CoinDesk
MARA Holdings sold roughly $1.5 billion of bitcoin during the first quarter, including a $1.1 billion block near quarter-end used to repurchase convertible notes, the company disclosed in its earnings filing. The drawdown dropped MARA from the second- to the fourth-largest publicly traded holder of bitcoin, with the treasury falling to 38,689 BTC. The sales came against a brutal backdrop: first-quarter revenue slid 18% year over year to $174.6 million, and a $1.3 billion net loss was driven largely by unrealized losses on those BTC holdings after bitcoin fell 17% over the trailing 12 months.
Why it matters
The sales weren't a panic liquidation — they were a stated balance-sheet decision. MARA framed the moves as liquidity and debt-retirement actions, not a thesis change on bitcoin. But the size of the drawdown, executed in a quarter when miners were already trading on the size of their treasuries, marks a structural reordering at the top of the public-miner cohort. The more durable signal sits in the capital plan: the company said it does not expect large-scale purchases of new specialist ASIC mining machines, historically the cleanest read on a miner's growth ambition. Less appetite for new rigs is less appetite for pure mining capacity.
Market impact
The pivot is already under contract. MARA's pending $1.5 billion acquisition of the Long Ridge Energy & Power campus in Ohio, a gas-fired power and data-center site that the company says can eventually support more than 600 megawatts of AI load, is the flagship deal. Around 90% of MARA's non-hosted mining capacity could be redirected to AI and IT infrastructure over time, per company guidance. Mining operations still grew — energized hashrate climbed 33% year over year to 72.2 EH/s and MARA produced 2,247 BTC in the quarter, up from 2,011 the prior period — but the strategic center of gravity is now power and data centers, with bitcoin as the optionality layer rather than the headline product.
Frequently asked questions
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Why did MARA sell $1.5 billion in bitcoin last quarter?
MARA said the sales were to improve liquidity and retire debt, including a $1.1 billion block near quarter-end used to repurchase convertible notes.
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How did the bitcoin sales affect MARA's ranking among public BTC holders?
MARA fell from the second- to the fourth-largest publicly traded holder of bitcoin, with the treasury shrinking to 38,689 BTC by the end of the first quarter.
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What is MARA's AI and data-center strategy?
MARA is pivoting toward AI and high-performance computing using its existing power footprint, anchored by a planned $1.5 billion acquisition of the Long Ridge Energy & Power campus in Ohio, a gas-fired site the company says can support more than 600 MW of AI load.
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Is MARA still expanding its bitcoin mining operations?
Mining grew in Q1 — energized hashrate rose 33% year over year to 72.2 EH/s and MARA mined 2,247 BTC. But the company said it does not expect large-scale purchases of new ASIC mining machines, signaling that the growth emphasis has shifted to AI infrastructure.
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What share of MARA's power could eventually go to AI workloads?
MARA said approximately 90% of its non-hosted mining capacity could be redirected to AI and IT infrastructure over time, depending on demand and site readiness.
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