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MARA Holdings Expands Beyond Bitcoin Mining, Acquiring Ohio Power Plant to Power AI Data Centers
MARA Holdings Inc. (NASDAQ:MARA), once a pure‑play Bitcoin miner, has announced the acquisition of Long Ridge Energy & Power LLC, a 505‑megawatt combined‑cycle gas plant in Hannibal, Ohio. The $1.5 billion deal, completed on April 30 2026, adds 1.6 million acres of land and expands MARA’s owned power capacity to roughly 2.2 GW, positioning the company to supply electricity to growing artificial‑intelligence (AI) data centers.
The move follows a broader shift in MARA’s strategy. Founded in 2010 as a patent holder, the company pivoted to cryptocurrency mining in the late 2010s and became one of the world’s largest Bitcoin miners. In 2025, however, the firm reported that Bitcoin price volatility was eroding profits, prompting a strategic realignment toward “digital infrastructure.” The Long Ridge acquisition is the first concrete step in that direction.
Long Ridge Energy’s plant operates on a 505‑MW nameplate capacity and sits on 1,600 contiguous acres that are already equipped with water, fiber, and grid interconnection. The facility’s combined‑cycle gas technology delivers electricity at an estimated cost of $0.04 per kilowatt‑hour, a rate that MARA claims gives it a competitive moat in the AI data‑center market.
MARA’s stock has reflected the company’s transition. Since the trade date of the acquisition, the share price has risen 54 percent, according to the company’s own performance metrics. Nevertheless, the firm’s fourth‑quarter 2025 investor letter from American Century Investments Small Cap Value Fund noted that MARA’s shares “underperformed during the quarter.” The letter highlighted that the company’s revenue of $174.6 million in Q1 2026 was lower than the previous year, a figure that investors are watching closely as the firm moves away from mining.
The acquisition also aligns with a broader industry trend. AI workloads require massive, reliable power supplies, and data‑center operators are increasingly looking for low‑cost, on‑site generation. MARA’s existing 1.9 GW of power infrastructure, combined with the new Ohio asset, places it among the few firms that can offer both mining and data‑center power solutions.
Donald Trump’s investment portfolio, disclosed through filings with the U.S. Office of Government Ethics, lists MARA as the tenth best AI and tech stock pick for 2026. Trump’s holdings are managed through fully discretionary accounts at third‑party financial institutions, giving those firms sole authority over investment decisions. The inclusion of MARA in the portfolio underscores the perceived upside of the company’s pivot to AI infrastructure.
While the acquisition marks a significant shift, MARA’s transition is not yet complete. The firm has announced plans to build a 200‑MW data‑center campus on the Long Ridge site, with construction expected to begin in mid‑2028. The company also intends to leverage its existing institutional relationships to secure AI‑data‑center customers.
Regulatory and market dynamics remain a factor. The U.S. energy sector is subject to federal and state policies that can affect gas‑plant operations, and the AI data‑center market is highly competitive. Investors and analysts will monitor how MARA balances its mining operations with its new infrastructure ambitions.
In summary, MARA Holdings’ acquisition of Long Ridge Energy & Power represents a concrete step away from volatile cryptocurrency mining toward a more stable, AI‑focused power business. The deal expands the company’s capacity, lowers its power cost advantage, and aligns with the growing demand for AI data‑center infrastructure. As the firm moves forward with construction and customer acquisition, its stock performance and strategic decisions will be closely watched by investors, regulators, and the broader energy and tech communities.
The move follows a broader shift in MARA’s strategy. Founded in 2010 as a patent holder, the company pivoted to cryptocurrency mining in the late 2010s and became one of the world’s largest Bitcoin miners. In 2025, however, the firm reported that Bitcoin price volatility was eroding profits, prompting a strategic realignment toward “digital infrastructure.” The Long Ridge acquisition is the first concrete step in that direction.
Long Ridge Energy’s plant operates on a 505‑MW nameplate capacity and sits on 1,600 contiguous acres that are already equipped with water, fiber, and grid interconnection. The facility’s combined‑cycle gas technology delivers electricity at an estimated cost of $0.04 per kilowatt‑hour, a rate that MARA claims gives it a competitive moat in the AI data‑center market.
MARA’s stock has reflected the company’s transition. Since the trade date of the acquisition, the share price has risen 54 percent, according to the company’s own performance metrics. Nevertheless, the firm’s fourth‑quarter 2025 investor letter from American Century Investments Small Cap Value Fund noted that MARA’s shares “underperformed during the quarter.” The letter highlighted that the company’s revenue of $174.6 million in Q1 2026 was lower than the previous year, a figure that investors are watching closely as the firm moves away from mining.
The acquisition also aligns with a broader industry trend. AI workloads require massive, reliable power supplies, and data‑center operators are increasingly looking for low‑cost, on‑site generation. MARA’s existing 1.9 GW of power infrastructure, combined with the new Ohio asset, places it among the few firms that can offer both mining and data‑center power solutions.
Donald Trump’s investment portfolio, disclosed through filings with the U.S. Office of Government Ethics, lists MARA as the tenth best AI and tech stock pick for 2026. Trump’s holdings are managed through fully discretionary accounts at third‑party financial institutions, giving those firms sole authority over investment decisions. The inclusion of MARA in the portfolio underscores the perceived upside of the company’s pivot to AI infrastructure.
While the acquisition marks a significant shift, MARA’s transition is not yet complete. The firm has announced plans to build a 200‑MW data‑center campus on the Long Ridge site, with construction expected to begin in mid‑2028. The company also intends to leverage its existing institutional relationships to secure AI‑data‑center customers.
Regulatory and market dynamics remain a factor. The U.S. energy sector is subject to federal and state policies that can affect gas‑plant operations, and the AI data‑center market is highly competitive. Investors and analysts will monitor how MARA balances its mining operations with its new infrastructure ambitions.
In summary, MARA Holdings’ acquisition of Long Ridge Energy & Power represents a concrete step away from volatile cryptocurrency mining toward a more stable, AI‑focused power business. The deal expands the company’s capacity, lowers its power cost advantage, and aligns with the growing demand for AI data‑center infrastructure. As the firm moves forward with construction and customer acquisition, its stock performance and strategic decisions will be closely watched by investors, regulators, and the broader energy and tech communities.
