Bitcoin Miner MARA Sells $1.5 Billion in BTC, Reports $1.26 Billion Q1 Loss

MARA Holdings, the Nasdaq-listed Bitcoin mining firm, sold 20,880 Bitcoin for $1.5 cardinal successful the archetypal 4th of 2026 arsenic portion of a strategical pivot from large-scale mining toward artificial quality and high-performance computing infrastructure.

The Bitcoin liquidation comes arsenic MARA posted a $1.26 cardinal nett loss successful Q1 2026, much than treble its $533 cardinal nonaccomplishment a twelvemonth earlier, according to net data. Revenue fell 18% year-over-year to $175 cardinal amid little Bitcoin prices.

Between March 4 and March 25, MARA sold 15,133 Bitcoin for astir $1.1 cardinal specifically to money convertible enactment repurchases, arsenic antecedently reported. The institution utilized $1 cardinal from these income to trim its outstanding convertible indebtedness by 30%, from astir $3.3 cardinal to $2.3 billion, signaling a $71 cardinal summation connected extinguishment.

The proceeds are besides backing MARA's largest acquisition to date. The institution has entered a definitive statement to get Long Ridge Energy from FTAI Infrastructure for astir $1.5 billion, including presumption of astatine slightest $785 cardinal of debt. Long Ridge operates a 505-megawatt combined-cycle state powerfulness works successful Ohio with implicit 1,600 contiguous acres, and is expected to make $144 cardinal successful annualized EBITDA.

Beyond the fiscal restructuring, MARA is fundamentally reshaping its operations. The institution is cutting 15% of its workforce to execute $12 cardinal successful annualized outgo savings portion halting large-scale mining instrumentality purchases.

"Going forward, we bash not expect to prosecute large-scale ASIC purchases. Our attack volition stay selective, targeted, and grounded successful wide economical return," the steadfast wrote successful its Q1 shareholder letter.

The institution has positioned 90% of its non-hosted mining capableness to beryllium convertible into AI and IT infrastructure, and absorption outlined a dual-use strategy.

“Our strategy centers connected co-locating caller infrastructure with existing Bitcoin mining operations, allowing america to monetize powerfulness assets instantly portion leveraging the operational subject and infrastructure expertise that mining provides,” they wrote. “This attack creates flexibility: we tin make gross contiguous done Bitcoin mining portion preserving the enactment to redirect powerfulness toward AI and captious IT loads arsenic those opportunities mature connected the aforesaid sites.”

Despite the liquidation, MARA remains the 4th largest firm Bitcoin holder with 35,303 BTC worthy $2.84 billion.

MARA shares are down Tuesday pursuing the net report, down much than 5% connected the time astatine a caller terms of $12.65 aft dipping arsenic debased arsenic $11.74 earlier successful the day. Even with the regular fall, MARA shares person jumped 32% implicit the past month.

MARA's translation reflects an accelerating manufacture inclination arsenic crypto infrastructure companies pursuit AI opportunities. Bitcoin miner IREN secured a $3.4 cardinal Nvidia AI deal earlier this month, portion Keel Infrastructure (formerly Bitfarms) posted a $145 cardinal loss arsenic it completed a implicit mining-to-AI transition.