MARA Holdings Sees $1.7 Billion Q4 Loss as Bitcoin Volatility Bites

Mara Holdings BTC and Q4 2025 Report. Source: Mara Q4 2025 Report

At a year-end valuation of approximately $87,498 per Bitcoin, those holdings were worth roughly $4.7 billion. Of the total:

• 38,507 BTC were unrestricted,
• 9,377 were loaned, and
• 5,938 were pledged as collateral.

This means about 28% of its Bitcoin stack is encumbered. The company generated $32.1 million in interest income from lending activities during the year.

Liquidity remained substantial. MARA reported about $5.3 billion in combined unrestricted cash and Bitcoin holdings, including loaned and pledged assets.

It also raised $568.6 million in 2025 through its at-the-market (ATM) program but suspended usage in Q4, marking the first quarter since 2022 without tapping the facility.

Operationally, the miner continued to expand. Energized hashrate reached a record 66.4 exahash per second (EH/s) in Q4, up 25% from a year earlier. However, this was below its previously stated 75 EH/s target as management emphasized capital discipline.

AI Infrastructure Pivot Reshapes MARAs Growth Strategy

Bitcoin production totaled 2,011 BTC in the quarter, down 6% YoY, reflecting higher network difficulty and seasonal energy pressures.

Purchased energy cost per Bitcoin rose to $48,611 in Q4, while cost per petahash per day improved 4% to $30.5. It points to efficiency gains from the deployment of newer equipment.

Beyond mining, MARA is accelerating a strategic pivot toward energy and digital infrastructure, particularly AI and high-performance computing (HPC).

The company announced a joint venture with Starwood Digital Ventures to develop hyperscale, enterprise, and AI-capable data centers.

MARA announces a strategic partnership with Starwood Digital Ventures to accelerate delivery of cutting-edge hyperscale, enterprise, and AI capable digital infrastructure.

The partnership aims to deliver approximately 1 gigawatt (GW) of near-term IT capacity, with a roadmap exceeding 2.5 GW over time.

MARA can invest up to 50% in the projects, positioning itself for recurring infrastructure revenue and reduced exposure to Bitcoin price swings.

The company also highlighted its 64% stake in Exaion and the acquisition of a 42-megawatt data center in Nebraska as part of its AI/HPC expansion strategy.

Adding to market intrigue, MARA recently updated its executive compensation metrics in an 8-K filing. The company tied stock awards to megawatt capacity and contracted recurring revenue rather than solely to mining output.

The filing also introduced a change-of-control provision under which performance targets would automatically be treated as achieved if the company is sold. This move has fueled takeover speculation among investors.

After the close yesterday MARA filed an 8-K updating exec comp: stock awards now tied to overall MW capacity + contracted recurring revenue (not just mining output), and importantly, there is a new change of control provision: if the company gets sold those performance targets…

Taken together, MARA appears to be balancing a massive Bitcoin treasury with an ambitious infrastructure buildout.