Core Insights - MARA Holdings has formed a strategic partnership with Starwood Capital Group to transform its mining sites into data centers for AI and cloud computing, resulting in a 17% increase in MARA shares after the announcement [1][2]. Group 1: Joint Venture Details - The joint venture aims to develop, finance, and operate data center projects, targeting approximately 1 gigawatt of near-term IT capacity with a potential to exceed 2.5 gigawatts [2][3]. - Facilities will be designed to switch workloads between Bitcoin mining and AI computing based on market conditions and customer demand, with MARA retaining up to 50% ownership in the venture [3]. Group 2: Financial Context - MARA reported a $1.7 billion net loss in its fourth-quarter earnings, primarily due to unrealized writedowns on Bitcoin holdings, with quarterly revenue at $202 million, a 6% decline year-over-year [5]. - The partnership with Starwood is seen as a capital-efficient approach to infrastructure development, leveraging low-cost energy access from MARA's existing sites [4]. Group 3: Industry Trends - The move aligns with a broader trend in the mining sector where companies are repurposing energy assets for AI workloads, which offer shorter lead times compared to new facility construction [6]. - Other miners like IREN, TeraWulf, and Cipher Mining have successfully transitioned to AI infrastructure, outperforming MARA in market capitalization despite lower Bitcoin production [7].

Financial Data and Key Metrics Changes - In Q4 2025, revenues were $202.3 million, down from $214.4 million in Q4 2024, while full-year revenues grew 38% to $907.1 million from $656.4 million in 2024 [21][22] - The company reported a net loss of $1.7 billion or $4.52 per diluted share in Q4 2025, compared to a net income of $528.3 million or $1.24 per diluted share in Q4 2024 [23][24] - For the full year, a net loss of $1.3 billion was recorded compared to a net income of $541 million in the prior year [24] Business Line Data and Key Metrics Changes - The average Bitcoin mined per day in Q4 was 21.9, down from 27.1 in Q4 2024, resulting in approximately 481 fewer Bitcoin mined this quarter [22] - Bitcoin holdings increased by over 20% from approximately 44,000 to nearly 54,000 Bitcoin between Q4 2024 and Q4 2025 [23] - Energized hash rate increased by 25% from 53.2 EH/s to 66.4 EH/s during the same period [23] Market Data and Key Metrics Changes - Bitcoin price volatility was significant, starting at approximately $111,000 and reaching a high of $125,000 before falling to around $87,000 by quarter-end [19][20] - A $10,000 change in Bitcoin price results in approximately a $538 million change in the value of Bitcoin holdings [21] Company Strategy and Development Direction - The company announced a strategic partnership with Starwood Digital Ventures to expand into AI and high-performance computing, transitioning from a Bitcoin miner to an energy and digital infrastructure company [4][5] - The joint venture aims to develop next-generation digital infrastructure, with a potential capacity of over 2.5 gigawatts [6][18] - The acquisition of a 64% stake in Exaion is expected to diversify revenue and enhance enterprise-grade AI and HPC capabilities [9][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment due to Bitcoin price volatility but emphasized the importance of maintaining financial flexibility [16][20] - The long-term strategy focuses on maximizing the value of power assets and transitioning to infrastructure-like cash flows from AI and HPC workloads [12][17] - The company remains committed to Bitcoin mining while exploring higher-value use cases as demand evolves [12][15] Other Important Information - The company recorded a non-cash goodwill impairment charge of $82.8 million, which did not impact liquidity or cash flows [24] - The cost per kWh for owned sites was $0.04 in 2025, with purchased energy costs per Bitcoin rising to $48,611 compared to $31,608 in Q4 2024 [25] Q&A Session Summary Question: Financing dynamics around the 50% stake in the partnership with Starwood - The initial contribution to the JV would be the asset itself, and the company can capitalize its share of development costs [32][34] Question: Load balancing between mining and HPC at partnership sites - The company can retain Bitcoin mining at the site while the project is developed, allowing for load balancing based on tenant needs [35][36] Question: Timeline for signing deals and project execution - The partnership with Starwood is expected to accelerate timelines for securing tenants and executing projects due to established relationships [46][48] Question: Interest in acquiring powered sites - The company is still pursuing sites that are powered and can be quickly permitted and built [51] Question: Leveraging Exaion's capabilities - Exaion will help provide private cloud infrastructure and services, particularly in Europe, where data security is a priority [86][88]

