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MARA Bitcoin miner posts $1.7B quarterly loss as BTC slumps

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Crypto Breaking News

In its latest quarterly update, MARA Holdings confronted a stark reality: even as its bitcoin mining fleet generated fewer coins, the company’s balance sheet was weighed down by falling crypto valuations and a strategic pivot away from pure mining. MARA reported a fourth-quarter 2025 net loss of $1.71 billion, or $4.52 per diluted share, compared with a year-earlier net income of $528.3 million. Revenue slipped 6% year over year to $202.3 million, as a softer Bitcoin (CRYPTO: BTC) price offset a higher hashrate. For the full year, the firm posted a net loss of $1.31 billion on revenue of $907.1 million, reversing 2024’s $541 million profit.

Key takeaways

  • MARA’s Q4 2025 net loss was $1.71 billion and revenue was $202.3 million, with earnings pressured by the decline in BTC prices despite a higher mining hashrate.
  • For the full year 2025, the company recorded a net loss of $1.31 billion on $907.1 million in revenue, reversing 2024’s profit as crypto prices remained volatile.
  • A $1.5 billion negative adjustment to the fair value of digital assets and receivables contributed to the quarterly loss, reflecting BTC price declines from around $114,300 on Sept. 30 to $88,800 on Dec. 31 (per CoinGecko).
  • MAR A’s BTC holdings at year-end totaled 53,822, with 15,315 pledged or loaned, and the balance-sheet BTC carried a roughly $4.7 billion value at quarter-end prices.
  • The company unveiled a strategic pivot into AI and high-performance compute, including a joint venture with Starwood Digital Ventures to build data centers at power-rich sites, initially targeting more than 1 GW of IT capacity and potentially expanding to 2.5 GW.
  • In February, MARA acquired a 64% stake in Exaion to pursue sovereign-grade and enterprise AI deployments as part of the broader diversification plan.

Tickers mentioned: $BTC, $MARA

Sentiment: Bearish

Price impact: Negative. MARA’s stock has fallen about 46% over the past six months as results and strategic pivots weigh on investor sentiment.

Trading idea (Not Financial Advice): Hold. While the transition toward AI/HPC is notable, near-term investors should watch project execution and BTC price stability before reassessing risk/reward.

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Market context: The results come amid a broader crypto downturn where mining economics remain sensitive to BTC price swings, regulator signals, and capital allocation shifts among miners pursuing diversified revenue streams rather than pure hodling or mining.

Why it matters

The quarterly and annual figures underscore a pivotal moment for MARA as it moves beyond a pure-play bitcoin miner toward an energy and digital infrastructure company. The heavy accounting hit from the fair value of digital assets illustrates how price volatility can disproportionately affect mining-focused models, even when production levels hold steady or improve. By contrast, the balance sheet remains robust in crypto terms, with a substantial BTC stash that, on paper, still carries significant value given the ongoing, albeit uneven, interest in asset-backed mining operations.

Beyond the numbers, the strategic pivot is the centerpiece. MARA’s collaboration with Starwood Digital Ventures aims to unlock a significant AI/HPC footprint on existing energy-rich sites, a move that could open new revenue channels independent of BTC cycles. The plan envisions more than 1 gigawatt of IT capacity in the initial phase, with a roadmap to exceed 2.5 GW over time. Crucially, MARA retains the option to invest up to 50% in individual projects, while continuing to mine where power remains economical. This hybrid model reflects a broader industry trend: miners seeking to hedge against crypto price volatility by anchoring operations in data centers and AI workloads that can generate steady, long-term demand.

Additionally, the February acquisition of a 64% stake in Exaion signals a concrete push into AI deployments that could leverage MARA’s grid-scale energy footprint. Exaion’s focus on sovereign-grade and enterprise AI deployments aligns with the growing demand for specialized compute resources, particularly at the intersection of crypto mining infrastructure and high-performance compute networks. As more miners explore blended business models, MARA’s approach stands out for attempting to formalize AI-centric data center capacity alongside mining operations.

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In comparison, peers are testing similar pivots with varying degrees of commitment. Some miners are leaning into large AI data-center leases, while others continue to emphasize a combined strategy of mining and hoarding BTC to preserve, and potentially grow, crypto exposure. The sector’s direction remains dependent on macro conditions, including BTC price trajectories, energy costs, and regulatory developments that could influence the economics of large-scale mining and data-center deployments alike.

The financials also hint at the balancing act between growth investments and shareholder value. If the Starwood joint venture and Exaion initiatives deliver on capacity and utilization, MARA could unlock a multi-year path toward diversified cash flows. Yet the immediate picture is clouded by historical volatility in the crypto markets and the challenge of turning large capex programs into near-term profits. Investors will be watching how the company manages capital deployment, debt, and any potential tranche financing to accelerate its AI/HPC push while supporting ongoing mining operations.

