MARA sold $1.5B in bitcoin and is pivoting to AI infrastructure — mining may no longer be its core business!

MARA Holdings liquidated roughly $1.5 billion in bitcoin during the first quarter — including a $1.1 billion sale near quarter-end to retire convertible notes — dropping from the second- to the fourth-largest publicly traded bitcoin treasury holder. First-quarter revenue fell 18% year over year to $174.6 million, while a $1.3 billion net loss was driven largely by unrealized losses on its 38,689 BTC position.

The company is signaling a deliberate strategic pivot: rather than expanding pure mining capacity with new ASIC machines, MARA is redeploying its power infrastructure toward AI and high-performance computing. Around 90% of its non-hosted mining capacity could eventually serve AI and IT loads, the company said. A planned $1.5 billion acquisition of the Long Ridge Energy & Power campus in Ohio — a gas-fired plant and data center site capable of supporting over 600 megawatts of AI…