MARA Holdings, Inc. reported significant financial performance for the fiscal year ending December 31, 2025, with total revenues reaching $907.1 million, a 38% increase from $656.4 million in the previous year. This growth was primarily driven by a substantial rise in Bitcoin mining revenue, which increased by $273 million to $872.4 million, attributed to a 53% increase in the average price of Bitcoin mined. However, the company also faced challenges, including a decrease in Bitcoin production, which fell by 631 Bitcoin to 8,799 due to the April 2024 halving event and increased global hashrate and network difficulty.
In terms of operational developments, MARA expanded its energy and digital infrastructure capabilities, now operating across 18 data centers globally with a total capacity of approximately 1.9 gigawatts. The company has shifted its strategy towards an asset-heavy model, increasing its owned portfolio capacity to about 70%. Key acquisitions included a wind farm in Texas and a majority stake in Exaion, a high-performance computing provider, which positions MARA to leverage its infrastructure for AI and HPC workloads. The company also entered a strategic agreement with Starwood Digital Ventures to develop AI and HPC infrastructure, further diversifying its operational focus.
MARA's Bitcoin holdings grew by 20% to 53,822 Bitcoin, valued at approximately $4.7 billion as of December 31, 2025. The company activated about 28% of its Bitcoin holdings through a digital asset management strategy, generating $32.1 million in interest income from loaned Bitcoin. However, the company reported a loss of $304.6 million on the change in fair value of its Bitcoin holdings, reflecting the volatility in Bitcoin prices, which ranged from $76,000 to $126,000 during the fiscal year.
The company’s operational costs also increased, with purchased energy costs rising to $179 million, up 82% from the previous year, primarily due to the expansion of owned mining sites and higher energy consumption. General and administrative expenses increased by 38% to $349.9 million, driven by headcount growth and higher professional fees. Despite these challenges, MARA maintained a strong liquidity position, with cash and cash equivalents totaling $559.1 million and access to a $350 million line of credit.
Looking ahead, MARA Holdings aims to continue its strategic growth by further developing its digital infrastructure platform, with Bitcoin mining remaining a core focus. The company plans to monetize Bitcoin opportunistically to enhance financial flexibility and fund capital projects. As it navigates the evolving landscape of cryptocurrency and energy markets, MARA is positioned to leverage its substantial Bitcoin holdings and operational capabilities to support its long-term growth strategy.
About MARA Holdings, Inc.
MARA Holdings, Inc. is a leading bitcoin mining company operating globally with a diversified portfolio of owned and third-party hosted data centers. It utilizes energy-efficient hardware and renewable energy sources to produce bitcoin, offering blockchain and high-performance compute services. The company focuses on long-term bitcoin holdings, technological innovation, and sustainable energy solutions to maintain competitiveness in the evolving digital asset industry.
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