MARA Holdings, a Nasdaq-listed Bitcoin mining firm, sold 20,880 Bitcoin for $1.5 billion in Q1 2026 as part of a strategic pivot toward AI and high-performance computing infrastructure. The company posted a $1.26 billion net loss in Q1 2026, more than double its $533 million loss a year earlier, with revenue falling 18% to $175 million due to lower Bitcoin prices. Between March 4 and March 25, MARA sold 15,133 Bitcoin for about $1.1 billion specifically to repurchase convertible notes, using $1 billion to reduce its debt by 30% from $3.3 billion to $2.3 billion. The proceeds also support MARA's largest acquisition to date: a nearly $1.5 billion deal for the Long Ridge Energy gas power plant in Ohio, expected to generate $144 million in annualized EBITDA. The company is cutting 15% of its workforce to save $12 million annually and halting large-scale ASIC purchases, pivoting to a dual-use strategy for mining and AI infrastructure. Despite the sales, MARA holds 35,303 BTC worth $2.84 billion, remaining the fourth largest corporate Bitcoin holder. This move reflects a broader industry trend where crypto miners seek AI opportunities, following IREN's $3.4 billion Nvidia deal. MARA shares fell over 5% on the day but are up 32% over the last month.

Key facts

• MARA sold 20,880 BTC for $1.5 billion in Q1 2026.
• Used $1 billion to reduce convertible debt by 30% to $2.3 billion.
• Reported a $1.26 billion net loss in Q1 2026, more than double year ago.
• Acquiring Long Ridge Energy gas plant for $1.5 billion to support AI pivot.
• Remains fourth largest corporate Bitcoin holder with 35,303 BTC.

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