MARA Holdings sells $1.5 billion in Bitcoin and pivots to AI infrastructure

Techub News reports, according to CoinDesk, MARA Holdings sold approximately $1.5 billion worth of Bitcoin in the first quarter to improve liquidity and repay debt, while simultaneously announcing a strategic shift from mining to AI infrastructure. The company plans to allocate about 90% of its non-custodial mining capacity to AI computing and intends to acquire the Long Ridge Energy Park in Ohio for $1.5 billion.

In the quarter, the company's revenue fell 18% year-on-year to $174.6 million, with a net loss of $1.3 billion primarily driven by unrealized losses on its Bitcoin holdings. It has now dropped from the second-largest publicly listed holder of Bitcoin to fourth place. The funds from the sale include $1.1 billion used at the end of the quarter to repurchase convertible notes.