Bitcoin miner MARA Holdings released its financial report for the fourth quarter of 2025, showing a net loss of $1.7 billion compared to a profit of $528.3 million the previous year.
The decline was attributed to a negative revaluation of digital assets amounting to $1.5 billion, following a 30% drop in the price of Bitcoin over three months. The company is the second-largest holder of Bitcoin, managing 52,850 BTC valued at $3.5 billion.
Top 3 Bitcoin holders among public companies. Source: BitBo.Revenue fell by 6% to $202.3 million, down from $214.4 million in the same period last year.
For the entire year of 2025, MARA reported a net loss of $1.31 billion, compared to a profit of $541 million in 2024. However, annual revenue increased from $656.4 million to $907.1 million.
The company boosted its capacity by 25% to 66.4 EH/s but mined only 2,011 BTC, down from 2,144 coins in the third quarter. The number of mined blocks decreased by 15% to 595. The cost of electricity rose from $31,608 to $48,611 per BTC.
Shift to AI
Alongside its financial report, MARA unveiled a long-term transformation strategy—"from a pure Bitcoin miner to an energy and digital infrastructure company."
MARA announced a joint venture with Starwood Capital Group to build AI-focused data centers. The miner aims to provide around 1 GW of capacity in the near term, with potential expansion to 2.5 GW.
The firm secured the right to invest up to 50% in each individual project while retaining the ability to continue mining at sites with favorable energy rates.
Additionally, the company highlighted its acquisition of 64% of Exaion in February, calling it part of its strategy to create infrastructure for "sovereign" and corporate AI projects.
Following the news of its pivot to artificial intelligence, MARA's stock rose by 13%. However, over the past six months, the miner's shares have dropped by more than 46%.
Source: Yahoo Finance.TeraWulf
Bitcoin miner TeraWulf reported a 20.3% increase in annual revenue to $168.5 million, which includes $16.9 million from recently launched HPC capacity leasing operations. However, net losses increased from $72.4 million the previous year to $661.4 million.
Fourth-quarter profits for 2025 decreased due to weakened Bitcoin mining operations, with revenue from digital assets dropping from $43.4 million to $26.1 million. Nonetheless, losses were partially offset by increased revenue from hosting, with HPC leasing income rising from $7.2 million to $9.7 million for the quarter.
The company described the past year as a "turning point," having signed long-term data center leasing agreements for 522 MW of IT load with guaranteed revenue exceeding $12.8 billion and secured financing of $6.5 billion.
Currently, TeraWulf's key projects focus on long-term AI and cloud clients at its Lake Mariner (New York) and Abernathy HPC (Texas) sites. In February, the firm also acquired facilities in Kentucky and Maryland, adding approximately 1.5 GW of capacity to its portfolio.
Shares of the company closed down 0.22% on Thursday at $17.88, although they have risen by 29.66% over the past month.
Source: Yahoo Finance.It is worth noting that in February, mining company Bitdeer reported selling all mined and held coins—approximately 943.1 BTC. Company representatives explained the decision was driven by a desire to acquire new assets.