Bitcoin is not just shaking up the crypto market in general. It also impacts the accounts of many companies, including MARA. The miner has just published a net loss of $1.71 billion in Q4 2025, driven by a drop in valuation linked to bitcoin. More details below!
In brief
- Bitcoin caused a loss of $1.71 billion via book valuation.
- MARA retains 53,822 BTC and accelerates an AI/HPC pivot with Starwood.
Bitcoin falling: “fair value” triggers an accounting shock
The letter to shareholders points to a decisive line: $1.50 billion negative variation on digital assets and associated claims. MARA links this shock to the decline in bitcoin, which fell from around $114,300 on September 30 to almost $88,800 on December 31.
The market is also sanctioning MARA action: -46% over six months according to the data. On the production side, MARA mines 2,011 BTC in Q4 2025compared to 2,144 BTC in the previous quarter and 2,492 BTC a year earlier. Over the year 2025, the group therefore totals 8,799 BTC, compared to 9,430 BTC in 2024.
Bitcoin reserves: 53,822 BTC, including 15,315 BTC committed as collateral
According to the letter to shareholdersMARA ends the year 2025 with 53,822 BTC on the balance sheet. The group specifies 15,315 BTC lent or committed as collateral. The accounting valuation reaches approximately $4.7 billion, calculated with a spot price of $87,498 per bitcoin at the quarterly close.
To mitigate the risks, MARA wants to depend less on bitcoin. In this sense, the group announces a joint venture with Starwood Digital Ventures. Objective ? Develop AI/HPC data centers on energy-rich sites. The initial phase targets more than 1 gigawatt of IT capacity, with a trajectory that could exceed 2.5 gigawatts. He also recalls the acquisition of a 64% stake in Exaion in February.
In any case, Q4 2025 illustrates a key point: bitcoin still dictates the profitability of miners via valuation rules. The next few quarters will tell whether MARA's strategic shift really dampens volatility or whether the sector will remain doomed to keep up with the pace of the crypto market.
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