MARA Holdings, previously known as Marathon Digital Holdings, has sold a significant portion of its Bitcoin holdings, totaling 20,880 BTC for $1.5 billion in the first quarter of 2026. The proceeds from this sale were strategically directed toward debt repurchases and reducing overall leverage. By optimizing its balance sheet and restructuring its capital, MARA aims to strengthen its financial position.
Given the volatile nature of crypto markets, the company may continue to adjust its Bitcoin holdings moving forward. Bitcoin acts not only as a reserve asset but also as a crucial component for financial agility. The firm emphasizes its commitment to deploying Bitcoin in a manner that maximizes shareholder value, ensuring its financial strategies are in alignment with long-term goals.
As of late March 2026, MARA controlled 35,303 Bitcoin valued at $2.9 billion, with nearly 10,000 coins either out on loan or used as collateral, solidifying its position as the fourth-largest corporate Bitcoin holder, according to BitcoinTreasuries.NET.
#How Is MARA Expanding into AI and Energy?
MARA is further expanding its portfolio by committing to a $1.5 billion acquisition of Long Ridge Energy & Power from FTAI Infrastructure. This acquisition is a critical step towards enhancing its capabilities in AI data centers and establishing energy-backed digital infrastructures. The deal includes a gas-fired power plant with a capacity of 505 MW located in Ohio, along with over 1,600 acres designated for future AI and high-performance computing initiatives.
The acquisition aligns with MARA's strategic objective of controlling substantial power assets necessary for AI workloads. They plan to develop a campus that could eventually exceed 1 gigawatt of energy capacity, with initial AI buildout expected to start in 2027 and capacity becoming operational around mid-2028. The completion of this deal is anticipated in the latter half of 2026, contingent on regulatory approvals and will partially be financed through a $785 million bridge facility provided by Barclays. Projections indicate that these assets could generate an annualized EBITDA of roughly $144 million.
#What Are the Financial Highlights for Q1 2026?
In terms of financial performance, MARA reported a net loss of $1.26 billion during the first quarter of 2026, a stark contrast to the $533 million loss reported in the same period in 2025. Revenue decreased by 18% year-over-year to $175 million, which correlates with falling Bitcoin prices. The company’s total Bitcoin mined witnessed a slight reduction, dropping from 2,286 BTC in Q1 2025 to 2,247 BTC in Q1 2026.
MARA's total assets have also seen a decline, falling from $7.29 billion at the end of 2025 to $4.95 billion, mainly influenced by changes in fair value and efforts to decrease leverage. Through the repurchase of approximately $1 billion in convertible notes, the company recorded a $71 million gain on extinguishment, which brought total debt down to $2.45 billion, inclusive of a $150 million Bitcoin-backed credit line. Notably, the company generated $1.19 billion in investing cash flow primarily from the sale of 20,880 BTC.
MARA has maintained a hash rate of 72.2 EH/s while making strides into AI infrastructure through various initiatives, including the acquisition of Exaion, the Starwood joint venture, and a $46 million restructuring program.