MARA Holdings reported a net loss of $1.7 billion for the fourth quarter, driven by a $1.5 billion negative fair value change in digital assets due to declining Bitcoin prices. Despite this, MARA's shares rose over 15% in after-hours trading following the announcement of a joint venture with Starwood Capital Group to develop AI-focused data centers. The company's fourth-quarter revenue was $202.3 million, marking a 6% decline from the previous year. MARA's energy hash rate increased by 25% year-over-year to 66.4 EH/s, yet Bitcoin production fell to 2,011 from 2,144 in the prior quarter. At year-end, MARA held 53,822 Bitcoin, valued at approximately $4.7 billion, with 28% lent or staked, generating $32.1 million in interest income for 2025.