NEW YORK, May 11, 2026, 14:08 EDT
MARA Holdings climbed almost 6% Monday as traders waited for first-quarter numbers, set to drop after the bell. For the bitcoin miner, the update will challenge its pitch that investments in power and AI data centers can cushion blows from harsher mining economics. The earnings call is locked in for 5:00 p.m. Eastern Time.
Timing is critical here. Bitcoin miners are still feeling the effects of April 2024’s “halving”—the scheduled reduction in bitcoin rewards for securing the network. Margins remain squeezed by high network difficulty and power costs. Previews from the market flagged a few things: investors are zeroed in on MARA’s road to profitability, where it stands on its bitcoin treasury, and whether there’s a solid update on the AI infrastructure push. Investing.com
MARA is moving to reframe itself, stepping outside of pure bitcoin mining. The company struck a deal on April 30 to acquire Long Ridge Energy & Power from FTAI Infrastructure, a transaction worth roughly $1.5 billion with debt included. That adds a 505-megawatt natural gas facility in Hannibal, Ohio, plus over 1,600 acres—land eyed for a future data-center campus.
Fred Thiel, Chief Executive, is pitching the deal as more about power for AI than simply ramping up mining. “Power is the scarce input in AI,” he said during the announcement, highlighting how Long Ridge hands MARA a single site with control over power, land, water, fuel, and grid hookups. MARA
The Long Ridge acquisition would bump MARA’s owned and operated capacity up by around 65%, tacking on about $144 million in annualized adjusted EBITDA—an operating metric that strips out interest, taxes, depreciation, amortization, and certain other items. MARA expects to wrap up the deal in the back half of 2026, pending regulatory sign-off from the Federal Energy Regulatory Commission and others.
MARA is working through some deal logistics. Its MARA USA unit kicked off a consent solicitation on May 7, targeting $600 million of Long Ridge 8.750% senior secured notes due 2032. The aim: tweak terms so the acquisition doesn’t set off a change-of-control repurchase. Investors have until May 15 to respond, unless MARA extends the deadline.
Earnings details will also include balance sheet activity. Back in March, MARA unloaded 15,133 bitcoin, bringing in roughly $1.1 billion—money the firm used to buy back close to $1 billion of its convertible notes maturing in 2030 and 2031. The company expects this to shrink its convertible debt by about 30% and help limit dilution. At the time, Thiel described the bitcoin sale as a move to give MARA “financial flexibility” as it pushes further into digital energy and AI/high-performance computing. MARA
The action wasn’t limited to one name. Bitcoin hovered around $81,992 as of Monday afternoon. Riot Platforms added roughly 6.6%, CleanSpark tacked on 4.4%. But IREN, the bigger AI-adjacent mining player, edged down 0.6%.
Still, there’s obvious downside. MARA hasn’t locked in approvals yet for the Long Ridge deal, and the ambitious AI campus hinges on securing funding, hitting construction targets, and—crucially—hyperscalers actually showing up as tenants. Thiel told Reuters the company has fielded interest from possible renters and aims to have one set when the deal closes, but Reuters didn’t mention any confirmed customers.
Monday’s earnings won’t just be about the past quarter—they’re a test. Investors want to see mining costs, check the size of bitcoin reserves, get a sense of cash requirements, and, crucially, track any updates around Long Ridge or the AI side. The market’s favored companies with energy-heavy infrastructure, but for MARA, the spotlight’s now on showing that plans are actually being put to work, not just talked about.
