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MARA Holdings reported preliminary, unaudited Q4 and full-year 2025 results, showing revenue growth, record energized hashrate, and a larger bitcoin treasury. The quarter also highlighted how volatile accounting results can get when bitcoin prices move sharply.
MARA said it ended 2025 with 53,822 BTC (including loaned and pledged bitcoin) valued at roughly $4.7 billion using a year-end spot price cited in the letter, and it finished the year with about $5.3 billion in liquid assets (cash plus BTC).
Record hashrate, but fewer blocks in Q4
MARA reported record energized hashrate of 66.4 EH/s at December 31, 2025, up 25% from 53.2 EH/s a year earlier. The company said it deployed about 35,000 new miners during 2025.
Despite the higher hashrate, Q4 production metrics softened versus the prior quarter and year-ago period. MARA won 595 blocks in Q4 (down from 703 a year earlier) and produced 2,011 BTC in the quarter. For the full year, it reported 2,588 blocks won and 8,799 BTC produced.
Revenue rose in 2025, while Q4 slipped year over year
MARA reported Q4 2025 revenue of $202.3 million, down 6% from $214.4 million in Q4 2024. For full-year 2025, revenue increased 38% to $907.1 million from $656.4 million in 2024.
On costs, the shareholder letter highlighted rising energy and difficulty headwinds. Purchased energy cost per bitcoin for owned and operated sites was $48,611 in Q4, versus $31,608 a year earlier, which MARA attributed mainly to higher network difficulty outpacing hashrate growth, plus seasonal and weather-driven power impacts.
Big losses driven by fair-value swings and impairment
The headline bottom line was dominated by fair-value accounting. MARA posted a Q4 net loss of about $1.71 billion (loss per share $4.52) and a full-year net loss of about $1.31 billion (loss per share $3.69).
In the income statement, the company recorded a large change in fair value of digital assets in Q4, plus a goodwill and other assets impairment charge. The letter also reported Adjusted EBITDA of roughly -$1.5 billion in Q4, primarily tied to the decline in the fair value of its bitcoin holdings, with full-year Adjusted EBITDA of about -$330.8 million.
MARA leaned into “activated” BTC and interest income
MARA said that as of year-end it held 53,822 BTC, including 15,315 BTC that were loaned or pledged as collateral (about 28% of total holdings “activated” through its digital asset management strategy). It said 9,377 BTC were loaned to counterparties, generating about $32.1 million of interest income during 2025.
The company also noted that in the second half of 2025 it began selling bitcoin to help fund operations, and it expects to continue monetizing bitcoin opportunistically in 2026 to support liquidity, capital projects, and other initiatives.
Why it matters for crypto
- MARA’s results underline how mining businesses are increasingly a blend of energy infrastructure + BTC treasury management, not just “hashrate.”
- Fair-value accounting can swamp operational progress, creating earnings volatility that matters for public-market crypto exposure.
- Bigger energized hashrate doesn’t guarantee higher BTC output when network difficulty rises faster than fleet growth.
- “Activated” BTC strategies (lending/pledging) show miners looking for yield and flexibility on treasuries.
- The $5.3B liquid assets figure highlights how large miners can act as systemic BTC holders during market drawdowns.
What to watch next
- Whether MARA’s energized hashrate moves closer to or beyond the 75 EH/s target referenced in the letter.
- Any changes in the share of BTC that is loaned/pledged, and how that impacts liquidity risk in volatile markets.
- Power-cost trends and demand-response dynamics that could shift energy cost per BTC in 2026.
- Updates on capital allocation: selling BTC vs. ATM usage vs. infrastructure capex as market conditions evolve.
- Final audited figures when MARA files its year-end reports, since these results are preliminary and unaudited.