The company’s overall strategy, while ambitious, mirrors a broader move within the crypto hardware space toward building resilient, diversified platforms. As data centers become a more common anchor for crypto firms, MARA’s ability to translate capacity into meaningful revenue streams will be a key test for the model’s sustainability in a market where price signals for BTC remain bifurcated and often unpredictable.

What to watch next

  • Progress updates on the Starwood Digital Ventures AI/HPC data-center partnership, including projected milestones for the initial >1 GW capacity and any expansions toward 2.5 GW.
  • Operational and financial details on Exaion deployments and contracts, particularly any sovereign-grade AI projects and enterprise compute commitments.
  • Bitcoin price movements and realized/batched mining yields as MARA advances its hybrid strategy, plus any changes to the company’s balance-sheet BTC position or collateral arrangements.
  • Any capital-raising efforts, debt restructurings, or financing agreements tied to the new AI/HPC initiatives and data-center builds.
  • Regulatory developments affecting crypto mining, energy use, and AI infrastructure deployments that could impact project economics or timelines.

Sources & verification

  • MARA Holdings Q4 2025 shareholder letter filed with the SEC (SEC: q425shareholderletter.htm).
  • Bitcoin price data used for the fair value discussion (CoinGecko: bitcoin).
  • Company updates and stock performance coverage (Yahoo Finance: MARA).
  • Exaion stake and AI/HPC deployments referenced in MARA communications (Cointelegraph article on Exaion stake).

Key figures and next steps

What the announcement changes

The fourth quarter reports reveal a company navigating a difficult macro environment for mining while actively pursuing a structural shift toward AI-enabled data centers. If successful, the Starwood JV and Exaion partnerships could provide MARA with nonmining revenue streams that weather BTC price cycles. The path forward will hinge on project execution, the pace of capacity buildup, and the ability to translate compute demand into sustained profitability.

Sources & verification

  • SEC filing: q425shareholderletter.htm
  • CoinGecko data: bitcoin
  • Yahoo Finance: MARA
  • Exaion stake coverage: Cointelegraph

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Brazil Postpones Crypto Tax Policy Until After Election

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Crypto Breaking News

Brazil’s crypto tax policy is taking a back seat as the government focuses on an October 2026 presidential race, with officials delaying public consultation on crypto taxation until after the election cycle. Sources familiar with the matter told Reuters that regulators are hesitant to push divisive tax changes during an election year, though the topic remains on the radar for future consideration.

The policy environment in Brazil has already shifted markedly over the past year. In June 2025, Brazil ended its tax exemption for gains from smaller cryptocurrency sales or transfers, replacing it with a flat 17.5% capital gains tax that applies to profits from both onshore and offshore holdings, including self-custodied assets. The change marks a substantial tightening for retail investors who previously navigated a more lenient regime, and it set the stage for broader regulatory alignment of crypto activity with conventional tax rules.

In a separate development, Banco Central do Brasil unveiled rules in November 2025 that reframe stablecoin transfers as foreign currency exchanges, thereby bringing these transactions under the same tax framework as other FX movements. The government has also signaled potential proposals to tax cryptocurrencies used for international payments and is moving to align reporting obligations with the Crypto-Asset Reporting Framework (CARF), an international standard for monitoring crypto transactions.

Amid these regulatory shifts, Brazil’s crypto ecosystem has continued to expand. The country—home to more than 213 million people with a median age around 33.5 and a predominantly urban population—remains a leading crypto market in Latin America. Chainalysis data placed Brazil fifth globally in the 2025 Global Crypto Adoption Index, and first within Latin America, underscoring the country’s rapid embrace of digital assets among both retail and institutional players. In 2025, Latin America’s crypto adoption grew by about 63%, a reflection of broader regional momentum that Brazil has helped to drive.

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Beyond tax and oversight, the Brazilian payments landscape has been evolving as well. The Pix instant payment system, already widely used domestically, has begun expanding its footprint beyond Brazil’s borders, signaling a growing ecosystem that could influence cross-border crypto activity and policy considerations in the region.

Key takeaways

  • Brazil delays public consultation on crypto tax policy until after the 2026 presidential elections, with a potential slip into 2027, according to Reuters.
  • As of June 2025, Brazil imposes a 17.5% flat tax on crypto capital gains, replacing the prior exemption for smaller sales and transfers.
  • November 2025 rules from Banco Central treat stablecoin transfers as foreign currency exchanges, bringing them under existing tax laws.
  • CARF alignment is on the radar, as Brazil seeks to harmonize crypto reporting with the Crypto-Asset Reporting Framework.
  • Brazil remains a standout crypto market in Latin America, ranking fifth globally in Chainalysis’s 2025 index and first in the region, with Latin America’s adoption rising 63% in 2025.

