MARA Holdings posted a fourth quarter net loss of $1.7 billion on Thursday, driven largely by a markdown in bitcoin holdings, while shares climbed more than 15 percent late last week following a new data center venture with Starwood Capital Group.
Revenue fell 6 percent year over year to $202.3 million as bitcoin’s price dropped about 30 percent during the quarter, reducing the fair value of the company’s digital assets.
The decline reversed net income of $528.3 million recorded in the same period a year earlier.
Operationally, energized hashrate rose 25 percent year over year to 66.4 EH per second, though bitcoin output slipped.
The company mined 2,011 bitcoin in the quarter, down from the previous quarter, while blocks won fell 15 percent year over year.
Energy costs per bitcoin increased to $48,611 from $31,608 as network difficulty outpaced growth in computing capacity.
At the end of the year, MARA held 53,822 bitcoin valued at about $4.7 billion, including assets pledged as collateral.
Combined cash and bitcoin totaled roughly $5.3 billion.
MARA remains the second largest public corporate holder of bitcoin after Strategy.
Alongside earnings, MARA announced a joint venture with Starwood to build AI capable data centers across its power rich sites.
The platform could support about 1 gigawatt of near term IT capacity with potential expansion to 2.5 gigawatts.
Shares rose in after-hours trading as investors reacted to the AI expansion.
