Marathon Digital Holdings (MARA) reported a $1.7 billion net loss in Q4 2025, down from a $528 million profit last year, mainly due to a $1.5 billion write-down on its Bitcoin after BTC fell about 30%. Revenue dropped 6% to $202.3 million, and adjusted EBITDA was negative $1.49 billion. By year-end, MARA held 53,822 BTC, with about 28% loaned or pledged, highlighting how Bitcoin price swings can hit the company’s earnings hard.
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