MARA Holdings (MARA) Company Report

MARA Holdings announced a strategic partnership with Starwood Digital Ventures to develop digital infrastructure for AI and HPC, aiming for over 2.5 GW of IT capacity, signaling a shift from a pure-play Bitcoin miner to an energy and digital infrastructure company.
The company also acquired a 64% stake in Exaion to expand its enterprise-grade AI and HPC capabilities, especially in international markets.
For Q4 2025, MARA reported revenue of $202.3 million and a net loss of $1.7 billion, or $4.52 negative per diluted share, largely driven by a $1.5 billion loss from the change in fair value of digital assets due to Bitcoin price decline.
As of December 31, 2025, MARA held 53,822 Bitcoin and began selectively monetizing its holdings in H2 2025 to fund operations and enhance financial flexibility.
The company is proactively planning for significant debt obligations, including $925 million notes due 2031 and $1 billion notes due 2030, which have put rights exercisable in 2027.

1 day ago

Transcript

MARA Announces Strategic Partnerships and Q4 2025 Results

MARA

New Projects/Investments

Earnings

Debt Issuance

MARA announced a strategic joint venture with Starwood Digital Ventures to develop digital infrastructure for AI and high-performance compute, aiming for more than 1 gigawatt of near-term IT capacity with a pathway to over 2.5 gigawatts. This partnership is a significant step in MARA's evolution from a Bitcoin miner to an energy and digital infrastructure company.
The company completed the acquisition of a 64% stake in Exaion, expanding its enterprise-grade AI and HPC capabilities, particularly for infrastructure as a service and edge inference solutions in international markets.
For Q4 2025, MARA reported revenue of $202.3 million and a net loss of $1.7 billion, or $4.52 negative per diluted share, primarily due to a $1.5 billion loss from the change in fair value of digital assets. Full-year 2025 revenue grew 38% to $907.1 million.
As of December 31, 2025, MARA held 53,822 Bitcoin and increased its energized hash rate to 66.4 EH/s during 2025. The company began selectively monetizing Bitcoin in the second half of 2025 to support operations and enhance financial flexibility, and faces significant cash obligations in 2027 due to put rights on its $925 million notes due 2031 and $1 billion notes due 2030.

1 day ago

Transcript

MARA Holdings Announces Q4 2025 Results and Strategic AI Infrastructure Partnership

MARA

Earnings

New Projects/Investments

MARA Holdings reported a 6% year-over-year decrease in revenues to $202 million for Q4 2025, alongside a net loss of $1.7 billion, or $4.52 per share, a significant decline from Q4 2024.
The company's Adjusted EBITDA for Q4 2025 decreased 287% year-over-year to ($1.5 billion).
Operationally, MARA's energized hashrate increased 25% year-over-year to 66.4 EH/S, and BTC holdings grew 20% to 53,822; however, BTC production decreased 19% to 2,011 BTC.
MARA announced a strategic joint venture with Starwood Digital Ventures to convert its existing sites into AI, enterprise, and high-performance computing digital infrastructure, with an initial development phase targeting over 1 GW of IT capacity and a pathway to more than 2.5 GW of IT capacity over time.

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Presentation

MARA Holdings Reports Q4 2025 Net Loss Amid Strategic Shift to Digital Infrastructure

MARA

New Projects/Investments

Earnings

M&A

MARA announced a strategic partnership with Starwood Digital Ventures to develop digital infrastructure for AI and high-performance compute, with a pathway to more than 2.5 gigawatts of potential capacity and the option for MARA to retain up to 50% ownership in the joint venture.
The company reported a net loss of $1.7 billion or $4.52 negative per diluted share in Q4 2025, primarily due to a $1.5 billion loss from the change in fair value of digital assets, despite full-year 2025 revenues growing 38% to $907.1 million.
MARA also closed its acquisition of a 64% stake in Exaion, expanding its enterprise-grade AI and HPC capabilities and diversifying revenue streams, while increasing its energized hash rate to 66.4 EH/s during 2025 and holding 53,822 Bitcoin as of December 31, 2025.

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Transcript

MARA Holdings, Inc. Announces Q4 2025 Results and Strategic Shift to AI and High-Performance Compute

MARA

Earnings

New Projects/Investments

Profit Warning

MARA reported a net loss of ($1.7 billion), or ($4.52) per diluted share, in Q4 2025, largely due to a ($1.5 billion) loss on the fair value of digital assets, a significant decline from net income of $528.5 million in Q4 2024.
Q4 2025 revenues decreased 6% to $202.3 million compared to Q4 2024, although full-year 2025 revenues increased 38% to $907.1 million.
The company announced a strategic joint venture with Starwood Digital Ventures to expand into AI and high-performance compute, aiming to transition from a pure-play Bitcoin miner to an energy and digital infrastructure company.
Operational capacity grew, with energized hashrate increasing 25% to 66.4 EH/s and Bitcoin holdings rising 20% to 53,822 BTC by December 31, 2025.
MARA has shifted its capital allocation strategy, beginning to sell Bitcoin in H2 2025 to fund operations and suspending ATM use in Q4 2025, with plans to continue monetizing Bitcoin opportunistically in 2026.

