MARA Holdings, the largest publicly traded Bitcoin miner in the U.S., sent shockwaves through the market by revealing it sold 20,880 BTC valued at roughly $1.5 billion during the first quarter of 2026. The sale, executed at an average price near $70,137 per coin, was part of a broader strategic overhaul that includes a pivot away from aggressive mining expansion toward AI and high‑performance computing infrastructure.
The company disclosed the divestment alongside its Q1 2026 earnings, which showed a staggering $1.26 billion net loss (more than double the $533 million loss a year earlier) and an 18% year‑over‑year revenue decline to $174.6 million. MARA’s stock dropped 5% during the regular session, touching an intraday low of $11.74 before closing at $12.65, and slid another 1.85% in after‑hours trading. Despite that dip, shares are still up 30% over the past month.
Proceeds from the Bitcoin sale were largely directed at repurchasing convertible notes at a discount. Between March 4 and March 25 alone, MARA sold 15,133 BTC for about $1 billion, slashing its convertible debt from $3.3 billion to $2.3 billion — a 30% reduction that generated a $71 million accounting gain. CEO Fred Thiel framed the move as operational cash management rather than a retreat from Bitcoin, noting that MARA still holds 35,303 BTC (worth roughly $2.84 billion), making it the fourth‑largest corporate Bitcoin holder globally.
Simultaneously, MARA announced it will no longer make large‑scale purchases of ASIC mining hardware and plans to convert about 90% of its non‑hosted mining capacity into AI and IT infrastructure. The centerpiece of this transition is the $1.5 billion acquisition of Long Ridge Energy from FTAI Infrastructure — the largest deal in MARA’s history. The asset includes a 505‑megawatt combined‑cycle gas power plant in Hannibal, Ohio, with more than 1,600 contiguous acres, and is projected to deliver $144 million in annualized EBITDA. MARA is also cutting 15% of its workforce, expected to save $12 million per year.
The sale sparked a debate about corporate Bitcoin conviction. While Strategy (formerly MicroStrategy) continues accumulating BTC, MARA liquidated over half of its former stack to shore up its balance sheet. Industry commentator Scott Melker summarized the trend: “Bitcoin miners are no longer Bitcoin miners, they are AI companies that will also mine Bitcoin.” Analysts largely view the transaction as a debt‑management event coupled with a strategic rotation — not an abandonment of the Bitcoin thesis, but a recognition that AI infrastructure may offer better risk‑adjusted returns in the current macroeconomic environment.
