Fri February 27, 2026 ▪
3
min read ▪ by
Bitcoin is not just shaking up the crypto market in general. It also affects the accounts of many companies, including MARA. The miner just reported a net loss of $1.71 billion in Q4 2025, due to the fall in valuation associated with Bitcoin. More details below!
In short
- Bitcoin caused a loss of $1.71 billion in accounting valuation.
- MARA retains 53,822 BTC and accelerates AI/HPC pivot with Starwood.
Bitcoin’s Fall: ‘Fair Value’ Triggers Accounting Shock
The shareholder letter highlights the key line: a negative variance of $1.50 billion on digital assets and related claims. MARA attributes the shock to bitcoin’s decline, which fell from around $114,300 on September 30 to nearly $88,800 on December 31.
The market is also punishing MARA shares: -46% in six months, according to 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. For 2025, the group has a total of 8,799 BTC, down from 9,430 BTC in 2024.
Bitcoin holdings: 53,822 BTC, including 15,315 BTC pledged as collateral
According to the shareholder letter, MARA ends 2025 with 53,822 BTC on its balance sheet. The group specifies 15,315 BTC lent or pledged as collateral. The accounting valuation reaches approximately 4.7 billion dollars, calculated with spot price of $87,498 per bitcoin at the end of the quarter.
To mitigate risks, MARA wants to be less dependent on Bitcoin. In this regard, the group announces a joint venture with Starwood Digital Ventures. Objective? Develop AI/HPC data centers in energy-rich locations. The initial phase targets over 1 gigawatt of IT capacity, with a trajectory that may exceed 2.5 gigawatts. It also commemorates the February acquisition of a 64% stake in Exaion.
In any case, the fourth quarter of 2025 shows a key point: Bitcoin still dictates the profitability of miners through pricing rules. The coming quarters will show if MARA’s strategic shift will actually ease volatility or if the sector remains doomed to follow the pace of the crypto market.
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My name is Ariela and I am 31 years old. I have been working in the field of web development for 7 years. I only discovered trading and cryptocurrencies a few years ago, but it’s a universe I’m very interested in. The topics on the platform allow me to learn more. As a singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
