MARA Holdings Reported a $1.7B Net Loss in Q4

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Market Snapshot: Overnight Moves

Daily Updates:

• BTC’s rally to $70K failed to hold, with crypto asset prices pulling back yesterday in line with a broader weakness in US equities. 
• BTC currently trades under $68K, with ETH holding up just slightly above the $2,000 level. 
• Both assets have seen modest interest in their respective Spot ETF products. For the third trading day in a row, Spot exchange traded funds tracking Bitcoin saw inflows, bringing the total for this week to $814M so far. Spot ETH ETFs have also seen three days of inflows and a smaller weekly total of $124M. 

• The S&P 500 recovered some of the losses it sustained at the beginning of yesterday’s session, but still ended up closing at -0.54%. Despite a strong earnings report from Nvidia, which exceeded quarterly revenue and profit expectations on Wall Street, markets continue to remain worried over the amount of money companies are spending on artificial intelligence, as well as the technology’s potential capability to disrupt a slew of different industries. The tech-heavy Nasdaq-100 declined 1.16%, while shares in NVDA fell more than 5%.

• Ten-year treasury yields fell five basis points yesterday to 4.0%, extending their decline for the month of February to 30bps — pushing the 10-year note on track for its best month in a year. 
• Precious metals have steadied with gold prices holding up above $5,100 an ounce, and silver just below $90 per ounce. 
• Those moves come after the US and Iran concluded their third-round of negotiations yesterday, with further talks set for next week after “significant progress” was made according to Oman’s Foreign Minister.

• A bipartisan bill introduced in the United States yesterday would clarify that criminal code Section 1960 applies only to actors who control customer assets and transmit funds on behalf of customers, rather than software developers who write code but do not control other people’s money.
• The proposal is intended to protect builders of non-custodial blockchain infrastructure, such as smart contracts, wallets, open-source libraries, and peer-to-peer protocols that neither custody nor control user funds. 

• US lawmakers put stablecoin yields back in focus yesterday, warning that rewards can start to look like bank deposits without the same safeguards.
• In a Senate Banking Committee hearing, Sen. Angela Alsobrooks said the concern is “offering a bank-like product, like a bank deposit, without any of the protections or regulations that accompany that product” and what that could mean for “future deposit flight.”
• Sen. Thom Tillis said he wants “some independent assessment” from regulators on deposit flight risk before moving forward, as the White House pushes for a resolution by the end of this month. 
• When asked whether they had “seen massive deposit flight,” regulators said they had not, and FDIC Chair Travis Hill noted banks “continue to be performing quite well.”
• Committee Chair Tim Scott added that staff research showed deposits increased after GENIUS became law, arguing “the fear of the deposit flight does not seem to be realized whatsoever.”

• Japan’s SBI Holdings and Startale Group have unveiled JPYSC, a yen-denominated stablecoin aimed at institutional and cross-border use cases, with a Q2 2026 launch target pending regulatory approval.
• Issuance is managed by SBI Shinsei Trust Bank, bringing a trust-bank framework with tighter governance and operational safeguards.
• SBI VC Trade is set to be the main distribution partner, while Startale leads the technical build, including plans for interoperability across traditional rails and multiple blockchain networks.

• MARA Holdings, an American digital asset technology and cryptocurrency mining company, reported a $1.7B net loss in the fourth quarter, versus a $528M profit a year earlier, largely driven by a $1.5B negative fair value move on its bitcoin holdings as BTC fell roughly 23% during the quarter. Revenue also decreased 6% year on year to $202.3M.
• Operationally, MARA grew energized hashrate 25% year on year to 66.4 EH/s, but mined 2,011 BTC and won 595 blocks, with higher network difficulty weighing on production. Energy cost per bitcoin rose to $48,611 up from $31,608 a year earlier, as network difficulty increased faster than MARA’s hashrate expansion .
• At year-end, MARA held 53,822 BTC worth roughly $4.7B, with around 28% loaned or pledged. Shares jumped about 15% after hours after the company announced a joint venture with Starwood Capital to build AI-focused data centres.

• Aave has surpassed $1T in cumulative lending volume, marking the first time a DeFi protocol has crossed that threshold.
• CEO Stani Kulechov described Aave as “the backbone of on-chain lending.”
• The protocol currently holds $27.2B in total value locked and generated $83.3M in fees over the past 30 days. 

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