Financial Data and Key Metrics Changes - Revenues in Q4 2025 were $202.3 million, down from $214.4 million in Q4 2024, while full-year revenues grew 38% to $907.1 million from $656.4 million in 2024 [20][21] - The company reported a net loss of $1.7 billion or $4.52 per diluted share in Q4 2025, compared to a net income of $528.3 million or $1.24 per diluted share in Q4 2024 [22][23] - For the full year, a net loss of $1.3 billion was recorded, compared to a net income of $541 million in the prior year [23] - The average cost per kWh for the company's own sites was $0.04 in 2025, with purchased energy cost per Bitcoin for the quarter at $48,611, up from $31,608 in Q4 2024 [24] Business Line Data and Key Metrics Changes - The company mined an average of 21.9 Bitcoin per day in Q4 2025, down from 27.1 Bitcoin in Q4 2024, resulting in approximately 481 less Bitcoin mined this quarter [21] - Bitcoin holdings increased by over 20% from approximately 44,000 Bitcoin to nearly 54,000 Bitcoin between Q4 2024 and Q4 2025 [22] - Energized hash rate increased 25% from 53.2 EH/s to 66.4 EH/s during the same period [22] Market Data and Key Metrics Changes - Bitcoin price volatility was significant, starting at approximately $111,000 and reaching a high of $125,000 before falling to around $87,000 by quarter end [19] - The total network hash rate increased modestly, affecting the total amount of Bitcoin mined [20] Company Strategy and Development Direction - The company announced a strategic partnership with Starwood Digital Ventures to expand into AI and high-performance computing, transitioning from a Bitcoin miner to an energy and digital infrastructure company [4][5] - The joint venture is expected to deliver over 1 GW of near-term IT capacity with a pathway to more than 2.5 GW, enhancing the company's ability to serve enterprise and AI customers [6][18] - The acquisition of a 64% stake in Exaion aims to diversify revenue and expand enterprise-grade AI and HPC capabilities [9][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by Bitcoin price volatility and emphasized the importance of maintaining financial flexibility [16][19] - The company remains committed to capital discipline and prioritizing high-value near-term opportunities despite market uncertainties [15][16] - Management expressed confidence in the long-term value of Bitcoin and the strategic advantages of their energy-dominant digital infrastructure platform [17][19] Other Important Information - The company recorded a non-cash goodwill impairment charge of $82.8 million during the quarter, which did not impact liquidity or cash flows [23] - Approximately 28% of total Bitcoin holdings were activated through a digital asset management strategy as of year-end [26] Q&A Session Summary Question: Financing dynamics around the 50% stake in the partnership - Management clarified that the initial contribution to the joint venture would be the asset itself, with options for capitalizing development costs [31][33] Question: Load balancing between mining and HPC - Management explained that advanced battery technology allows for effective load balancing, enabling Bitcoin mining during periods of low HPC demand [32][35] Question: Timeline for signing deals and project execution - Management indicated that the timeline for signing deals would be accelerated due to established relationships with tenants through Starwood [46][47] Question: Interest in acquiring powered sites - Management confirmed ongoing interest in acquiring sites with immediate power availability, prioritizing quick deployment [51][52] Question: Leveraging Exaion's capabilities - Management detailed Exaion's focus on private cloud operations and the importance of data security for enterprise customers [82][88]

Financial Data and Key Metrics Changes - Revenues in Q4 2025 were $202.3 million, down from $214.4 million in Q4 2024, while full-year revenues grew 38% to $907.1 million from $656.4 million in 2024 [18][19] - The company reported a net loss of $1.7 billion or $4.52 per diluted share in Q4 2025, compared to a net income of $528.3 million or $1.24 per diluted share in Q4 2024 [21][22] - The average cost per kWh for the company's own sites was $0.04 in 2025, with the purchased energy cost per Bitcoin for Q4 at $48,611, up from $31,608 in Q4 2024 [23] Business Line Data and Key Metrics Changes - The company mined an average of 21.9 Bitcoin per day in Q4 2025, down from 27.1 Bitcoin per day in Q4 2024, resulting in approximately 481 fewer Bitcoin mined this quarter [19][20] - Energized hash rate increased from 53.2 EH/s to 66.4 EH/s between Q4 2024 and Q4 2025, reflecting a 25% growth [21] Market Data and Key Metrics Changes - Bitcoin price volatility was significant, starting at approximately $111,000 and reaching a high of $125,000 before falling to around $87,000 by quarter-end, creating a challenging macro environment [17] - The global hash rate increased modestly, as miners remained cautious amid the volatility [18] Company Strategy and Development Direction - The company announced a strategic partnership with Starwood Digital Ventures to expand into AI and high-performance computing, transitioning from a pure-play Bitcoin miner to an energy and digital infrastructure company [4][5] - The joint venture is expected to deliver over 1 gigawatt of near-term IT capacity, with a pathway to more than 2.5 gigawatts, enhancing the company's ability to serve enterprise and hyperscale customers [5][16] - The acquisition of a 64% stake in Exaion aims to diversify revenue and expand enterprise-grade AI and HPC capabilities [8][17] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining financial flexibility amid Bitcoin price volatility and indicated a focus on high-value near-term opportunities [14][27] - The company remains committed to Bitcoin mining as a core pillar of its strategy, despite recent challenges, and aims to leverage its power ownership for long-term value creation [11][15] Other Important Information - The company recorded a non-cash goodwill impairment charge of $82.8 million in Q4 2025, which did not impact liquidity or cash flows [22] - Approximately 28% of the company's Bitcoin holdings were activated through a digital asset management strategy as of year-end [25] Q&A Session Summary Question: Financing dynamics around the 50% stake in the partnership with Starwood - The company clarified that its initial contribution to the joint venture would be the asset itself, along with capitalizing its share of development costs [31] Question: Revenue generated from Bitcoin mining during load balancing - The company confirmed that revenue from Bitcoin mining during load balancing would primarily be retained by MARA [35] Question: Timeline for signing deals with tenants - Management indicated that the partnership with Starwood would accelerate the timeline for signing deals due to established relationships and trust with prospective tenants [44] Question: Interest in acquiring powered sites - The company is still pursuing sites that are already powered or have been approved, focusing on immediate opportunities rather than long-term investments [48] Question: Project sizes and economics in the joint venture - Management stated that they are looking at larger projects rather than smaller ones, with specific economics to be disclosed as tenant agreements are finalized [69]

