Key fourth-quarter 2025 metrics disclosed by the company include:
- Revenue: $202.3 million
- Net loss: $1.7 billion
- Adjusted EBITDA: negative $1.5 billion
- Energized hashrate: 66.4 EH/s
- Bitcoin mined: 2,011 BTC
- Bitcoin purchased: 1,670 BTC
- Total Bitcoin holdings: 53,822 BTC
- Bitcoin loaned or pledged: 15,315 BTC
- Purchased energy cost per BTC: $48,611
- Average cost per kWh: $0.05
- Total blocks won: 595
MARA Holdings released its preliminary, unaudited financial results for the fourth quarter and fiscal year 2025 in a shareholder update and earnings discussion. The report outlined changes in revenue, profitability, operational capacity, and Bitcoin treasury positioning compared with the same period in 2024. The company disclosed declines in revenue and earnings during the quarter, alongside continued growth in energized hashrate and digital asset holdings.
The results also provided updated figures related to cost structure, energy efficiency, mining output, and Bitcoin accumulation. These metrics reflect the company’s operational and financial performance for the period ending December 31, 2025.
Financial Performance
MARA reported fourth-quarter 2025 revenue of $202.3 million, representing a 6% year-over-year decline compared with $214.4 million in the fourth quarter of 2024.
Net income shifted to a loss in the fourth quarter of 2025. The company recorded a net loss of $1.7 billion compared with net income of $528.5 million in the same quarter of 2024. Adjusted EBITDA also declined significantly, reaching negative $1.5 billion in the fourth quarter of 2025 compared with positive $796.0 million in the prior-year period.
The company disclosed that a fair value adjustment related to its Bitcoin holdings was recorded during the quarter. The company disclosed that the change in Bitcoin market prices during the period resulted in a material impact on reported earnings under fair value accounting standards.
Operational Efficiency and Cost Metrics: The shareholder report outlined several cost and efficiency metrics related to mining operations. Cost per petahash per day declined by 4% year-over-year in the fourth quarter of 2025. Purchased energy cost per Bitcoin at owned sites was reported at $48,611 during the quarter. The average cost per kilowatt hour for the period was disclosed at $0.05. The company disclosed energy and operating cost metrics for the fourth quarter of 2025.
Hashrate and Infrastructure Growth: MARA reported continued growth in energized hashrate during the quarter. Energized hashrate increased 25% year-over-year, rising to 66.4 exahashes per second (EH/s) in the fourth quarter of 2025, compared with 53.2 EH/s in the same period of 2024.
Bitcoin Production and Acquisition: During the fourth quarter of 2025, MARA mined 2,011 Bitcoin. In addition to production, the company also purchased 1,670 Bitcoin during the same period. The company reported Bitcoin mining and purchase activity during the fourth quarter of 2025.
Bitcoin Holdings and Treasury Position: As of December 31, 2025, MARA held a total of 53,822 Bitcoin. The company disclosed that this represented a 20% increase compared with the previous year. The total value of these holdings was estimated at approximately $4.7 billion based on prevailing market prices at the end of the reporting period. The report also noted that 15,315 Bitcoin were loaned or pledged as collateral as of the same date.
Mining Output and Network Results: Total blocks won by MARA during the fourth quarter of 2025 declined to 595 compared with 703 in the fourth quarter of 2024. This represents a year-over-year decrease of approximately 15%.
Digital Asset Exposure and Accounting
The company disclosed that fair value accounting adjustments related to digital assets affected reported earnings. Changes in Bitcoin market price during the quarter resulted in a material fair value adjustment that affected net income and EBITDA.
Under fair value accounting, Bitcoin holdings are revalued at the end of each reporting period, and gains or losses are recognized in financial statements.
Reporting and Disclosure
The company stated that these financial results are preliminary and unaudited. The fourth-quarter shareholder letter and earnings discussion were made available to investors through the company’s investor relations platform and are expected to be furnished to the U.S. Securities and Exchange Commission. The company disclosed financial, operational, and digital asset data for the fourth quarter and fiscal year 2025.
MARA announced a strategic partnership with Starwood Digital Ventures to accelerate the development and deployment of advanced hyperscale, enterprise, and AI-capable digital infrastructure. The joint platform is expected to deliver approximately 1 gigawatt (GW) of near-term IT capacity, with a long-term pathway to scale beyond 2.5 GW.
For a deeper look at corporate Bitcoin adoption trends and treasury strategies, explore our latest report on Bitcoin Treasuries: Top Public Companies Holding BTC in 2026. This analysis highlights the largest publicly traded firms accumulating BTC and how their holdings are shaping the digital asset landscape in 2026.