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8-K

MARA Holdings, Inc. Announces Strategic Partnership with Starwood Capital Group for Digital Infrastructure Development

MARA

New Projects/Investments

MARA Holdings, Inc. entered into a strategic agreement with Starwood Capital Group and Starwood Digital Ventures on February 26, 2026, to develop and operate hyperscale, enterprise, and AI-capable digital infrastructure.
The joint platform is expected to deliver approximately 1 gigawatt (GW) of near-term IT capacity, with a pathway to more than 2.5 GW.
MARA will contribute dedicated, energy-advanced data center sites, while Starwood Digital Ventures will lead design, development, tenant sourcing, construction, and facility operations, with Starwood Capital Group providing investment expertise.
This partnership offers MARA a more capital-efficient way to accelerate the buildout of digital infrastructure and expand into high-performance computing, allowing for flexible operation of both Bitcoin mining and AI compute workloads.

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8-K

MARA Announces Strategic Partnership with Starwood Capital Group for Digital Infrastructure

MARA

New Projects/Investments

MARA Holdings, Inc. has entered into a strategic agreement with Starwood Capital Group and its dedicated data center development platform, Starwood Digital Ventures (SDV).
The partnership aims to convert and expand select MARA sites into next-generation digital infrastructure to meet demand from enterprise, hyperscale, and AI customers.
The joint platform is expected to deliver approximately 1 gigawatt of near-term IT capacity, with a pathway to more than 2.5 gigawatts.
This collaboration provides MARA with a more capital-efficient way to accelerate the buildout of digital infrastructure and expand into high-performance computing.
The developed campuses will be designed to operate both Bitcoin mining and AI compute, allowing for workload flexibility in response to market pricing and customer demand.

1 day ago

Press Release

MARA Holdings Signs LOI for West Texas Data Center and Power Generation Project

MARA

New Projects/Investments

MARA Holdings, Inc. has signed a letter of intent (LOI) with MPLX LP to develop integrated power generation facilities and state-of-the-art data center campuses in West Texas.
Under the LOI, MPLX will facilitate the supply of natural gas from its Delaware basin processing plants to MARA's planned gas-fired electricity generation facilities.
The project is planned to have an initial capacity of 400 MW, with the potential to scale up to 1.5 GW, providing electricity for MARA's data centers and MPLX's West Texas operations.

Jan 20, 2026, 2:00 PM

Press Release

Marathon Digital Holdings Announces Strategic Shift to Digital Infrastructure and AI, Details Q3 2025 Financials

MARA

New Projects/Investments

M&A

Debt Issuance

Marathon Digital Holdings (MARA) is evolving from a pure-play Bitcoin miner into a vertically integrated digital infrastructure company, aiming to convert energy into both value (Bitcoin mining) and intelligence (AI inference).
The company is expanding its AI capabilities through key initiatives, including the pending acquisition of XTion, which will provide enterprise-grade AI-optimized private cloud and HPC infrastructure, and a partnership with MPLX to develop power generation and compute infrastructure in West Texas with an initial capacity of 400 megawatts and an option to expand to 1.5 gigawatts.
MARA ended Q3 2025 with 52,850 Bitcoin on its balance sheet, having mined over 2,100 BTC during the quarter.
Financially, the company issued $1.025 billion of zero coupon convertible notes due 2032 and held over $7 billion in liquid assets as of September 30, 2025.
The company has a long-term goal to derive 50% of its revenue from international operations by 2028.

Nov 4, 2025, 2:30 PM

Transcript

Marathon Digital Holdings Announces Q3 2025 Results and Strategic Shift Towards AI and Energy Infrastructure

MARA

New Projects/Investments

M&A

Debt Issuance

Marathon Digital Holdings (MARA) is transitioning from a pure-play Bitcoin miner to a vertically integrated digital infrastructure company, aiming to convert energy into value (Bitcoin mining) and intelligence (AI inference).
For Q3 2025, MARA held 52,850 Bitcoin and mined over 2,100 BTC. The company also issued $1.025 billion in zero-coupon convertible notes due 2032 and reported over $7 billion in liquid assets as of September 30, 2025.
Strategic initiatives include the pending acquisition of Exxion for AI-optimized private cloud and HPC infrastructure, and a partnership with MPLX to develop power and data center facilities with an initial 400 megawatts capacity, expandable to 1.5 gigawatts.
The company has set a goal to derive 50% of revenue from international operations by 2028.