Bitcoin Miner MARA Sells $1.5 Billion in BTC, Stories $1.26 Billion Q1 Loss – Decrypt

MARA Holdings, the Nasdaq-listed Bitcoin mining agency, offered 20,880 Bitcoin for $1.5 billion within the first quarter of 2026 as a part of a strategic pivot from large-scale mining towards synthetic intelligence and high-performance computing infrastructure.

The Bitcoin liquidation comes as MARA posted a $1.26 billion internet loss in Q1 2026, greater than double its $533 million loss a yr earlier, in keeping with earnings information. Income fell 18% year-over-year to $175 million amid decrease Bitcoin costs.

Between March 4 and March 25, MARA offered 15,133 Bitcoin for roughly $1.1 billion particularly to fund convertible word repurchases, as beforehand reported. The corporate used $1 billion from these gross sales to cut back its excellent convertible debt by 30%, from roughly $3.3 billion to $2.3 billion, recording a $71 million achieve on extinguishment.

The proceeds are additionally funding MARA’s largest acquisition up to now. The corporate has entered a definitive settlement to accumulate Lengthy Ridge Power from FTAI Infrastructure for almost $1.5 billion, together with assumption of no less than $785 million of debt. Lengthy Ridge operates a 505-megawatt combined-cycle gasoline energy plant in Ohio with over 1,600 contiguous acres, and is anticipated to generate $144 million in annualized EBITDA.

Past the monetary restructuring, MARA is essentially reshaping its operations. The corporate is reducing 15% of its workforce to realize $12 million in annualized value financial savings whereas halting large-scale mining gear purchases.

“Going ahead, we don’t anticipate to pursue large-scale ASIC purchases. Our method will stay selective, focused, and grounded in clear financial return,” the agency wrote in its Q1 shareholder letter.

The corporate has positioned 90% of its non-hosted mining capability to be convertible into AI and IT infrastructure, and administration outlined a dual-use technique.

“Our technique facilities on co-locating new infrastructure with current Bitcoin mining operations, permitting us to monetize energy belongings instantly whereas leveraging the operational self-discipline and infrastructure experience that mining offers,” they wrote. “This method creates flexibility: we are able to generate income as we speak by means of Bitcoin mining whereas preserving the choice to redirect energy towards AI and significant IT masses as these alternatives mature on the identical websites.”

Regardless of the liquidation, MARA stays the fourth largest company Bitcoin holder with 35,303 BTC value $2.84 billion.

MARA shares are down Tuesday following the earnings report, down greater than 5% on the day at a latest worth of $12.65 after dipping as little as $11.74 earlier within the day. Even with the every day fall, MARA shares have jumped 32% over the past month.

MARA’s transformation displays an accelerating business pattern as crypto infrastructure firms chase AI alternatives. Bitcoin miner IREN secured a $3.4 billion Nvidia AI deal earlier this month, whereas Keel Infrastructure (previously Bitfarms) posted a $145 million loss because it accomplished an entire mining-to-AI transition.