MARA Holdings to Acquire Long Ridge Energy for $1.5 Billion in Major AI Infrastructure Pivot

MARA Holdings, one of the largest publicly traded bitcoin miners, announced a $1.5 billion acquisition of Long Ridge Energy & Power from FTAI Infrastructure, including assumption of at least $785 million in debt with the remainder paid in cash backed by a Barclays bridge loan. The deal includes a 505 MW Ohio natural gas plant and 1,600 acres offering over 1 GW potential capacity that MARA plans to develop into an integrated AI data center campus combining power generation, land, water, and fiber connectivity. The acquisition follows MARA's sale of 15,133 bitcoin for $1.1 billion to repurchase $1 billion in convertible notes and a March treasury policy revision allowing bitcoin sales beyond newly mined production. MARA expects the Long Ridge Energy asset to add approximately $144 million in annualized adjusted EBITDA and has already received interest from multiple AI and IT tenants for the site.

MARA's $1.5 Billion Acquisition of Long Ridge Energy

• ▪MARA Holdings agreed to acquire Long Ridge Energy & Power from FTAI Infrastructure for $1.5 billion.
• ▪The MARA Holdings acquisition of Long Ridge Energy & Power is expected to add approximately $144 million in annualized adjusted EBITDA based on second-half 2025 performance.
• ▪The MARA Holdings acquisition of Long Ridge Energy & Power includes the assumption of at least $785 million in existing debt.

Strategic Pivot from Bitcoin Mining to AI Infrastructure

• ▪The Long Ridge Energy site is positioned for expansion into a flagship AI campus according to MARA CEO Fred Thiel.
• ▪MARA CEO Fred Thiel described the Long Ridge Energy asset as a highly efficient, contracted energy platform with large-scale power, fuel supply, and grid interconnection in a single location.
• ▪MARA Holdings plans to use the Long Ridge Energy site to establish an integrated digital infrastructure campus with over 1 GW of potential capacity.

Recent Bitcoin Sales and Treasury Policy Changes

• ▪MARA Holdings revised its treasury policy in March to expand its 2026 digital asset management strategy to permit sales of bitcoin held on its balance sheet.
• ▪MARA Holdings used the proceeds from selling 15,133 bitcoin to repurchase $1 billion in aggregate principal of its 0.00% convertible senior notes due 2030 and 2031.
• ▪MARA Holdings sold 15,133 bitcoin for $1.1 billion nearly a month before announcing the Long Ridge Energy acquisition.

MARA Foundation's Bitcoin Network Support Initiatives

• ▪MARA Holdings committed $100,000 to one nonprofit organization through a community vote as part of the MARA Foundation launch.

Perspective of AI infrastructure investors

• ▪The Long Ridge Energy acquisition reflects growing competition for sites offering over 1 GW power capacity needed for large-scale AI training facilities.
• ▪The $1.5 billion MARA Holdings acquisition of Long Ridge Energy demonstrates premium valuations for power generation assets with data center development potential.

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