Shares of MARA Holdings climbed 13% in premarket trading Friday, even after the Bitcoin miner reported a $1.71 billion net loss for the fourth quarter, as investors focused on the company’s shift toward artificial intelligence and high-performance computing.
The company posted a net loss of $1.71 billion for Q4 2025, compared with net income of $528.3 million during the same period a year earlier. Revenue for the quarter fell 6% to $202.3 million, according to a filing with the Securities and Exchange Commission, as lower Bitcoin prices offset gains from higher network hash rate.
The largest driver of the quarterly loss was a $1.5 billion negative revaluation of digital assets following a decline in the price of Bitcoin. Under fair-value accounting rules, companies must adjust the carrying value of their digital asset holdings each quarter to reflect market prices, creating swings in reported earnings.
For the full year 2025, MARA reported a net loss of $1.31 billion, compared with net income of $541 million in 2024. Annual revenue rose to $907.1 million from $656.4 million the prior year, reflecting expanded operations and increased Bitcoin production earlier in the cycle.
During the fourth quarter, MARA mined 2,011 BTC, down 6% from the third quarter and below the 2,492 BTC mined in the year-ago period. Total production for 2025 reached 8,799 BTC, compared with 9,430 BTC in 2024.
As of Dec. 31, the company held 53,822 BTC, including 15,315 BTC pledged as collateral. Based on a quarterly price of $87,498 per coin, the value of its Bitcoin reserves stood near $4.7 billion at quarter’s end.
Over the past six months, MARA shares have fallen roughly 45%, reflecting pressure across the mining sector tied to Bitcoin price volatility and post-halving economics.
MARA is moving to AI
Alongside its earnings report, MARA outlined a strategic pivot aimed at transforming the firm from a pure-play Bitcoin miner into an energy and digital infrastructure company.
The company announced a joint venture with Starwood Digital Ventures to develop AI-focused and high-performance computing data centers at select sites with access to low-cost power and grid capacity.
The first phase of the initiative targets more than one gigawatt of IT infrastructure, with potential expansion to 2.5 gigawatts.
Projects will be structured on a site-by-site basis, with MARA retaining stakes of up to 50% while continuing Bitcoin mining operations where economics support it.
Earlier this month, MARA acquired a 64% stake in Exaion, a firm that provides AI and high-performance computing solutions for corporate and government clients, signaling its intent to diversify beyond mining.
The strategy mirrors a broader industry shift as miners seek ways to make money due to tighter margins and fluctuating Bitcoin prices. Over the last couple of months, major Bitcoin mining firms like Cipher and Bitfarms have been aggressively repurposing their energy-heavy infrastructure into AI and high-performance computing data centers to diversify revenue as traditional mining margins shrink.