MARA Holdings (MARA) shares climbed approximately 4% to $14.95 in late-morning trading Monday, moving counter to a 3.4% decline in bitcoin to around $71,026. The divergence highlights a growing investor focus on the company's strategic pivot from pure cryptocurrency mining toward artificial intelligence data infrastructure.
The stock opened at $14.07 and reached an intraday high of $15.06, with trading volume exceeding 25 million shares. The broader market provided a mixed backdrop, with the Nasdaq edging higher and the S&P 500 near record levels, as AI optimism tempered concerns over geopolitical tensions and rising oil prices.
MARA's gains were not isolated. Riot Platforms (RIOT) advanced approximately 4.3% to $28.28, and CleanSpark (CLSK) added about 3.1% to $18.87. However, MARA's unique energy-focused strategy sets it apart from many peers in the bitcoin mining space.
The Long Ridge Energy Deal
At the core of MARA's transformation is the planned $1.5 billion acquisition of Long Ridge Energy & Power, which includes a 505-megawatt gas-fired power plant in Ohio and over 1,600 acres of land for a data infrastructure campus. Chairman and CEO Fred Thiel emphasized the strategic rationale in April, stating that “Power is the scarce input in AI,” and that owning generation, fuel supply, and computing capacity would allow MARA to “maximize the value of every megawatt” under its control.
The company projects that the Long Ridge facility will contribute approximately $144 million in annualized adjusted EBITDA, a non-GAAP measure that excludes interest, taxes, depreciation, and amortization. MARA envisions the site supporting both AI and critical IT workloads alongside bitcoin mining, offering flexibility in a rapidly evolving energy and technology landscape.
Financial and Bitcoin Exposure
Despite the strategic pivot, MARA remains heavily tied to bitcoin. In its May 11 quarterly filing, the company reported selling approximately 20,880 bitcoin during the first quarter for $1.5 billion in proceeds, at an average price of $70,137. As of March 31, MARA held 35,303 bitcoin on its balance sheet.
Revenue for the quarter fell to $174.6 million from $213.9 million a year earlier, while the net loss attributable to common stockholders widened to roughly $1.26 billion. CFO Salman Khan described the bitcoin sales as a source of “strategic financial flexibility,” but noted that each $10,000 move in bitcoin's price impacts the fair value of MARA's digital assets by about $350 million.
Analyst Views and Risks
Analyst sentiment on MARA is divided. BTIG reiterated a buy rating with a $27 price target on Monday, while Morgan Stanley maintained an underweight rating with a $7 target, according to Benzinga and MarketScreener data. The consensus among 13 analysts stands at $18.17.
Key risks include potential regulatory hurdles for the Long Ridge acquisition, financing challenges, and slower-than-expected tenant commitments. A further decline in bitcoin prices could also pressure reported earnings through mark-to-market losses, complicating the narrative that MARA can successfully convert its mining power into stable AI infrastructure cash flow.
