Shares of MARA Holdings climbed 13% in premarket trading Friday, even after the Bitcoin miner reported a $1.71 billion net loss for the fourth quarter, as investors focused on the company’s shift toward artificial intelligence and high-performance computing.

The company posted a net loss of $1.71 billion for Q4 2025, compared with net income of $528.3 million during the same period a year earlier. Revenue for the quarter fell 6% to $202.3 million, according to a filing with the Securities a