MARA Reports Q4 2025 Financials: Revenue Declines 6% Amidst Bitcoin Price Drop

Bitcoin miner MARA has released its fourth-quarter 2025 financial results, revealing a 6% year-over-year decrease in revenue, totaling $202.3 million. The decline was attributed to falling Bitcoin prices, which led the company to record approximately $1.5 billion in unrealized losses on the fair value of its digital assets. This resulted in a net loss of $1.7 billion for the quarter, with adjusted EBITDA standing at -$1.49 billion.

Despite the financial downturn, MARA reported an increase in its computing power, reaching 66.4 EH/s. However, the company only mined 2,011 BTC during the quarter, a 15% year-over-year decrease in block count. The cost of electricity per BTC mined rose to $48,611.

As of year-end, MARA held 53,822 BTC, valued at approximately $470 million based on the quarter-end price. Of this total, 15,315 BTC were out on loan or pledged as collateral, generating roughly $32.1 million in interest income for the full year.

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