Miami — It’s May 10, 2026, clock just past noon at 12:12 EDT.
MARA Holdings is set for its first-quarter earnings release Monday, and the main focus isn’t just how much bitcoin it’s mined. Investors want to know if the ex-mining specialist can actually pivot its power assets into an AI data-center play. The firm will put out results ahead of a webcast scheduled for 5 p.m. Eastern Time on May 11.
MARA shares wrapped up Friday at $12.94, marking a 2% gain. By Sunday, bitcoin hovered near $81,434. The company’s fortunes remain linked to bitcoin, yet lately, power supply, debt, and data-center clients have taken the spotlight.
MARA USA Corp. has kicked off a consent solicitation tied to $600 million in Long Ridge Energy LLC’s 8.750% senior secured notes maturing 2032. The ask: noteholders need to green-light MARA’s planned acquisition of Long Ridge, otherwise a change-of-control clause would activate, forcing a buyback of the notes at 101% of face value plus any accrued interest.
MARA struck a deal on April 29 to buy Long Ridge Energy & Power LLC for roughly $1.5 billion, picking up at least $785 million in debt along with it. The purchase hands MARA a 505-megawatt combined-cycle gas plant in Hannibal, Ohio, plus more than 1,600 acres—substantial real estate and capacity as demand for power heats up among data-center builders.
MARA is looking to jump-start its entry into AI and high-performance computing—essentially, those energy-thirsty operations like training big models. The company said Long Ridge has room for over 1 gigawatt in total possible power, with the capacity to handle up to 600 gross megawatts for AI and critical IT over time. For adjusted EBITDA, which MARA notes is a non-GAAP metric, Long Ridge is pegged at an annualized $144 million.
Fred Thiel, Chief Executive, told Reuters the location checks all the right boxes for a data-center campus. MARA has seen interest from possible tenants—hyperscalers among them, those major cloud-computing outfits that take on enormous sites. Thiel said the company anticipates securing a tenant by the time the deal is finalized.
There are still significant hurdles in the way. The Long Ridge transaction must clear regulatory checks, with the Federal Energy Regulatory Commission among the agencies involved. Amendments to the notes also hinge on getting backing from holders of at least a majority of the outstanding principal. MARA has stated flatly: if they don’t get the necessary consents or the deal doesn’t close, no consent fee will be paid, and the proposed amendments just won’t take effect.
The balance sheet reflects the same directional change. In March, MARA offloaded 15,133 bitcoin for roughly $1.1 billion, then arranged to buy back about $1.0 billion in 0.00% convertible senior notes maturing in 2030 and 2031. The move trims both debt and potential dilution. Thiel described the bitcoin sale as a decision about capital allocation, coming as MARA looks past its core bitcoin mining focus and heads into digital energy and AI infrastructure.
MARA’s tie-up with Starwood Capital is still in play. Back in February, the two projected roughly 1 gigawatt of IT capacity coming online soon, with plans stretching to over 2.5 gigawatts down the road. Starwood Digital Ventures is on deck for design, tenant sourcing, construction, and running operations at selected MARA locations.
Rivals are chasing similar strategies. On May 6, Hut 8 locked in a 15-year, 352-megawatt AI data center lease, pegged at $9.8 billion for the base term. Riot Platforms, also that day, announced plans to team up with Terrestrial Energy on nuclear-powered data-center ventures. Over at CleanSpark, the company pointed to its 1.8 gigawatts under contract, calling it a piece of a larger, multi-gigawatt AI infrastructure push.
Rosenblatt’s Chris Brendler bumped his price target on MARA up to $15 from $11, sticking with a Buy rating after the Long Ridge deal, which he called a “major step forward” for the company’s move into energy-backed digital infrastructure. Monday’s call looks set to reveal just how much MARA can fill in on funding, demand from customers, and the mining segment—the part still bringing in the revenue. tipranks.com
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