by a $1.5 billion drop in operating income, including $772.8 million in accelerated depreciation and amortization, $425.7 million in unfavorable Bitcoin mark-to-market adjustments, and $82.8 million in goodwill impairment.
Production and Hashrate: Daily Bitcoin Output Drops, Hashrate Continues to Rise
Daily Bitcoin production averaged 21.9 BTC in Q4 2025, down from 27.1 BTC in Q4 2024, resulting in 481 fewer BTC mined quarter-over-quarter. Full-year production totaled 8,799 BTC, compared to 9,430 BTC in 2024. The number of blocks won also fell by 15% year-over-year in Q4. Despite lower production, Marathon continued to expand its hashrate, increasing from 53.2 EH/s to 66.4 EH/s during 2025 — a 25% boost — signaling sustained commitment to mining operations.
Strategic Pivot: From Bitcoin Miner to AI Infrastructure Player
In its Q4 shareholder letter, Marathon announced a fundamental shift from being a “pure-play Bitcoin miner” to an “energy and digital infrastructure company.” The company has formed a joint venture with Starwood Digital Ventures to develop, finance, and operate next-generation digital infrastructure targeting enterprise, hyperscale, and AI customers, leveraging its power-rich asset portfolio. Marathon stated that the recent decline in Bitcoin prices and the accretive nature of the Starwood partnership led it to prioritize capital allocation toward the highest-value near-term opportunities.
However, Marathon insists Bitcoin remains a core pillar of its strategy. The company noted that its Bitcoin holdings provide balance sheet liquidity and strategic optionality. “While the timing of a recovery in Bitcoin prices is difficult to predict, our long-term conviction in the asset class remains unchanged. We believe that recent volatility reflects broader macro uncertainty rather than a deterioration in Bitcoin’s underlying fundamentals,” the company explained.
Key FAQs: Why did Q4 revenue fall? A 14% drop in Bitcoin prices. How large was the Q4 loss? $1.7 billion net loss. Is Marathon exiting Bitcoin mining? No, it boosted hashrate to 66.4 EH/s. Why pivot to AI? To offset Bitcoin volatility and capture new demand from enterprise and hyperscale clients.