MARA Holdings Dumps 20,880 Bitcoin for $1.5B as It Bets Big on AI Data Centers

TLDR:

• MARA sold 20,880 Bitcoin for $1.5B in Q1 2026, using proceeds to repurchase $1B in convertible notes.
• The company cut its workforce by 15%, targeting $12M in annual savings amid a shift toward AI focus.
• MARA acquired a 505 MW Ohio power plant for $1.5B to build an AI campus scaling beyond one gigawatt.
• Despite holding 35,303 BTC worth $2.9B, MARA posted a $1.26B net loss and an 18% revenue decline.

MARA Holdings sold 20,880 Bitcoin for approximately $1.5 billion in Q1 2026, according to a recent regulatory filing.

The digital asset technology company used the proceeds primarily to reduce debt through convertible note buybacks.

This move reflects a broader capital restructuring effort as the firm shifts focus away from Bitcoin mining toward AI and critical IT infrastructure.

MARA Realigns Balance Sheet While Pivoting to AI Infrastructure

The company repurchased roughly $1 billion in convertible notes, recording a $71 million gain on debt extinguishment.

Total debt now stands at $2.45 billion, which includes a $150 million Bitcoin-backed credit line. CFO Salman Khan spoke directly to the strategy during the earnings call:

“Bitcoin is not only a reserve asset on our balance sheet; it is also a source of strategic financial flexibility. We will continue to deploy it thoughtfully when doing so creates measurable value for shareholders, and we intend to use it selectively to strengthen the balance sheet and fund strategic priorities.”

As of March 31, MARA held 35,303 Bitcoin valued at approximately $2.9 billion. Nearly 10,000 of those coins were either loaned out or pledged as collateral. The company currently ranks as the fourth-largest corporate Bitcoin holder, according to BitcoinTreasuries.NET.

MARA also reduced its workforce by 15%, targeting $12 million in annualized cost savings. The restructuring resulted in a $45.9 million charge tied to closing certain business initiatives.

Management confirmed the cuts reflect a deliberate shift away from a mining-centric model toward AI and critical IT infrastructure.

Adjusted G&A expenses, excluding stock-based compensation and acquisition costs, are expected to decline below Q1 levels over time.

The company’s total assets dropped to $4.95 billion from $7.29 billion at year-end 2025, driven by fair value changes and balance sheet restructuring activity.

MARA Enters $1.5 Billion Deal to Acquire Ohio Power Plant for AI Development

MARA entered a $1.5 billion agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure. The deal includes a 505 MW gas-fired power plant in Ohio along with more than 1,600 acres designated for future AI and high-performance computing development. The acquisition is expected to close in the second half of 2026, subject to regulatory approvals.

Financing for the deal includes a $785 million Barclays bridge facility. The asset base is projected to generate roughly $144 million in annualized EBITDA. Initial AI buildout is planned to begin in 2027, with capacity expected to come online around mid-2028.

The company plans to develop a campus that could eventually scale beyond one gigawatt. This positions MARA alongside other firms racing to control large-scale power assets for AI workloads.

The acquisition follows other strategic moves, including the Exaion acquisition and a joint venture with Starwood.

On the mining side, MARA maintained 72.2 EH/s of energized hashrate in Q1. Total Bitcoin mined came in at 2,247 BTC, down slightly from 2,286 BTC in Q1 2025.

Revenue fell 18% year over year to $175 million, while the company posted a net loss of $1.26 billion for the quarter.

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