MARA sells 20,880 Bitcoin for $1.5 billion in Q1 as firm doubles down on AI

MARA Holdings, formerly Marathon Digital Holdings, sold 20,880 Bitcoin for $1.5 billion in the first quarter of 2026. The proceeds were primarily used for debt buybacks and leverage reduction, including repurchasing convertible notes, as part of the company's balance sheet optimization. MARA also announced a $1.5 billion agreement to acquire the Long Ridge Energy & Power facility in Ohio, which includes a 505 MW gas-fired power plant and land for future AI and High-Performance Computing (HPC) development. This acquisition aligns with MARA's strategy to control large-scale power assets for AI workloads and aims to develop a campus with over 1 gigawatt of capacity, with initial AI buildout expected in 2027. Despite these strategic moves, MARA reported a net loss of $1.26 billion in Q1 2026, with revenue falling 18% year-over-year to $175 million due to lower Bitcoin prices. The company's total assets decreased, largely due to fair value changes and deleveraging, though it reduced debt by repurchasing approximately $1 billion in convertible notes.

(Source：Crypto Briefing)