Bitcoin miner MARA posts $1.7B quarterly loss on BTC slump

MARA reported a $1.71 billion quarterly loss as Bitcoin fair‑value markdowns hit earnings, and the company laid out a major push into AI and high‑performance compute.

MARA Holdings (MARA) reported a fourth quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, compared with net income of $528.3 million, or $1.24 per diluted share, in the same period a year earlier. 

Its shareholder letter filed with the US Securities and Exchange Commission (SEC) said revenue in Q4 fell 6% to $202.3 million from $214.4 million in Q4 of 2024, as a lower average Bitcoin (BTC) price outweighed the impact of a higher hashrate. 

For the full year 2025, Marathon booked a net loss of $1.31 billion, compared with net income of $541 million in 2024, even though its revenue rose to $907.1 million from $656.4 million a year earlier.

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