MARA Holdings has secured a $1.5 billion deal to acquire Long Ridge Energy & Power, enhancing its digital infrastructure and energy capabilities.
MARA Holdings, a prominent Bitcoin mining company, has finalized a $1.5 billion deal to purchase the Long Ridge Energy & Power gas power plant from FTAI Infrastructure. This acquisition aims to enhance MARA's digital infrastructure capabilities.
The transaction encompasses $785 million in Long Ridge's existing debt, with the balance funded through cash reserves and a loan from Barclays. MARA anticipates that the asset will yield approximately $144 million in annual adjusted EBITDA starting in the second half of 2025.
CEO Fred Thiel highlighted Long Ridge as a "highly efficient contracted energy platform," integrating power generation, fuel supply, grid connectivity, land, water, and fiber optics at a single site. He envisions the facility evolving into a premier campus for artificial intelligence, noting growing interest from potential AI and IT tenants.
This strategic move follows MARA's announcement in February of its shift towards data centers, coinciding with a report of a $1.7 billion loss in Q4 2025. The company is transitioning from a traditional Bitcoin mining model to a more diversified energy and digital infrastructure focus.
Earlier this year, MARA sold 15,133 BTC for $1.1 billion to buy back its bonds. As of the end of April, shares of MARA rose nearly 12% to around $12, reflecting a 54% increase over the past six months. The company is currently the second-largest public miner by operational hash rate, trailing only Bitdeer.
In April, MARA mined 736 BTC, marking a 4.39% increase from the previous month, solidifying its status as a leader in Bitcoin production.
