"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."
"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."
"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."
MARA Holdings experienced a significant quarterly net loss of $1.71 billion in Q4 2025, primarily due to a $1.5 billion negative revaluation of digital assets following Bitcoin price declines. Revenue fell 6% to $202.3 million as lower Bitcoin prices offset gains from increased network hash rate. The company mined 2,011 BTC during the quarter, down 6% from Q3, and holds 53,822 BTC valued near $4.7 billion. Despite the loss, stock prices climbed 13% in premarket trading as investors focused on the company's strategic transformation from a Bitcoin mining operation into an energy and digital infrastructure company emphasizing artificial intelligence and high-performance computing capabilities.
#bitcoin-mining #artificial-intelligence-infrastructure #digital-asset-valuation #strategic-pivot #cryptocurrency-economics
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