Bitcoin Miner MARA Sells $1.5 Billion in BTC, Reports $1.26 Billion Q1 Loss
Marathon Digital Holdings (MARA) sold 20,880 Bitcoin for $1.5 billion in Q1 2026, shifting its focus from large-scale Bitcoin mining to artificial intelligence and high-performance computing infrastructure. The firm reported a Q1 net loss of $1.26 billion, up from a $533 million loss a year prior, with revenue declining 18% to $175 million due to lower Bitcoin prices. Between March 4 and 25, MARA sold 15,133 Bitcoin for $1.1 billion, primarily using the funds to repurchase convertible notes and reduce outstanding debt by 30%, resulting in a $71 million gain. Proceeds are also financing a nearly $1.5 billion acquisition of Long Ridge Energy, which operates a 505 MW gas power plant in Ohio and is expected to generate $144 million in annualized EBITDA. MARA is cutting 15% of its workforce and halting large-scale mining equipment purchases. About 90% of its non-hosted mining capacity can convert to AI and IT uses, forming part of a dual-use strategy to co-locate new infrastructure with current mining operations. MARA remains the fourth-largest corporate Bitcoin holder with 35,303 BTC.
