MARA Hit by Bitcoin Decline: $1.7 Billion Loss in Q4 2025
Bitcoin doesn’t just shake up the crypto market in general. It also impacts the accounts of many companies, including MARA. The miner has just reported a net loss of $1.71 billion in Q4 2025, driven by a valuation drop linked to bitcoin. More details below!
In brief
- Bitcoin caused a $1.71 billion loss through accounting valuation.
- MARA retains 53,822 BTC and accelerates an AI/HPC pivot with Starwood.
Bitcoin decline: the “fair value” triggers an accounting shock
The shareholder letter highlights a key line: $1.50 billion negative variation on digital assets and related receivables. MARA links this shock to the decline of bitcoin, which fell from around $114,300 on September 30 to nearly $88,800 on December 31.
The market also punishes MARA stock: -46% over six months according to data. On the production side, MARA mines 2,011 BTC in Q4 2025, compared to 2,144 BTC in the previous quarter and 2,492 BTC a year earlier. For 2025, the group totals 8,799 BTC, down from 9,430 BTC in 2024.
Bitcoin reserves: 53,822 BTC, including 15,315 BTC pledged as collateral
According to the shareholder letter, MARA ends 2025 with 53,822 BTC on the balance sheet. The group specifies 15,315 BTC lent or pledged as collateral. The accounting valuation reaches about $4.7 billion, calculated with a spot price of $87,498 per bitcoin at quarter close.
To mitigate risks, MARA wants to depend less on bitcoin. In this regard, the group announces a joint venture with Starwood Digital Ventures. Objective? To develop AI/HPC data centers at energy-rich sites. The initial phase targets over 1 gigawatt of IT capacity, with a trajectory possibly exceeding 2.5 gigawatts. It also recalls the acquisition of a 64% stake in Exaion in February.
In any case, Q4 2025 illustrates a key point: bitcoin still dictates miner profitability through valuation rules. The coming quarters will show whether MARA’s strategic shift truly cushions volatility or if the sector will remain doomed to follow the pace of the crypto market.
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
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