MARA Doubles Down On Infrastructure Pivot With $1.5bn Energy Acquisition

Vertical integration advantage

The deal, which includes the assumption of at least $785mn in debt backstopped by a Barclays bridge loan, covers a 505 MW combined-cycle natural gas power plant in Hannibal, Ohio, together with more than 1,600 contiguous acres for an integrated data centre campus.

MARA already operates a 200 MW Bitcoin mining facility on the site. Ownership of the full stack – from gas supply and power generation to compute – positions the company to capture higher margins amid surging artificial intelligence power demand and persistent grid constraints in key North American markets. Such vertical integration is increasingly valuable as hyperscalers compete for scarce, reliable energy.

Strategic diversification push

The transaction comes as the April 2024 halving cut Bitcoin (BTC) block rewards to 3.125 BTC, while rising network difficulty and energy costs have compressed sector profitability. Leading operators are now pursuing stable revenue streams in AI and high-performance computing (HPC).

MARA, the largest listed Bitcoin corporate holder with approximately 38,689 BTC, sold 15,133 BTC for about $1.1bn in March. Proceeds reduced liabilities by 30% and funded its shift into digital energy. The company is partnering with Starwood Digital Ventures on high-performance computing capacity.

MARA plans an initial 200 MW AI/HPC build-out at the Hannibal campus. Construction is scheduled to begin in the first half of 2027, with initial capacity expected online in mid-2028. Industry projections suggest AI and HPC could represent a multi-billion-dollar opportunity for repositioned miners by the end of 2026.

Immediate cash flow, scale

CEO Fred Thiel called the assets ready-made infrastructure that would have taken up to 10 years and $2bn–$3bn to assemble independently. "Power is the scarce input in AI and, with the planned addition of Long Ridge Energy, we are gaining control of a highly efficient, contracted energy platform," he said.

The deal is expected to close in the second half of 2026, subject to Hart-Scott-Rodino Act clearance, Federal Energy Regulatory Commission approval and other conditions. It would increase MARA’s owned and operated power capacity by approximately 65%.

MARA's CFO Salman Khan said the company currently sits on more than $500mn in cash and over $2bn in near-term liquidity. The plant generates about $144mn in annualised adjusted EBITDA, with 76% contracted, providing visible cash flow from day one. The transaction is expected to be immediately additive to EBITDA and support AI/HPC expansion with reduced reliance on external capital.

Competitive positioning, risks

Analysts view the move as transformational. Investment bank BTIG described it as a pivotal step that allows MARA to leverage existing infrastructure for substantial high-performance computing growth starting in 2027.

The acquisition will expand MARA’s portfolio to roughly 2.2 GW of operational and development capacity across major transmission organisations, including PJM, ERCOT and SPP. Following closing, the company will retain Long Ridge’s team of 25 engineers and employees. The Hannibal site has already drawn inbound interest from potential investment-grade AI and critical IT tenants.

Execution risks remain, including integration challenges, potential gas supply volatility and intensifying competition from hyperscalers. Regulatory approvals could also introduce delays. Relative to peers such as Riot Platforms, Hut 8 and CleanSpark, MARA’s ownership of generation capacity offers greater control over costs and reliability in a power-constrained market.

Shares responded positively on 30 Apr. MARA stock rose 12% to close at $11.99, while FTAI Infrastructure shares gained 8.4% to end at $6.15 – $0.26 down on the day but $0.48 higher than the 29 Apr close.