MARA Holdings’ shares surged 13% in pre-market trading on Friday, despite reporting a net loss of $1.71 billion in the fourth quarter of 2025. Investors focused on the company’s strategic shift towards artificial intelligence (AI) and high-performance computing data centers. The quarterly loss contrasted sharply with a $528.3 million profit in the same period last year, while revenue declined by 6% to $202.3 million, reflecting a balance between falling Bitcoin prices and benefits from increased network hash rates.
The primary cause of the loss was a $1.5 billion negative revaluation of digital assets due to declining Bitcoin prices. Under fair value accounting rules, companies must adjust their digital assets to market value each quarter, causing fluctuations in financial results. On an annual basis, MARA reported a loss of $1.31 billion for 2025, compared to a profit of $541 million in 2024. However, annual revenue grew to $907.1 million, driven by expanded operations and increased Bitcoin production.
During the fourth quarter, the company mined 2,011 Bitcoins, fewer than the previous year, and held approximately 53,822 Bitcoins at the end of December 2025, some of which were pledged as collateral, with a market value around $4.7 billion. Over the past six months, MARA’s share price fell about 45%, impacted by Bitcoin price volatility and economic pressures in the mining sector.
In response, MARA announced a new strategy to diversify away from Bitcoin mining by developing AI and high-performance computing data centers. The company partnered with Starwood Digital Ventures to establish data centers in locations with low-cost energy and available grid capacity. The initial phase targets building over one gigawatt of IT infrastructure, expandable to 2.5 gigawatts. MARA plans to hold up to 50% ownership in these projects and continue Bitcoin mining where economically viable.
Additionally, MARA recently acquired a 64% stake in Exaion, a provider of AI and high-performance computing solutions, signaling a move to diversify beyond mining. This strategy reflects efforts to seek alternative revenue sources amid increasing pressures and shrinking margins in the Bitcoin mining industry.
Source: bitcoinmagazine
