MARA Holdings (NASDAQ:MARA) surged over 10% after announcing a joint venture with Starwood Digital Ventures to pivot mining sites toward AI infrastructure, despite reporting a $1.7 billion Q4 loss driven by Bitcoin (CRYPTO: BTC) writedowns.
MARA Reports $1.7 Billion Q4 Loss
The company reported a Q4 net loss of $1.7 billion compared to net income of $528.3 million a year earlier.
A $1.5 billion decline in the fair value of Bitcoin holdings wiped out operating gains as BTC dropped from $114,068 at the end of Q3 to $87,498 by December 31.
Revenue fell 6% to $202.3 million from $214.4 million in Q4 2024, driven by a 14% drop in the average price of Bitcoin mined during the quarter.
Full-year revenue grew 38% to $907.1 million, but the topline growth was overshadowed by the massive quarterly writedown.
MARA held 53,822 BTC valued at roughly $4.7 billion as of December 31, up 20% year-over-year.
Energized hashrate rose 25% to 66.4 EH/s, though that fell short of the company’s 75 EH/s target—a gap attributed to capital discipline rather than operational failure.
MARA’s AI Infrastructure Strategy
The Starwood joint venture targets more than 1 gigawatt of IT capacity, with a roadmap stretching beyond 2.5 GW.
MARA will contribute data center sites while Starwood handles design, construction, tenant sourcing, and operations.
Moreover, MARA can invest up to 50% in individual projects, and Bitcoin mining continues at sites where power costs remain favorable.
Earlier this month, MARA acquired a 64% stake in Exaion, a firm providing AI and high-performance computing solutions for corporate and government clients.
The company also bought a 42-megawatt data center in Nebraska.
The CEO emphasized the strategic shift: MARA is “no longer simply a Bitcoin miner.” The strategy reflects a broader industry trend.
Miners like Cipher and Bitfarms are repurposing energy-heavy infrastructure into AI and high-performance computing data centers to diversify revenue as mining margins shrink.
MARA Stock Technical Analysis
MARA is breaking out from a multi-week base with exceptional momentum.
The Supertrend at $7.98 flipped green below price, confirming momentum shifted decisively bullish.
The stock trades 21% above the Supertrend, showing strong separation from capitulation lows.
MARA reclaimed the 20 EMA at $8.24 and 50 EMA at $8.60, currently testing the 100 EMA at $9.65.
This rapid reclaim of multiple EMAs in a single session demonstrates exceptional buying pressure.
The descending trendline from the $25 peak was decisively broken with today’s surge.
MARA exploded through it with conviction—textbook trend reversal behavior. The rally from $7.00 to $9.66 represents 38% from the lows.
Immediate resistance sits at the 200 EMA at $11.47, representing 19% upside. Support shifted to $8.50-$9.00, backed by the 50 EMA at $8.60 and Supertrend at $7.98.
Image: Shutterstock
