MARA Holdings, one of the Bitcoin mining companies closely followed by investors and the industry, announced the financial results for the last quarter of 2025. The company reported a net loss of $1.71 billion in this period, especially due to the impact of Bitcoin’s depreciation. In the same period last year, net income of 528.3 million dollars was announced. This huge difference caused the company to re-evaluate its current operating model.
Bitcoin Value Decline and Financial Consequences
The basis of the loss announced by MARA was the reflection of the rapid and large depreciation in Bitcoin on the accounting records, rather than operational failures. In the last quarter of 2025, the price of Bitcoin decreased by approximately 22 percent, from $ 114,300 to $ 88,800. In accordance with accounting standards, the value of MARA’s Bitcoins was redetermined with the market price, which resulted in a negative write-off of $1.5 billion in net income.
From an operational perspective, revenues fell to $202.3 million in the same period, well below market expectations. The cost of producing one Bitcoin increased by 54 percent compared to last year, reaching $48,611. Although the company’s hashrate increased by 25 percent to 66.4 EH/s, the amount of Bitcoin produced decreased from 2,144 in the previous quarter to 2,011. While the company announced a loss of $4.52 per share, the market was expecting a much more moderate loss.
Large Bitcoin Portfolio and Capital Management
At the end of 2025, MARA holds a total of 53,822 Bitcoins, and at year-end prices, these assets are worth approximately $4.7 billion. The company was not content with just buying and selling, but also used approximately 28 percent of its portfolio, i.e. 15,315 Bitcoins, as loans or collateral throughout the year, and earned $32.1 million in interest income from these transactions.
Another noteworthy step was that the company did not use the share issuance program it has been implementing for a long time in this quarter. This time, MARA acted by directly selling its Bitcoins to finance its operations. It is not yet clear whether this indicates a change in management’s approach to capital allocation.
Turning to Artificial Intelligence and New Collaborations
The main highlight of the letter MARA Holdings shared with investors was the steps towards artificial intelligence (AI) and high-performance IT infrastructure, beyond Bitcoin mining. The company announced that it aims to create 1 gigawatt data center capacity within the scope of its partnership with Starwood Digital Ventures and to increase this capacity to 2.5 gigawatts in the medium term.
Additionally, MARA acquired 64 percent of Exaion, a subsidiary of the French state-owned energy company EDF. Exaion offers enterprise-scale artificial intelligence and cloud computing solutions. With this acquisition, MARA aims to gain technical competence in the European market and expand into revenue areas other than mining.
This strategic change of the company was determined by the fact that the high fluctuation in the price of Bitcoin affected the income statement in an unpredictable way. The aim is to transition to a more stable and predictable income model by investing in artificial intelligence infrastructure.
Although MARA Holdings closed the last quarter of 2025 with a large financial loss, it draws attention with its significant Bitcoin presence on its balance sheet and new infrastructure investments. The results of the company’s collaborations with Starwood and Exaion will become clear in the coming periods.
