MARA sold $1.5 billion worth of bitcoin while transitioning its focus to AI infrastructure.

MARA Holdings continues to mine bitcoin, but its latest earnings suggest the company is steadily repositioning itself around energy, data infrastructure, and AI-driven demand rather than pure crypto production.

In its first-quarter report, MARA emphasized that while bitcoin remains a key part of its operations, it no longer plans to aggressively expand mining capacity. The company said it does not expect to make large-scale purchases of ASIC mining equipment—traditionally a clear signal of growth in mining output.

Instead, MARA is focusing on building a flexible energy strategy that supports both bitcoin mining and high-performance computing. By integrating new infrastructure alongside its existing mining footprint, the firm aims to maintain bitcoin-generated revenue while preserving the option to shift power toward AI and other compute-intensive workloads as demand grows. It noted that up to 90% of its non-hosted mining capacity could eventually be repurposed for AI and IT uses.

The financial results reflected a challenging environment. Revenue for the quarter fell 18% year-over-year to $174.6 million, while net losses widened to $1.3 billion. The losses were largely driven by unrealized declines on its bitcoin holdings, which totaled 38,689 BTC, as prices dropped roughly 17% over the past year.

To shore up liquidity and reduce debt, MARA sold $1.5 billion worth of bitcoin during the quarter. This included a $1.1 billion sale near the end of the period to fund a convertible note buyback. Following these transactions, the company slipped to become the fourth-largest publicly traded holder of bitcoin, according to Bitcoin Treasuries data referenced in its filings.

The move underscores a broader strategic shift. Whereas mining firms were once judged by how much bitcoin they accumulated, MARA is increasingly treating its holdings as a financial resource—deploying them when necessary to support balance sheet needs.

This pivot is also reflected in its recent investments. MARA has partnered with Starwood Capital and agreed to acquire Long Ridge Energy & Power, a gas-fired power plant and data center facility in Ohio, in a deal valued at $1.5 billion. The company said the site could eventually support more than 600 megawatts of AI computing capacity.

Despite the shift in focus, mining operations did expand during the quarter. Energized hashrate increased 33% year-over-year to 72.2 exahash per second, and bitcoin production rose to 2,247 BTC from 2,011 in the previous quarter.

Even so, while mining remains part of MARA’s business, its long-term strategy increasingly points toward becoming a broader energy and infrastructure player in the AI economy.