MARA Holdings Plans AI Pivot with 1 GW JV Despite $1.7 Billion Q4 Loss
MARA reported a $1.7 billion Q4 loss driven by a $1.5 billion Bitcoin writedown after BTC’s price fell from $114,068 to $87,498, pulling revenue down 6% to $202.3 million. The company launched a joint venture with Starwood Digital Ventures to convert mining sites into more than 1 GW of AI infrastructure.
1. Q4 Financial Results
MARA posted a Q4 net loss of $1.7 billion compared to a $528.3 million net profit a year earlier, driven by a $1.5 billion decline in Bitcoin fair value as BTC fell from $114,068 to $87,498 by year-end, pulling quarterly revenue down 6% to $202.3 million.
2. Joint Venture for AI Infrastructure
The company formed a joint venture with Starwood Digital Ventures targeting more than 1 gigawatt of AI data center capacity and a roadmap to exceed 2.5 gigawatts, with MARA contributing mining sites and the partner handling design, construction, tenant sourcing and operations.
3. Ongoing Mining Operations
As of December 31, MARA held 53,822 BTC valued at approximately $4.7 billion, and its energized hashrate rose 25% to 66.4 EH/s despite falling short of the 75 EH/s target; MARA also acquired a 64% stake in Exaion and a 42 MW data center in Nebraska to support its AI and HPC strategy.
4. Stock Performance and Technical Signals
Shares jumped over 10% on the AI pivot news, breaking multi-week resistance, reclaiming the 20, 50 and testing the 100 and 200 EMAs, signaling a technical breakout fueled by strong buying momentum and a decisive trend reversal.