Tech · CoinDesk
Bitcoin miner MARA sold $1.5 billion of bitcoin as it shifts toward AI infrastructure
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MARA Holdings (MARA) is still producing bitcoin BTC $ 80,984.66, but it is getting harder to argue that mining is its core business.
Key facts
- First-quarter revenue fell 18% from a year earlier to $174.6 million, the company said Monday
- Its net loss widened to $1.3 billion, largely tied to unrealized losses on its 38,689 bitcoin
- MARA has a partnership with Starwood Capital and agreed to buy Long Ridge Energy & Power, a gas-fired power plant and data center campus in Ohio, in a $1.5 billion transaction
- MARA Holdings (MARA) is still producing bitcoin BTC $ 80,984.66, but it is getting harder to argue that mining is its core business
Summary
MARA Holdings' first-quarter revenue fell 18% to $174.6 million, while a $1.3 billion net loss was driven largely by unrealized losses on its bitcoin holdings. The company sold about $1.5 billion of bitcoin, including $1.1 billion near quarter-end to repurchase convertible notes, and fell from the second- to the fourth-largest public bitcoin treasury holder. While Marathon continues to mine bitcoin, it is signaling a strategic pivot toward using its power infrastructure for AI and high-performance computing, supported by deals such as its planned $1.5 billion acquisition of the Long Ridge Energy & Power campus in Ohio. In its first-quarter earnings statement, the company said it does not expect to make large-scale purchases of the specialist ASIC machines used in the process.