Bitcoin mining firm MARA Holdings has disclosed a $1.7 billion loss in its unaudited Q4 earnings report, as per an official press release on Thursday.
The update comes as prominent industry players in Bitcoin mining are shifting towards AI infrastructure due to the massive potential returns. In the majority of cases, companies are transitioning existing infrastructure to fill the energy needs for the emerging tech sector.
MARA Holdings is now leaning primarily towards converting its existing sites, which power Bitcoin mining for its core operations, into AI infrastructure sites through a key partnership with Starwood. Investors questioned CEO Fred Thiel on the specifics of this deal. The company has also closed an investment in HPC data centre firm Exaion—a subsidiary of energy company EDF—as part of an earlier investment agreement inked with EDF’s venture arm EDF Pulse Ventures that would allow Mara Holdings to increase its stake in Exaion upto 75% by 2027.
“Exaion is part of our broader international strategy to position MARA as a power advantaged digital infrastructure platform beyond the United States,” said CEO Fred Thiel in a company shareholder letter.
While he couldn’t provide exact estimates on how much the switch to a new sector would earn or how exactly these sites would be converted into new infrastructure, he indicated to investors and analysts in the earnings call that it would be quite easy to manage. Thiel has said energy used to power its Bitcoin mining operations can be used to power AI infrastructure.
MARA Holdings’ core business of Bitcoin mining sites is not as lucrative as it used to be, especially after the massive dip in BTC’s price from its all time high of $126,198.07 and an increase in energy costs to $48,611 per BTC, up from $31,608 in Q4 2024. BTC production was down by 19% on a y-o-y basis to 2,011 BTC
BTC holdings increased by 20% from Q4 2024 to 53,822 BTC by year’s end. Revenues decreased on a year-on-year basis to $202 million. On the bottom line, MARA holdings incurred a huge loss of $1.7 billion in Q4 2025. Year-end liquidity was primarily comprised of cash and BTC, estimated at $5.3 billion.
At the time of writing, MARA Holdings was trading at $9.16, up by 8.34%.