Largest U.S. public Bitcoin miner MARA Holdings stunned the market after reporting a $1.71 billion net loss in Q4 2025, a dramatic swing from the $528 million net income recorded a year earlier. Revenue declined 6% year-over-year to $202.3 million, while adjusted EBITDA plunged to negative $1.49 billion. The stock had already fallen roughly 46% over the past six months, reflecting pressure across the mining sector. At first glance, the quarter looks devastating. But the numbers demand context. Bitcoin’s 30% Drop Triggers $1.5B Fair-Value Hit The overwhelming driver behind the loss wasn’t operational collapse, it was accounting mechanics. During the
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