Bitcoin · U.S. Treasury · Bitcoin Magazine
MARA Dumps $1.5 billion in Bitcoin as Miner Trades Treasury Hoard for AI Power Bet
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MARA is cashing in its bitcoin treasury to fund a massive AI and power infrastructure pivot, selling $1.5 billion in BTC as the miner bets its future on data centers and energy assets over pure hashrate expansion.
Key facts
- The company reported first-quarter revenue of $174.6 million, an 18% drop from a year earlier, and a net loss of about $1.3 billion
- To strengthen its balance sheet, MARA sold about $1.5 billion worth of bitcoin during the quarter, including a $1.1 billion block near the end of the period used to repurchase convertible notes
- The miner sold 20,880 bitcoin and ended the quarter with 35,303 coins, down from 38,689 earlier in the year
- MARA produced 2,247 bitcoin in the quarter and lifted energized hashrate 33% year over year to 72.2 exahash per second, but those operational gains did not offset the mark-to-market hit
Summary
MARA Holdings has begun to shed its pure-play bitcoin miner identity, unloading $1.5 billion worth of bitcoin in the first quarter as it refocuses on power infrastructure and artificial intelligence data centers. The shift comes as the company reports weaker financial results and leans on its bitcoin treasury to retire debt and fund a large energy acquisition in Ohio. The company reported first-quarter revenue of $174.6 million, an 18% drop from a year earlier, and a net loss of about $1.3 billion. MARA produced 2,247 bitcoin in the quarter and lifted energized hashrate 33% year over year to 72.2 exahash per second, but those operational gains did not offset the mark-to-market hit on its holdings.