American Bitcoin, the Bitcoin mining firm co-founded and strategically advised by President Donald Trump's sons, Eric Trump and Donald Trump Jr., recorded a loss amid weakened crypto prices in Q4. The company posted a net loss of $59.45 million in the fourth quarter, compared with a $3.48 million profit a year ago. The company had also reported a profit in the previous quarter. American Bitcoin reported revenue of $78.3 million in the three months ended December 31, compared with $64.2 million in the pr ...

Trump family-linked Bitcoin mining company American Bitcoin (NASDAQ: ABTC) released its fourth-quarter and full-year financial results on Thursday, recording $78.3 million in quarterly revenue for a 22% increase over the previous quarter. American Bitcoin’s total revenue for 2025 reached $185.2 million following an expansion of its bitcoin mining fleet to 78,000 machines worth 25 EH/s by year’s end, of which 21.9 EH/s were operational at the close of 2025. American Bitcoin’s mining fleet has an efficiency ...

American Bitcoin logo The Great Pivot: Bitcoin Miners Are Becoming AI’s Landlords American Bitcoin (NASDAQ:ABTC) executives used the company’s fourth-quarter and full-year 2025 earnings call to emphasize rapid balance-sheet growth, a low-cost mining strategy, and what management described as a “dual accumulation” model that combines Bitcoin mining with treasury purchases. Co-founder and Chief Strategy Officer Eric Trump said the company launched on March 31, 2025, went public on Sept. 3, and has gro ...

Building America's Bitcoin Infrastructure Backbone FEBRUARY 2026 AMERICAN BITCOIN CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain statements contained in this presentation may constitute forward-looking information and forward-looking statements (collectively, "forward-looking statements") within the meaning of United States and other applicable securities laws. All statements, other than statements of historical fact, in this presentation that address activities, events or developments that Am ...

Core Insights - The current environment for Bitcoin appears challenging, with significant price declines and mixed signals for investors [1] - Bitcoin miners, particularly those in the CoinShares Valkyrie Bitcoin Miners ETF (WGMI), are providing insights into potential future movements in the cryptocurrency market [1] Group 1: Bitcoin Miners' Behavior - In February, Bitcoin miners, including WGMI member firms, have withdrawn over 36,000 Bitcoin from exchanges, indicating a shift in holding strategies or liquidity management [1] - The withdrawal of Bitcoin from exchanges typically suggests a move towards long-term storage, reflecting miners' confidence in future price appreciation [1] - Daily withdrawal activity peaked at over 6,000 Bitcoin in a single day, the highest level since last November, indicating a potential repositioning phase driven by miners [1]

Core Insights - Cipher Digital reported a significant GAAP loss of $1.85 per share, a sharp decline from earnings of 5 cents year-over-year, and an adjusted loss of 14 cents per share, deteriorating from earnings of 10 cents sequentially [2][6] Financial Performance - CIFR's revenues for Q4 2025 were $59.7 million, a 16.7% decrease from $71.7 million in the previous quarter, missing the Zacks Consensus Estimate by 23.31% [3] - Total costs and operating expenses surged to $360.3 million in Q4 2025, up from $109.3 million in the prior quarter, leading to a net loss of $734.2 million compared to a loss of $3.3 million previously [5] - On an adjusted basis, Cipher Digital reported a loss of $54.5 million, worsening from $40.7 million in adjusted earnings, with an operating loss of $300.6 million, widening from a $37.6 million loss in the prior quarter [6][12] Strategic Developments - Cipher Digital officially rebranded from Cipher Mining to reflect its shift from bitcoin mining to high-performance computing (HPC) data center development [4] - The company completed the sale of its 49% ownership interests in several joint venture sites as part of its exit from non-core mining assets [7] - Black Pearl was fully decommissioned from bitcoin mining operations in February 2026, and the company has secured 600 MW of HPC capacity through long-term leases with AWS and Fluidstack/Google [8] Asset Management - Cipher Digital is strategically monetizing its bitcoin holdings, managing down approximately 1,166 BTC as part of its transition plan [9] - As of December 31, 2025, the company had cash and cash equivalents of $628.3 million, down from $1.2 billion as of September 30, 2025, while total assets increased to $4.29 billion from $2.84 billion [13]