Adoption, policy, and the road ahead

Brazil’s regulatory posture illustrates a broader tension visible across many jurisdictions: balancing a thriving crypto economy with the need for clear, stable tax and reporting rules. The decision to pause a public consultation on crypto taxation reflects a strategic calculus that policymakers often make in the heat of electoral campaigns. Yet the substance of policy—tighter tax treatment of gains, stricter treatment of cross-border transfers, and stronger alignment with international reporting standards—appears to be moving forward in the background.

For investors, traders, and builders, the shift to a 17.5% flat tax on capital gains marks a more predictable tax environment for many participants, particularly those who previously benefited from exemptions or progressive rates. However, the removal of exemptions also raises the bar for compliance and reporting, especially for individuals with offshore or self-custodial positions. The ongoing alignment with CARF suggests greater transparency and standardized reporting, which could facilitate cross-border activity while increasing the regulatory burden for some market participants.

Brazil’s position as a regional crypto hub matters beyond national borders. The country’s adoption momentum—reflected in Chainalysis’s ranking and the growth trajectory across Latin America—gives policymakers a clear signal about the potential economic benefits of a well-regulated crypto sector. It also raises questions about how Brazilian rules will interact with regional standards and bilateral fintech partnerships, particularly as cross-border payments and stablecoin use gain ground.

On the technology and payments front, the Pix system’s expansion into Argentina hints at a broader cross-national digital payments narrative that could influence both consumer behavior and the regulatory dialogue around crypto. If these cross-border payments channels become more integrated with crypto rails, Brazil’s regulatory stance—whether it tightens further or onboards more participants—will likely influence neighboring markets and the regional stance on digital asset taxation and reporting.

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As politicians and regulators weigh the next steps, market watchers should track two key developments: the outcome of the 2026 election and the timing of any post-election crypto tax consultations. Clarity on the latter will be essential for market participants planning tax optimization, compliance workflows, and product launches within Brazil’s rapidly evolving crypto landscape.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Best Crypto to Buy Now: Strategy Just Spent $1.57 Billion on Bitcoin During Fear While Early Investors Quietly Enter Pepeto for 150x Potential

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Best Crypto to Buy Now: Strategy Just Spent $1.57 Billion on Bitcoin During Fear While Early Investors Quietly Enter Pepeto for 150x Potential

Strategy just filed an SEC disclosure confirming it purchased 22,337 BTC at $70,194 per coin between March 9 and 15 according to Bitcoin Magazine.

That is $1.57 billion deployed in one week while the market panicked about Iran, oil at $98, and the Fed holding rates. Total holdings sit at 761,068 BTC worth over $57 billion. When the largest corporate Bitcoin buyer adds over a billion in a week of fear, that is conviction. But Strategy could not enter a presale. Retail investors can.

The best crypto to buy now is not the asset that needs to double from $70,500. It is the early stage entry where presale to listing math creates returns large caps cannot produce.

Strategy’s latest SEC filing confirms it purchased 22,337 BTC funded through STRC preferred share sales, bringing total holdings to 761,068 BTC at a cost basis of $57.61 billion according to Bitcoin Magazine.

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Goldman Sachs projected two more rate cuts in 2026 that would bring rates to 3.0% to 3.25%, improving conditions for risk assets including crypto according to Intellectia.

Institutional capital flows in while retail sits frozen. The best crypto to buy now is the entry that captures the gap between fear pricing and the listing that closes the presale window permanently.

Best Crypto to Watch in 2026: Pepeto, Solana, and Cardano Compared

Pepeto: The Best Crypto to Buy Now Before the Listing Changes Everything

Strategy could not enter a presale. Most retail investors do not realize they can, and that is the gap Pepeto closes. While institutions added Bitcoin at $70,000, the exchange being constructed behind Pepeto is what convinced over $8 million in capital to enter during this correction.

What makes Pepeto different is the innovation investors see taking shape. A fee free trading platform designed to keep your capital intact on every trade. A chain to chain bridge built to move tokens across networks without losing a single unit. Investors recognize what this infrastructure means once the exchange listing with Binance brings it to the full market.

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Now in its final presale stages at $0.000000186, past the $8 million mark in funding, the infrastructure behind Pepeto has driven predictions that outperform every large cap forecast for 2026. The founder who took Pepe to $11 billion on 420 trillion tokens and zero products is now constructing the exchange Pepe never had. SolidProof verified every contract before the presale opened, and a Binance insider is steering the platform toward listing. Staking at 195% APY gives early holders growing positions from entry.

