US-based cryptocurrency mining company MARA Holdings reported a net loss of $1.7 billion in the fourth quarter. However, the company’s shares rose more than 15% in after-hours trading following the earnings report and the announcement of an AI-focused data center partnership with Starwood Capital Group.
The company’s revenue fell 6 percent year-on-year to $202.3 million. This figure was $214.4 million in the same period last year. MARA had reported a net profit of $528.3 million in the same quarter of the previous year.
This year’s sharp loss stemmed largely from a $1.5 billion negative change in the fair value of digital assets due to the approximately 30% drop in Bitcoin’s price. The adjusted loss was recorded as minus $1.49 billion.
On the operational side, the company’s energized hash rate increased by 25% year-on-year to 66.4 EH/s. However, production declined; 2,011 $BTC were produced during the quarter, while the number of blocks earned decreased by 15% year-on-year to 595. The energy cost per Bitcoin rose to $48,611.
At the end of the year, MARA held 53,822 $BTC, with its total cash and Bitcoin assets valued at approximately $5.3 billion. The company maintains its position as the second-largest Bitcoin holder among publicly traded companies. Management emphasized that its strategy of transitioning from mining to an integrated model focused on energy and digital infrastructure is being accelerated by investments in AI data centers.
*This is not investment advice.