MARA Holdings, one of the largest publicly traded Bitcoin miners, has agreed to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure for approximately $1.5 billion, including assumed debt. The deal was announced on April 29, 2026, and MARA's stock rose about 1.7% on Thursday following the news, even as Bitcoin traded lower.
The acquisition target is a 505 MW combined-cycle gas turbine plant located in Hannibal, Ohio, sitting on more than 1,600 contiguous acres of industrially permitted land with access to power, water, fiber, and rail infrastructure. The deal is expected to increase MARA's owned and operated power capacity by approximately 65%.
Based on Long Ridge's second-half 2025 performance, the facility is projected to contribute roughly $144 million in annualized adjusted EBITDA, with all-in operating costs of less than $15 per megawatt-hour, making it one of the more cost-efficient power facilities in operation.
AI and Data Center Plans
MARA intends to develop the site into a flagship AI and high-performance computing campus. Construction of an initial AI and critical IT buildout is planned for the first half of 2027, with initial capacity targeted to be ready for service by mid-2028. The company says the Hannibal site has already received inbound interest from multiple investment-grade AI and critical IT tenants. Over time, MARA sees potential to expand capacity at the site to up to 600 gross MW through grid expansions and on-site power generation.
With the addition of Long Ridge, MARA's total operational and development capacity will reach approximately 2.2 gigawatts across PJM, ERCOT, SPP, and international markets.
Financing the Deal
To fund the acquisition, MARA secured a commitment from Barclays for a senior secured bridge loan of up to $785 million. The company also obtained seller cooperation on debt financing, contract consents, and noteholder offers tied to Long Ridge's 8.750% senior secured notes due 2032. MARA plans to retain Long Ridge's existing operating team and maintain the plant's power supply to the PJM grid without anticipated impact on consumers.
The Long Ridge facility holds approximately 100 MMcfd of vertically integrated fuel supply and benefits from long-dated hedges, which support stable cash flows. The transaction is expected to close in the second half of 2026, pending regulatory approvals including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission sign-off.
Strategic Shift Beyond Bitcoin Mining
The planned acquisition comes nearly a month after MARA sold 15,133 Bitcoin for $1.1 billion and used the proceeds to repurchase $1 billion in aggregate principal of its 0.00% convertible senior notes due 2030 and 2031. MARA's pivot to diversify beyond pure Bitcoin mining has intensified since the company revised its treasury policy in March, expanding its 2026 digital asset management strategy to permit sales of Bitcoin held on its balance sheet. The prior policy limited sales to newly mined production.
MARA CEO Fred Thiel described the asset as a "highly efficient, contracted energy platform" with large-scale power, fuel supply, and grid interconnection in a single location, positioned for expansion into a flagship AI campus. He added that the company has already received inbound interest from multiple potential AI and IT tenants.
The most recent analyst rating on MARA stock is a Sell, with a price target of $8.50.
