MARA Holdings (NASDAQ: MARA), one of North America’s largest publicly traded Bitcoin miners, is no longer positioning itself as a Bitcoin miner. That much is clear from the company’s first-quarter disclosures filed Monday with the U.S. Securities and Exchange Commission (SEC), even if the headline numbers are dominated by around $1.2 billion net loss tied to its crumbling Bitcoin treasury.
In its Form 10-Q filing, MARA now describes itself as “a digital infrastructure company built to convert energy into high-value compute workloads,” with artificial intelligence, high-performance computing, and critical IT placed on equal footing with Bitcoin mining.Â
Management told investors that roughly 90% of the company’s non-hosted mining capacity could ultimately be redirected to AI and critical IT workloads. It confirmed that MARA currently has no plans to purchase additional Bitcoin mining hardware.
Shares of MARA dropped 3.44% in after-hours trading on Monday to $12.93, erasing the 3.48% gain the stock had logged in the regular session before the earnings release. The stock remains down roughly 16% over the past twelve months.
The numbers behind the pivot
The strategic shift is being executed against the backdrop of a brutal first quarter. Revenue came in at $174.6 million, an 18% drop from the $213.9 million MARA generated in Q1 2025 and well below the $192.7 million analysts had been expecting. The net loss widened to $1.26 billion from $533.4 million a year earlier, with a loss of $3.31 per share against consensus expectations of a $2.20 loss.
Almost all of the headline loss was non-cash. With Bitcoin sliding roughly 23% over the course of the quarter, MARA was forced to mark down the value of its treasury under the fair-value accounting rules now applied to corporate crypto holdings.
The 10-Q discloses a $714.7 million negative change in the fair value of digital assets held directly on the balance sheet, plus an additional $303.9 million negative change tied to bitcoin receivables, which includes coins lent to counterparties or pledged as collateral. Combined, that is more than $1 billion in mark-to-market losses on Bitcoin alone.
Selling the stack
The more meaningful disclosure for the long-running debate over corporate Bitcoin treasuries showed up in a separate Form 8-K. MARA confirmed it sold more than 15,100 BTC for approximately $1.1 billion during the final week of March, a notable departure from the accumulation posture it had maintained for years.
The cash-flow statement shows total proceeds from digital-asset sales of $1.46 billion for the quarter, suggesting the company also unwound a portion of its lending book. MARA’s bitcoin holdings, direct and receivable combined, fell to 35,303 BTC as of March 31, down from 53,822 at the end of 2025.
The proceeds appear to have gone primarily toward debt reduction and the company’s AI buildout. The filing shows MARA used $912.8 million during the quarter to repay convertible notes and another $350 million to pay down its line of credit.
Three deals, one direction
The most concrete evidence of where MARA is heading sits in three transactions executed during or just after the quarter.
In February, the company closed its acquisition of a controlling stake in Exaion SaS, a French AI and HPC infrastructure operator previously owned by EDF Pulse Holding, the digital arm of state-controlled utility EDF. Total cash consideration came to roughly $174.5 million (€148.0 million), with a potential follow-on equity infusion of up to $129.7 million tied to certain conditions. The deal gives MARA a European foothold in sovereign cloud and AI infrastructure.
Six days later, on February 26, MARA signed a strategic agreement with Starwood Digital Ventures, the data-center development platform of real-estate investment firm Starwood Capital.Â
Under the joint venture structure, MARA contributes power-rich sites from its existing portfolio and can retain up to a 50% interest, while Starwood handles engineering, construction, hyperscale tenant sourcing, and operations.
The biggest move came in late April, after the quarter closed. MARA agreed to acquire Long Ridge Energy & Power for $1.5 billion, an Ohio-based natural-gas power plant operator. MARA says the Long Ridge site alone could support up to 600 megawatts of AI computing capacity over time.Â
The filing notes the deal is being financed in part through a senior secured bridge term loan facility, adding to a debt stack that already includes $2.2 billion in long-term notes payable.
Writing down the mining business
The pivot is also visible in the cost line. MARA recorded $45.9 million in restructuring charges during the quarter as part of what it is calling the “2026 Restructuring Plan.” Of that, $41.8 million was a write-down on mining rigs and equipment tied to the elimination of certain business activities, with the remaining $3.9 million going to employee severance.
The company also took an additional $20.1 million in accelerated depreciation on mining rigs after revising downward their expected useful life.
The model MARA appears to be working toward is co-location: keeping AI and HPC infrastructure on the same sites as its existing mining operations, generating mining revenue in the short term while preserving the optionality to shift power capacity toward AI workloads as customer demand materializes. The company now operates 19 data centers across four continents, totaling around 1.9 gigawatts of energy capacity.
What it means for the sector
The bigger picture for the broader mining industry is harder to ignore. With Bitcoin mining economics squeezed by the April 2024 halving and another tough quarter for the spot price, the largest publicly traded miners are increasingly being valued less on hash rate and more on power contracts, real estate, and their credibility as AI compute providers.
For MARA specifically, the question now facing investors is execution. The Long Ridge acquisition, the Starwood joint venture, and the Exaion deal collectively give the company a meaningfully more diversified base than it had even six months ago.
But with significant convertible debt still outstanding, a $463.3 million valuation allowance now sitting against its deferred tax assets, and a bitcoin treasury that remains the most volatile line item on the balance sheet, the company’s return to sustained profitability is unlikely to come in a straight line.
The full quarterly filing, including subsequent events disclosures, is available in MARA’s Q1 2026 10-Q on the company’s investor relations site.
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