MARA acquires $1.5B power plant to build flagship AI campus as Bitcoin miners pivot to HPC

MARA Acquisition Signals Major Shift in Bitcoin Mining Strategy

MARA Holdings entered a definitive agreement to acquire Long Ridge Energy & Power LLC for approximately $1.5 billion, marking one of the largest infrastructure deals by a Bitcoin mining company pivoting toward AI infrastructure 1

1

. The transaction includes a 505-megawatt combined-cycle gas-fired power plant and a co-located data center site on 1,600 contiguous acres in Hannibal, Ohio 2

2

. The deal also involves the assumption of roughly $785 million in debt, backed by a bridge loan from Barclays 1

1

.

MARA's stock price jumped more than 12% on Thursday following the announcement, extending a broader rally that has seen shares gain about 55% over the past month 1

1

. The company's Nasdaq-traded shares reached $11.95, reflecting investor enthusiasm for the strategic expansion 2

2

.

Power Capacity Expansion Fuels Digital Infrastructure Campus

The MARA acquisition increases the company's owned and operated power capacity by roughly 65%, bringing total potential capacity at the site to more than 1 gigawatt 1

1

. This includes 200 MW of existing capacity and room to scale compute operations to as much as 600 MW 1

1

. The site in Ohio provides critical access to power, land, water, and fiber infrastructure, making it attractive to AI and data center tenants 1

1

.

Fred Thiel, MARA's chairman and CEO, emphasized the strategic importance of power access: "Power is the scarce input in AI," noting that the company is gaining control of a "highly efficient, contracted energy platform" ready for expansion to build a flagship AI campus 2

2

. The combined-cycle gas plant operates with all-in costs below $15 per megawatt-hour, positioning MARA competitively in the high-performance computing (HPC) market 1

1

.

Timeline and Financial Impact of Long Ridge Energy & Power Deal

The transaction is expected to close in the second half of 2026, subject to regulatory approvals including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission approval 2

2

. MARA hopes to begin construction on an initial buildout in the first half of 2027, with operations targeted for mid-2028 1

1

.

The deal is expected to contribute approximately $144 million in annualized adjusted EBITDA based on Long Ridge's second-half performance in 2025 2

2

. The company plans to pair future compute demand with additional on-site power generation, creating a vertically integrated approach to serving AI workloads 1

1

.

Bitcoin Miners Expand Into AI as Industry Trend Accelerates

The MARA acquisition follows the company's February purchase of a majority stake in French computing infrastructure operator Exaion, where it took a 64% interest as part of its expansion into AI and cloud services 1

1

. This move reflects a broader trend as Bitcoin miners accelerate their expansion into AI and high-performance computing.

In January, CleanSpark agreed to acquire 447 acres in Texas for a 300-MW AI-focused data center 1

1

. Core Scientific secured a $500 million loan facility from Morgan Stanley in March to fund data center expansion, equipment purchases, and additional power capacity 1

1

. Earlier this month, AI cloud infrastructure company CoreWeave, an early Bitcoin miner to pivot to high-performance computing, signed a multi-year agreement with Anthropic to support workloads for its Claude model 1

1

. HIVE Digital Technologies also announced plans to raise $75 million through a private offering to fund GPU purchases and data center expansion 1

1

.

Balancing Bitcoin Network Security With AI Ambitions

The pivot by Bitcoin miners into AI and HPC has sparked debate over whether reduced mining activity could weaken Bitcoin network security, as both industries compete for the same power resources 1

1

. Some companies continue to emphasize support for the Bitcoin network even as they diversify. On Tuesday, MARA said it launched the MARA Foundation to focus on network security, including research into quantum threats, while expanding self-custody access and education 1

1

.

