MARA Holdings Slips as Bitcoin Drop Pressures $1.5B AI Power Gamble
MARA Holdings shares lost ground Friday as bitcoin weakened, with investors eyeing a looming consent deadline from bondholders related to the company's pursuit of Long Ridge Energy & Power. For the bitcoin miner, snapping up Long Ridge marks a pivotal move into AI-focused power and data center assets. MARA is pivoting, telling investors it sees better returns in leasing out its vast energy resources as computing power instead of relying solely on bitcoin mining. The idea is getting airtime while the core business continues to wrestle with bitcoin’s volatility, tougher mining difficulty, and the steady costs tied to ramping up infrastructure.