**[MARA Holdings Financial Report: Q4 Revenue at $202.3 Million, Bitcoin Holdings Reach 53,822 BTC]** Bitcoin mining company MARA Holdings released its financial and operational report for the fourth quarter and full year of 2025. The company reported Q4 revenue of $202.3 million, a 6% decrease compared to $214.4 million in the same period of 2024. Full-year revenue for 2025 was $907.1 million, a 38% increase from $656.4 million in 2024. The net loss for Q4 was $1.7 billion (equivalent to diluted loss per share of $4.52), compared to a net profit of $528.3 million (equivalent to diluted earnings per share of $1.24) in the same period of 2024. The quarterly net loss included a $1.5 billion loss in the fair value of digital assets. The full-year net loss was $1.3 billion, compared to a net profit of $541 million in 2024. Adjusted EBITDA for Q4 was negative $1.5 billion, compared to $796 million in the same period of 2024, primarily due to the decrease in the fair value of Bitcoin holdings. Full-year adjusted EBITDA was negative $330.8 million, compared to positive $1.2 billion in the previous year. As of December 31, 2025, the company held 53,822 BTC (including net digital asset receivables). In Q4, the company mined a total of 2,011 BTC, with a cumulative total of 8,799 BTC mined for the year.