MARA Holdings continues to hold a substantial amount of Bitcoin – 35,303 coins, currently worth around $2.84 billion. This makes them the fourth-largest Bitcoin holder among companies globally. However, they recently sold a large portion of their Bitcoin, and investors have been paying close attention to this move.
A Rough Quarter By The Numbers
MARA stock fell 5% on Tuesday, reaching a low of $11.74 during the day before finishing at $12.65. Trading after the market closed saw a further drop of 1.85%.
Stock prices dropped after the company announced its first-quarter 2026 earnings. They reported a net loss of $1.26 billion, which is more than double the $533 million loss from the same time last year. Revenue also decreased by 18%, reaching $175 million, largely due to a decline in Bitcoin prices.
In the last three months, MARA sold 20,880 Bitcoin, totaling almost $1.5 billion. A significant amount of these sales – 15,133 BTC worth around $1 billion, sold between March 4th and 25th – was used to repurchase convertible notes.
Approximately $1 billion was used to pay down the company’s convertible debt, lowering it from $3.3 billion to $2.3 billion – a decrease of about 30%. This resulted in a $71 million profit from retiring the debt.
Shifting Away From Mining
MARA is shifting away from Bitcoin mining and won’t be buying a lot more specialized mining equipment in the future, according to company officials.
The company claims it can repurpose around 90% of its mining equipment for use in artificial intelligence and general IT infrastructure. Their plan is to build this new infrastructure near their current Bitcoin mining facilities, letting them profit from their power resources and utilize their existing mining expertise.
The company is also cutting 15% of its workforce, a move expected to save $12 million annually.
The most significant development is MARA’s purchase of Long Ridge Energy from FTAI Infrastructure. The total value of the deal is nearly $1.5 billion, including around $785 million in debt, making it MARA’s biggest acquisition to date.
Long Ridge runs a large natural gas power plant in Ohio capable of producing 505 megawatts of electricity, and the property covers over 1,600 acres. MARA estimates this plant will generate $144 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA).
Stock Performance In Context
Even though MARA stock decreased in value on Tuesday, it’s still risen 30% in the last month. Meanwhile, MicroStrategy, which holds the most Bitcoin of any company, is still buying, while MARA is selling and changing its business structure. This difference highlights the varied strategies companies are using in the current market.
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2026-05-14 06:41