MARA Holdings faced a $1.7 billion loss in Q4 2025 and is transitioning to AI-focused operations, while TeraWulf reported revenue growth amid rising losses.
MARA Holdings has disclosed a staggering net loss of $1.7 billion for the fourth quarter of 2025, a stark contrast to last year’s profit of $528.3 million. The significant downturn was largely due to a revaluation of digital assets that amounted to $1.5 billion, following a steep 30% decline in Bitcoin's price within three months. Currently, MARA ranks as the second-largest Bitcoin holder, possessing 52,850 BTC valued at approximately $3.5 billion.
The company’s quarterly revenue also took a hit, dropping 6% to $202.3 million from $214.4 million a year prior. For the entire year, MARA’s financial performance reflected a net loss of $1.31 billion compared to a profit of $541 million in 2024, despite an increase in annual revenue from $656.4 million to $907.1 million.
MARA did boost its mining capacity by 25% to reach 66.4 EH/s but managed to mine only 2,011 BTC, down from 2,144 in the previous quarter, with the total number of mined blocks decreasing by 15% to 595. This was exacerbated by rising electricity costs, which surged from $31,608 to $48,611 per BTC.
Transitioning to AI
In a notable strategic shift, MARA has announced its transition from a traditional Bitcoin mining operation to an energy and digital infrastructure company. This includes a partnership with Starwood Capital Group to develop AI-focused data centers, aiming for an initial capacity of around 1 GW, with plans to potentially expand to 2.5 GW.
MARA has also secured the option to invest up to 50% in these projects while maintaining its mining operations in energy-efficient sites. Additionally, the company acquired a 64% stake in Exaion in February, positioning itself to cater to the growing infrastructure needs for corporate and sovereign AI initiatives.
Following the announcement of its pivot to AI, MARA's stock price rose by 13%. However, it is important to note that shares have plummeted by over 46% in the last six months.
TeraWulf Financial Performance
Parallelly, Bitcoin miner TeraWulf reported a 20.3% rise in annual revenue to $168.5 million, attributing some of this growth to $16.9 million generated from its new HPC capacity leasing operations. However, net losses ballooned to $661.4 million from $72.4 million the previous year, as revenue from digital assets fell from $43.4 million to $26.1 million in the last quarter.
TeraWulf characterized the past year as a decisive moment, having secured long-term leasing agreements for data centers with a guaranteed revenue stream of over $12.8 billion. The company is now focusing on long-term AI and cloud clients at its facilities in New York and Texas, while also expanding its capacity with recent acquisitions in Kentucky and Maryland.
Despite a slight drop of 0.22% in its stock price to $17.88 on Thursday, TeraWulf shares have shown a 29.66% increase over the past month.