Recent data shows short interest in MARA Holdings decreased from 113.18 million to 104.70 million shares, though 36.53% of the float remains short, indicating continued skepticism among some investors 2

2

. As the company builds out its digital infrastructure campus over the coming years, investors will be watching whether MARA can successfully execute its dual strategy of maintaining Bitcoin mining operations while capturing growing demand for AI compute capacity.🟡 intrepid=🟡### MARA Acquisition Signals Major Shift in Bitcoin Mining Strategy

MARA Holdings entered a definitive agreement to acquire Long Ridge Energy & Power LLC for approximately $1.5 billion, marking one of the largest infrastructure deals by a Bitcoin mining company pivoting toward AI infrastructure 1

1

. The transaction includes a 505-megawatt combined-cycle gas-fired power plant and a co-located data center site on 1,600 contiguous acres in Hannibal, Ohio 2

2

. The deal also involves the assumption of roughly $785 million in debt, backed by a bridge loan from Barclays 1

1

.

MARA's stock price jumped more than 12% on Thursday following the announcement, extending a broader rally that has seen shares gain about 55% over the past month 1

1

. The company's Nasdaq-traded shares reached $11.95, reflecting investor enthusiasm for the strategic expansion 2

2

.

Power Capacity Expansion Fuels Digital Infrastructure Campus

The MARA acquisition increases the company's owned and operated power capacity by roughly 65%, bringing total potential capacity at the site to more than 1 gigawatt 1

1

. This includes 200 MW of existing capacity and room to scale compute operations to as much as 600 MW 1

1

. The site in Ohio provides critical access to power, land, water, and fiber infrastructure, making it attractive to AI and data center tenants 1

1

.

Fred Thiel, MARA's chairman and CEO, emphasized the strategic importance of power access: "Power is the scarce input in AI," noting that the company is gaining control of a "highly efficient, contracted energy platform" ready for expansion to build a flagship AI campus 2

2

. The combined-cycle gas plant operates with all-in costs below $15 per megawatt-hour, positioning MARA competitively in the high-performance computing (HPC) market 1

1

.

Timeline and Financial Impact of Long Ridge Energy & Power Deal

The transaction is expected to close in the second half of 2026, subject to regulatory approvals including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission approval 2

2

. MARA hopes to begin construction on an initial buildout in the first half of 2027, with operations targeted for mid-2028 1

1

.

The deal is expected to contribute approximately $144 million in annualized adjusted EBITDA based on Long Ridge's second-half performance in 2025 2

2

. The company plans to pair future compute demand with additional on-site power generation, creating a vertically integrated approach to serving AI workloads 1

1

.

Bitcoin Miners Expand Into AI as Industry Trend Accelerates

The MARA acquisition follows the company's February purchase of a majority stake in French computing infrastructure operator Exaion, where it took a 64% interest as part of its expansion into AI and cloud services 1

1

. This move reflects a broader trend as Bitcoin miners accelerate their expansion into AI and high-performance computing.

In January, CleanSpark agreed to acquire 447 acres in Texas for a 300-MW AI-focused data center 1

1

. Core Scientific secured a $500 million loan facility from Morgan Stanley in March to fund data center expansion, equipment purchases, and additional power capacity 1

1

. Earlier this month, AI cloud infrastructure company CoreWeave, an early Bitcoin miner to pivot to high-performance computing, signed a multi-year agreement with Anthropic to support workloads for its Claude model 1

1

. HIVE Digital Technologies also announced plans to raise $75 million through a private offering to fund GPU purchases and data center expansion 1

1

.

Balancing Bitcoin Network Security With AI Ambitions

The pivot by Bitcoin miners into AI and HPC has sparked debate over whether reduced mining activity could weaken Bitcoin network security, as both industries compete for the same power resources 1

1

. Some companies continue to emphasize support for the Bitcoin network even as they diversify. On Tuesday, MARA said it launched the MARA Foundation to focus on network security, including research into quantum threats, while expanding self-custody access and education 1

1

.

Recent data shows short interest in MARA Holdings decreased from 113.18 million to 104.70 million shares, though 36.53% of the float remains short, indicating continued skepticism among some investors 2

2

. As the company builds out its digital infrastructure campus over the coming years, investors will be watching whether MARA can successfully execute its dual strategy of maintaining Bitcoin mining operations while capturing growing demand for AI compute capacity.