Bitcoin miner MARA Holding released its financial report for the fourth quarter of 2025, revealing a net loss of $1.7 billion compared to a profit of $528.3 million the previous year.
The decline was attributed to a $1.5 billion negative revaluation of digital assets amid a 30% drop in the leading cryptocurrency over three months. The firm is the second-largest holder of Bitcoin, managing 52,850 BTC valued at $3.5 billion.
Revenue fell by 6% to $202.3 million, down from $214.4 million in the previous comparable reporting period.
For the entire year of 2025, MARA recorded a net loss of $1.31 billion, contrasting with a profit of $541 million in 2024. However, annual revenue increased from $656.4 million to $907.1 million.
The company expanded its capacity by 25% to 66.4 EH/s but mined only 2,011 BTC, fewer than the 2,144 coins in the third quarter. The number of blocks mined fell by 15% to 595. Meanwhile, the cost of electricity rose from $31,608 to $48,611 per BTC.
Shift to AI
Alongside the report, MARA unveiled a multi-year transformation strategy, shifting from a pure Bitcoin miner to an energy and digital infrastructure company.
MARA announced a joint venture with Starwood Capital Group to build AI-focused data centers. The miner aims to provide around 1 GW of capacity in the near term, with potential expansion to 2.5 GW.
The firm secured the right to invest up to 50% in each individual project, retaining the option to continue mining at sites with favorable energy rates.
Separately, the company highlighted the acquisition of a 64% stake in Exaion in February, describing it as part of a strategy to create infrastructure for “sovereign” and corporate AI projects.
Following the news of its pivot to artificial intelligence, MARA’s shares rose by 13%. However, over the past six months, the miner’s stock has fallen by more than 46%.
TeraWulf
Bitcoin miner TeraWulf reported a 20.3% increase in annual revenue to $168.5 million, including $16.9 million from newly launched HPC capacity leasing operations. However, net loss rose from $72.4 million the previous year to $661.4 million.
Fourth-quarter 2025 profit declined due to weakened Bitcoin mining operations. Revenue from digital assets fell from $43.4 million to $26.1 million. However, losses were partially offset by increased hosting revenue: HPC leasing income rose from $7.2 million to $9.7 million for the quarter.
The company described the past year as a “turning point,” securing long-term data center leasing agreements for 522 MW of IT load with guaranteed revenue exceeding $12.8 billion and $6.5 billion in financing.
Currently, TeraWulf’s key projects focus on long-term AI and cloud clients at Lake Mariner (New York) and Abernathy HPC (Texas) sites. In February, the firm also acquired facilities in Kentucky and Maryland, adding approximately 1.5 GW of capacity to its portfolio.
The company’s shares closed Thursday down 0.22% at $17.88. However, over the past month, the stock has risen by 29.66%.
In February, mining company Bitdeer announced the sale of all mined and held coins—about 943.1 BTC. Company representatives explained the decision as a desire to acquire new facilities.