MARA sold $1.5B in Bitcoin to expand AI business

MARA Holdings sold approximately $1.5 billion worth of Bitcoin during the first quarter of 2026 as the company expanded its artificial intelligence and digital infrastructure strategy. The miner used part of the proceeds to reduce debt while increasing investments in energy assets and data center development.

MARA sold $1.5B worth of Bitcoin in Q1

MARA Holdings reported first-quarter revenue of $174.6 million, down 18% year-over-year. The company posted a net loss of approximately $1.3 billion, largely driven by unrealized losses tied to declining Bitcoin prices.

During the quarter, MARA mined 2,247 BTC while increasing energized hash rate by 33% to 72.2 EH/s. However, operational growth did not offset the accounting impact from falling digital asset valuations.

To strengthen its balance sheet, MARA sold roughly 20,880 BTC for approximately $1.5 billion.

According to the company:

• around $1.1 billion was used to repurchase convertible notes
• additional capital supported energy infrastructure expansion
• part of the proceeds funded artificial intelligence initiatives

Following the transactions, MARA reduced its Bitcoin holdings from 38,689 BTC to 35,303 BTC.

MARA slows aggressive mining expansion plans

The company continues reshaping its long-term strategy beyond traditional cryptocurrency mining.

In its earnings statement, MARA said it no longer expects to pursue large-scale ASIC miner purchases. Instead, management plans to prioritize energy infrastructure and computing facilities.

A central part of the strategy involves the pending $1.5 billion acquisition of the Long Ridge Energy & Power campus in Ohio.

The site includes:

• a 505-megawatt natural gas power plant
• large-scale land for future data center expansion
• infrastructure supporting AI and high-performance computing

According to MARA, the campus could eventually support more than 600 megawatts of artificial intelligence and critical computing workloads.

The company also partnered with Starwood Capital to convert selected mining facilities into artificial intelligence and data center operations.

Miners continue shifting toward AI

MARA’s transition reflects a broader shift across the public Bitcoin mining industry.

Large mining companies increasingly view electricity infrastructure and data centers as more stable long-term assets compared with cryptocurrency mining alone.

Analysts believe this approach helps reduce exposure to Bitcoin price volatility and mining cycle fluctuations.

At the same time, investment priorities across the sector continue changing. Instead of focusing entirely on hash rate growth, companies now emphasize:

• power infrastructure
• computing capacity
• long-term data center contracts

AI reshapes mining economics

MARA’s strategy highlights how cryptocurrency mining companies are evolving into broader digital infrastructure operators.

Electricity access, land and data center capacity are becoming more valuable strategic assets than mining hardware itself.

Artificial intelligence is also creating a new source of demand for large-scale computing infrastructure.

Over the next several years, major Bitcoin miners may increasingly adopt hybrid business models combining mining operations, data centers and artificial intelligence infrastructure.

Read also: MARA acquires energy assets in $1.5B deal