Marathon Digital Holdings, MARA Holdings, a digital technology company formerly known as Marathon Digital Holdings, sold 20,880 Bitcoins for $1.5 billion in the first quarter of 2026, a miner. to be revealed in recent files.
Proceeds from the sale were used primarily to pay off debt and reduce leverage, including the redemption of convertible notes. These actions were part of MARA’s site optimization and financial restructuring.
The company may continue to sell portions of its products depending on market conditions and demand.
“Bitcoin is not the only asset on our website, it is also a source of financial flexibility,” Salman Khan, Chief Financial Officer of MARA Holdings, said during the company’s earnings call. “We will continue to use it judiciously when doing so is beneficial to our shareholders, and we intend to use it in a way that encourages investment and provides much-needed capital.”
As of March 31, MARA held 35,303 Bitcoins worth $2.9 billion, with about 10,000 coins borrowed or pledged as collateral. The company is now ranked as the fourth largest Bitcoin company, on BitcoinTreasuries.NET.
MARA makes a $1.5B bet on an AI data center and acquires a power plant in Ohio
MARA has entered a A $1.5 billion deal buy Long Ridge Energy & Power from FTAI Infrastructure, expanding its push into AI data centers and energy-assisted electric infrastructure. The partnership includes a 505 MW power plant in Ohio and 1,600+ acres for future AI and HPC development.
MARA said that the purchase will help its plan to manage large-scale power supplies needed for AI projects, with plans to build a campus that can exceed 1 gigawatt. The company hopes to start production of the AI as early as 2027, and could come online in mid-2028.
MARA said the deal will be closed in the second half of 2026 pending regulatory approval and will be financed with additional funds through Barclays’ $785 million bridge. The underlying assets are expected to generate approximately $144 million in annual EBITDA.
The quarterly numbers tell a complicated story
MARA invested $1.26 billion in Q1 2026, compared to $533 million in Q1 2025. Revenues fell 18% year-on-year to $175 million, reflecting higher Bitcoin prices, while the number of Bitcoin miners decreased slightly to 2,247 BTC from 2,286 BTC.
The company’s net worth stood at $4.95 billion versus $7.29 billion at the end of 2025, mainly due to price adjustments and capital gains.
MARA reduced debt by repurchasing nearly $1 billion of convertible notes, recording a $71 million profit on extinguishment, bringing total debt to $2.45 billion plus $150 million in Bitcoin financing. It made $1.19 billion in investment, mainly by selling 20,880 BTC for about $1.5 billion.
The company maintained a 72.2 EH/s power hashrate and continued to grow in its AI infrastructure through the acquisition of Exaion, the Starwood partnership, and a $46 million restructuring program.
MARA cuts 15% of workforce as it focuses on AI and IT
As part of its transition to AI and digital infrastructure, the company confirmed that it did he reduced his staff and 15%, tracking $12 million in annual savings.
The restructuring resulted in $45.9 million in costs associated with the closing of selected businesses and internal restructuring.
Administrators say the changes reflect a shift in Bitcoin’s mining strategy to one that focuses on developing AI and the necessary IT infrastructure.
The company expects its adjusted G&A rates, including compensation and acquisition-related expenses, to fall below Q1 levels as cost increases are realized over time.
