Shares of MARA Holdings (MARA) climbed more than 15% in post-market trading on Thursday after the company reported a fourth-quarter net loss of $1.7 billion and unveiled a major joint venture with Starwood Capital Group to build AI-focused data centers.
Revenue fell 6% year over year to $202.3 million in the fourth quarter, down from $214.4 million a year earlier.
The headline loss: $1.7 billion compared with net income of $528.3 million in the same quarter last year. The swing was largely driven by a $1.5 billion negative change in the fair value of digital assets as bitcoin’s price declined around 30% in the quarter.
Adjusted EBITDA totaled negative $1.49 billion, versus positive $796 million a year earlier.
More hash, fewer blocks
Operationally, MARA expanded its energized hashrate 25% year over year to 66.4 EH/s, but production slipped.
The company mined 2,011 BTC in the quarter, down from 2,144 in the third quarter, and total blocks won fell 15% year over year to 595. Purchased energy cost per bitcoin jumped to $48,611 from $31,608 a year earlier as network difficulty outpaced hashrate growth.
At year’s end, MARA held 53,822 BTC, worth roughly $4.7 billion at quarter-end prices, including 15,315 BTC loaned or pledged as collateral. Combined cash and bitcoin totaled approximately $5.3 billion.
The company remains the second-largest public corporate holder of bitcoin, behind Strategy, according to The Block crypto treasury data.
Notably, the fourth quarter marked the first time since 2022 that MARA did not use its at-the-market equity program, instead funding operations in part through bitcoin sales.
AI pivot
Alongside earnings, MARA announced a joint venture with Starwood to develop hyperscale and AI-capable data centers across its power-rich sites. The platform is expected to support roughly 1 gigawatt of near-term IT capacity, with a pathway to more than 2.5 gigawatts over time.
Management framed the deal as a continuation of MARA’s shift from a pure-play bitcoin miner toward an integrated energy and digital infrastructure company, using mining as a flexible baseline workload while higher-value AI compute ramps.
MARA’s stock was up more than 16% to $9.86 at publication time.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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