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MARA Holdings Expands Beyond Bitcoin Mining with $1.5 B Long Ridge Energy Acquisition
In a bold move that signals a shift away from its origins as a pure Bitcoin miner, MARA Holdings Inc. (NASDAQ:MARA) has closed a $1.5 billion deal for Long Ridge Energy & Power LLC, a combined‑cycle natural‑gas plant in Hannibal, Ohio. The purchase brings a 505‑megawatt (MW) facility and more than 1,600 acres of land—enough to support a data‑center campus that could eventually generate over 1 GW of power.
The transaction lifts MARA’s owned power capacity by roughly 65%, adding an estimated $144 million in annualized adjusted EBITDA. It also brings on board at least $785 million of debt, but the Long Ridge site’s connection to the PJM interconnection grants the company instant access to a high‑density grid that powers many U.S. data‑center operators.
MARA’s business model is pivoting from mining to a hybrid of mining services and power supply. The company now markets Bitcoin‑mining services and low‑cost electricity—at a rate of $0.04 per kilowatt‑hour for owned sites—to AI data centers and other enterprises that demand reliable, inexpensive power for high‑performance computing. With 1.9 GW of power infrastructure under its belt, MARA is forging institutional ties through strategic partnerships.
Recent filings back the shift. In a 10‑K update, MARA hinted at the possibility of selling its Bitcoin reserve, signaling a move away from a purely mining‑centric focus. The first‑quarter earnings report noted that the firm does not plan large‑scale purchases of ASIC mining equipment. In April 2026, the company announced a 15% workforce reduction across several departments as a cost‑control measure aligned with its new power‑and‑infrastructure strategy.
Investor reactions have been mixed. American Century Investments’ Small Cap Value Fund described MARA’s shares as underperforming in its fourth‑quarter 2025 letter, though it stopped short of offering a valuation outlook. Meanwhile, the stock has climbed 54% since the trade date referenced in a recent article about former President Donald Trump’s portfolio, where MARA was listed as the tenth‑ranked holding. That portfolio data, sourced from the U.S. Office of Government Ethics, notes that Trump’s investment accounts are managed by third‑party institutions.
Long Ridge positions MARA as a key infrastructure provider for the burgeoning AI sector. By converting stranded electricity into Bitcoin and AI computing power, the firm aims to capture high‑margin revenue streams that are less sensitive to cryptocurrency price swings. The plant’s efficiency and the potential to expand beyond 1 GW make it an attractive asset for data‑center operators seeking dependable, low‑cost power.
As MARA realigns its operations, market observers will focus on how quickly the new facility integrates into its portfolio, the pace of workforce adjustments, and the company’s progress in scaling AI‑centered power services. These developments will shape MARA’s valuation trajectory and its standing in the broader digital‑asset infrastructure ecosystem.
The next public filing is expected to detail the operational status of the Long Ridge plant and any additional acquisitions that support its AI infrastructure strategy. Analysts will also keep a close eye on the company’s Bitcoin reserve management and the cost‑impact of its workforce reductions.
The transaction lifts MARA’s owned power capacity by roughly 65%, adding an estimated $144 million in annualized adjusted EBITDA. It also brings on board at least $785 million of debt, but the Long Ridge site’s connection to the PJM interconnection grants the company instant access to a high‑density grid that powers many U.S. data‑center operators.
MARA’s business model is pivoting from mining to a hybrid of mining services and power supply. The company now markets Bitcoin‑mining services and low‑cost electricity—at a rate of $0.04 per kilowatt‑hour for owned sites—to AI data centers and other enterprises that demand reliable, inexpensive power for high‑performance computing. With 1.9 GW of power infrastructure under its belt, MARA is forging institutional ties through strategic partnerships.
Recent filings back the shift. In a 10‑K update, MARA hinted at the possibility of selling its Bitcoin reserve, signaling a move away from a purely mining‑centric focus. The first‑quarter earnings report noted that the firm does not plan large‑scale purchases of ASIC mining equipment. In April 2026, the company announced a 15% workforce reduction across several departments as a cost‑control measure aligned with its new power‑and‑infrastructure strategy.
Investor reactions have been mixed. American Century Investments’ Small Cap Value Fund described MARA’s shares as underperforming in its fourth‑quarter 2025 letter, though it stopped short of offering a valuation outlook. Meanwhile, the stock has climbed 54% since the trade date referenced in a recent article about former President Donald Trump’s portfolio, where MARA was listed as the tenth‑ranked holding. That portfolio data, sourced from the U.S. Office of Government Ethics, notes that Trump’s investment accounts are managed by third‑party institutions.
Long Ridge positions MARA as a key infrastructure provider for the burgeoning AI sector. By converting stranded electricity into Bitcoin and AI computing power, the firm aims to capture high‑margin revenue streams that are less sensitive to cryptocurrency price swings. The plant’s efficiency and the potential to expand beyond 1 GW make it an attractive asset for data‑center operators seeking dependable, low‑cost power.
As MARA realigns its operations, market observers will focus on how quickly the new facility integrates into its portfolio, the pace of workforce adjustments, and the company’s progress in scaling AI‑centered power services. These developments will shape MARA’s valuation trajectory and its standing in the broader digital‑asset infrastructure ecosystem.
The next public filing is expected to detail the operational status of the Long Ridge plant and any additional acquisitions that support its AI infrastructure strategy. Analysts will also keep a close eye on the company’s Bitcoin reserve management and the cost‑impact of its workforce reductions.
