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Bitcoin miner MARA sold $1.5 billion of bitcoin as it shifts toward AI infrastructure
While the miner said bitcoin remains its operational foundation, first-quarter results point to a company increasingly built around power, data centers and AI demand.
Updated May 12, 2026, 8:48 a.m. Published May 12, 2026, 7:42 a.m. 2 min read
What to know:
- MARA Holdings’ first-quarter revenue fell 18% to $174.6 million, while a $1.3 billion net loss was driven largely by unrealized losses on its bitcoin holdings.
- The company sold about $1.5 billion of bitcoin, including $1.1 billion near quarter-end to repurchase convertible notes, and fell from the second- to the fourth-largest public bitcoin treasury holder.
- While Marathon continues to mine bitcoin, it is signaling a strategic pivot toward using its power infrastructure for AI and high-performance computing, supported by deals such as its planned $1.5 billion acquisition of the Long Ridge Energy & Power campus in Ohio.
Instead, its power strategy is increasingly aimed at AI and high-performance computing. The company wants to place new infrastructure alongside existing mining operations, allowing it to generate bitcoin revenue while keeping the option to redirect power toward AI and critical IT loads as demand matures.
Around 90% of MARA’s non-hosted mining capacity could eventually be used for AI and IT infrastructure, the company said.
First-quarter revenue fell 18% from a year earlier to $174.6 million, the company said Monday. Its net loss widened to $1.3 billion, largely tied to unrealized losses on its 38,689 bitcoin. The largest cryptocurrency fell 17% in the 12-month period.