Pepeto is the best crypto to buy now because the gap between this presale price and a confirmed listing is where returns are created. The stages fill faster every round, and wallets that do not commit before the listing will spend this cycle wishing they had.

Solana (SOL)

Solana is trading at $89.86, down roughly 65% from its November 2025 all time high near $260 according to CoinMarketCap.

SOL has one of the strongest on chain narratives in 2026 with record breaking metrics from 2025. SOL ETFs continue leading altcoin inflows. A bullish reversal could push SOL toward $200, roughly 2x from current levels.

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For investors looking for the best crypto to buy now, 2x is decent but nowhere near what a presale to listing entry delivers.

Cardano (ADA)

Cardano is trading at $0.265, having dropped from $0.297 in late February according to CoinMarketCap.

ADA has hardly attempted a recovery while other tokens at least tested breakout levels. The lack of any significant catalyst has pushed investors to look for alternatives with real movement. Some traders are comparing it to the xrp price prediction narrative where even recent dips have not stopped breakout talk.

ADA would need to triple just to revisit $0.80, and for investors searching for the best crypto to buy now, Pepeto’s presale math makes that comparison feel irrelevant.

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Conclusion

That combination of meme virality and exchange infrastructure on the Ethereum blockchain is why analysts call Pepeto the best crypto to buy now. The wallets entering every stage are linked to addresses that held major ETH positions through multiple cycles. They built wealth by recognizing infrastructure early and they only commit when they see something the broader market has not caught up to. The Pepeto official website is where those entries are being made right now, the ones set to make the returns every crypto holder dreams about.

Secure the best crypto to buy now before the listing closes this window

Click To Visit Pepeto Website To Enter The Presale

FAQs

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How does Strategy’s $1.57 billion Bitcoin purchase affect the best crypto to buy decision?

Strategy bought 22,337 BTC during peak fear, confirming institutional conviction. But retail investors have access to presale entries like Pepeto where the math from entry to listing creates returns BTC at $70,500 cannot deliver.

What is the best crypto to buy now for maximum returns in 2026?

Pepeto at presale pricing targets 150x to the level Pepe reached with zero products. SOL at $89.86 targets 2x. ADA at $0.265 has stalled. The presale to listing math makes the decision clear.

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Why is Pepeto called the best crypto to buy now?

Same Pepe cofounder, 420 trillion supply, SolidProof audit, over $8 million raised, and a confirmed Binance listing ahead. Visit the Pepeto official website before the presale closes.


Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.

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Brazil’s New Finance Minister Puts Crypto Tax Policy on Pause: Report

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Taxes, Brazil

Brazil’s Finance Minister, Dario Durigan, is putting crypto tax policy on the back burner until after the country’s presidential elections in October 2026 to avoid pushing for “divisive” tax changes during an election year. 

Regulators and government officials originally slated a public consultation on crypto tax policy for later this year, which may be delayed until 2027, but still “remains on the radar,” sources familiar with the matter told Reuters.

Brazil ended its no tax policy on gains from smaller cryptocurrency sales or transfers in June 2025, shifting to a 17.5% flat tax on crypto capital gains, including those made from offshore and self-custodial holdings.

Under the previous rules, residents who sold up to 35,000 Brazilian real, equivalent to about $6,587, per month were exempt from capital gains taxes on any profits, and investors who surpassed this threshold were subject to progressive tax rates between 15% and 22.5%.

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In November 2025, Banco Central do Brasil, the country’s central bank, published rules that treat stablecoin transfers as foreign currency exchange, subject to the same tax laws.

The Brazilian government is also eyeing proposals to tax cryptocurrencies used for international payments and is aligning its reporting rules to be consistent with regulations under the Crypto-Asset Reporting Framework (CARF), an international monitoring standard for crypto transactions.

The decision to place the crypto tax consultation on hiatus comes during a time when the South American country is rapidly adopting crypto, and the industry is growing in Brazil.

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Related: Brazil’s Pix instant payment system expands to Argentina

Brazil is one of the top countries in the world for crypto adoption

Brazil ranks number five on Chainalysis’s crypto Global Adoption Index and ranks number one in terms of adoption in the Latin America region.

Taxes, Brazil
Brazil ranks number five globally in terms of crypto adoption. Source: Chainalysis

The country has a population of over 213 million people, with a median age of 33.5 years, and over 91% of the population lives in urban areas, according to data from Worldometer.

In 2025, “Latin America’s crypto adoption grew by 63%, reflecting rising adoption across both retail and institutional segments,” according to Chainalysis.

Magazine: ‘Painful to think about’: NFT Creator Nate Alex on selling 70 CryptoPunks too early

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