NEW YORK, May 31, 2026, 12:01 EDT
MARA Holdings stock finished the holiday-shortened week up. The Nasdaq was closed Monday for Memorial Day and then for the weekend. MARA ended Friday at $14.38, gaining 2.2% for the session and rising roughly 4.1% from its May 22 close.
MARA is not just on investor screens as a bitcoin miner anymore. Investors are watching how the company makes its move into power and data infrastructure tied to AI, a shift that lines up with the stock’s run from its May 1 close at $11.46 to where it finished on Friday.
Wall Street closed at record highs Friday, as broad gains pushed the Dow up 0.72%. The S&P 500 added 0.22% and the Nasdaq rose 0.21%, driven by a surge in tech after Dell’s outlook. “There’s definitely euphoric sentiment in the market around AI,” Ohsung Kwon, chief equity strategist at Wells Fargo, told Reuters. Reuters
MARA is leaning on its April agreement to buy Long Ridge Energy & Power from FTAI Infrastructure in a deal valued at about $1.5 billion, debt included. The acquisition gives MARA a 505-megawatt gas plant in Hannibal, Ohio, plus over 1,600 acres set for a digital infrastructure campus.
Marathon Digital CEO Fred Thiel didn’t mince words on the deal. “Power is the scarce input in AI,” he said after MARA unveiled the move, and said the goal is to “maximize the value of every megawatt” under the company’s control. MARA
Thiel told Reuters the location has “all the key components” for a data-center campus, adding that MARA has seen interest from possible hyperscaler tenants looking to lease capacity. The deal should close sometime later in 2026, pending regulatory nods such as Federal Energy Regulatory Commission approval. Reuters
Bitcoin’s price still has a big effect. The token was last at about $73,542. Marathon Digital (MARA) highlighted the impact in its first-quarter letter: the company mined 2,247 bitcoin in the quarter, sold 20,880 and held 35,303 as of March 31, including coins loaned out or used as collateral.
Hashrate climbed 33% from a year ago to 72.2 EH/s in Q1. But revenue dropped 18% to $174.6 million. MARA reported a net loss of $1.3 billion, which included a $1.0 billion fair-value loss on digital assets.
Competition is toughening up. Riot Platforms, a public bitcoin miner, said in April its first quarter was when it started to make money from data-center operations. AMD has doubled its contracted IT capacity there to 50 megawatts. CleanSpark said it’s going after its first hyperscale AI and high-performance computing client. CleanSpark also reported 1.8 gigawatts of power contracted.
MARA has more to prove. The company still needs to close Long Ridge, secure big tenants, and demonstrate its power assets can earn more than just from bitcoin mining. If bitcoin slips or if AI leasing is slower than investors hope, the stock that jumped in May could quickly reverse.
MARA doesn’t have any scheduled company events this week. The next thing is the Macquarie AI Infrastructure Conference on June 10, then the annual meeting set for June 18. The stock may move with bitcoin, AI-infrastructure sentiment and any updates on Long Ridge approvals or leasing interest until then.
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