What's happening
MARA Holdings entered into a definitive agreement on April 29, 2026, to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. for approximately $1.5 billion, including assumption of at least $785 million in debt backstopped by a Barclays bridge loan. The acquisition includes a 505 MW combined-cycle gas power plant in Hannibal, Ohio, and over 1,600 contiguous acres of land, representing a strategic shift from the company's traditional Bitcoin mining operations toward AI data center infrastructure.
The deal increases MARA's owned and operated power capacity by 65% to approximately 2.2 GW across multiple markets and adds approximately $144 million in annualized Adjusted EBITDA based on 2H 2025 performance, with all-in operating costs less than $15/MWh. The transaction is expected to close in H2 2026 subject to regulatory approvals, with construction on AI buildout targeted to start in 1H 2027 and service beginning in mid-2028.
Why it matters for markets
The acquisition represents a significant capital deployment for MARA, whose current market capitalization stands at $4.36 billion, making this $1.5 billion deal equivalent to approximately 34% of the company's current market value. The addition of $144 million in annualized Adjusted EBITDA could substantially boost MARA's financial profile, given the company's current revenue base of $907.1 million. The deal's structure, including $785 million in assumed debt, will materially alter MARA's balance sheet and leverage profile.
The transaction reflects broader industry dynamics as Bitcoin miners pivot toward higher-margin AI infrastructure amid fluctuating cryptocurrency markets. MARA's expansion to 2.2 GW of power capacity positions the company to capitalize on surging demand for AI compute infrastructure, where power availability has become a critical bottleneck for hyperscale data center development. The sub-$15/MWh operating cost structure provides competitive advantages in energy-intensive AI workloads.
Market reaction was immediate, with MARA shares rising more than 10% to around $11.83 on April 30, 2026, though the stock has since retreated to $11.46, down 4.42% from recent highs. The volatility reflects investor uncertainty about execution risks in the company's strategic transformation from crypto mining to AI infrastructure.
Sectors and assets to watch
Energy infrastructure companies with power generation assets suitable for data center applications may see increased acquisition interest, particularly those with low-cost generation profiles similar to Long Ridge's sub-$15/MWh structure. FTAI Infrastructure Inc., the seller in this transaction, represents the type of infrastructure investment firm that may benefit from continued demand for power assets from technology companies.
Other Bitcoin mining companies with existing power infrastructure, including those with similar market capitalizations and operational scale to MARA's $4.36 billion valuation, may face pressure to demonstrate comparable strategic pivots toward AI infrastructure. The success of MARA's transition could influence valuation multiples across the digital infrastructure sector, particularly for companies with significant owned power generation capacity.
What to watch next
Regulatory approval progress for the transaction through H2 2026 will be critical, given the substantial debt assumption and cross-sector nature of the deal. Construction milestones for the AI buildout beginning in 1H 2027 and the achievement of the targeted mid-2028 service launch will determine execution success. MARA's ability to integrate the $144 million in projected Adjusted EBITDA while managing the increased debt load will be key performance indicators for the strategic transformation.