MARA Holdings (Nasdaq: MARA), the world’s largest publicly listed Bitcoin miner in terms of holdings, reported its financial results for the fourth quarter of 2025 on Feb. 26.

Bitcoin mining is the process of using specialized computing hardware to solve complex cryptographic puzzles to verify and add blocks containing BTC transactions to the chain. In return, miners receive rewards in the form of newly minted BTC.

Related: What is Bitcoin mining? Explained

The company generated a revenue of $202 million and posted a net loss of $4.52 in earnings per share (EPS) in the quarter, falling short of estimates in both cases.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at negative $1.48 million in Q4 2025, against positive $796 million a year earlier.

Now, a veteran analyst has lowered the price target on MARA stock by 44%.

JPMorgan announces Bitcoin mining leader

Popular crypto company exits Bitcoin amid crash

Morgan Stanley has a new investment plan for traders in 2026

Brian Dobson is a managing director of disruptive technology equity research at Clear Street. With an experience of more than two decades, the analyst often shares his outlook on equities.

Investing.com reported on March 3 that Dobson lowered the price target on the MARA Holdings stock from $16 to $9, while maintaining a Hold rating.

The analyst lowered its 2027 EBITDA estimate for MARA from $571 million to $99 million.

In fact, Dobson now values the company using a sum-of-the-parts framework that accounts for both Bitcoin mining and high-performance computing (HPC) operations.

"We apply an 8x multiple to our reduced 2027E EBITDA estimate of $99M (from $571M), implying ~$2 per share for mining. We assign $7 per share to the HPC partnership, resulting in our revised $9 target."

The lower weightage to Bitcoin mining is understandable because it is no longer as profitable as earlier due to higher energy costs, rising mining difficulty, and reduced mining rewards. Most miners like MARA are transitioning to AI/HPC operations.

In fact, MARA revealed in a recent 10-K filing with the Securities and Exchange Commission (SEC) that it has revised its 2026 policy as per which it is open to selling Bitcoin held on its balance sheet due to liquidity and market crises.

The MARA stock was exchanging hands at $8.55 at press time, down nearly 8% in a day.

Related: Leading miners sell Bitcoin as market plunges

This story was originally published by TheStreet on Mar 5, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.