MARA Holdings reported a net loss of $1.26 billion in the first quarter of 2026 — more than double the $533 million loss from a year earlier. The company sold 20,880 bitcoin worth nearly $1.5 billion during the quarter, with 15,133 of those coins sold between March 4 and March 25 to buy back convertible notes. Revenue fell 18% year over year to $175 million, partly due to lower bitcoin prices. The stock dropped 5% on Tuesday to an intraday low of $11.74 before closing near $12.65, then slipped another 1.85% in after-hours trading.
Debt reduction and a big gas plant
MARA cut its convertible debt from $3.3 billion to $2.3 billion — a roughly 30% reduction — and booked a $71 million gain from extinguishing those notes. The company is also acquiring Long Ridge Energy from FTAI Infrastructure for close to $1.5 billion, including about $785 million in debt. The deal brings a 505-megawatt gas power plant in Ohio and is expected to generate $144 million in annualized EBITDA. It's a big bet on energy infrastructure, which MARA plans to tie into its mining and future AI operations.
Workforce trim and a pivot to AI
About 15% of MARA's workforce is getting cut — a move the company says will save $12 million a year. That's a real number, but the bigger story is where the company is pointing its mining gear. MARA said it does not plan to make large-scale purchases of ASIC mining hardware going forward. Instead, roughly 90% of its non-hosted mining capacity can be converted into AI and IT infrastructure. That's a sharp turn for a firm that spent years stacking rigs to chase bitcoin.
Still the fourth-largest corporate bitcoin holder
Despite the sell-off, MARA still holds 35,303 bitcoin valued at roughly $2.84 billion, making it the fourth-largest corporate bitcoin holder. Strategy — the largest — continues to buy. MARA is selling and restructuring. The two paths couldn't be more different right now. MARA shares are up about 30% over the past month, so the market hasn't punished the shift entirely.
Next steps
The Long Ridge acquisition is expected to close later this year. The workforce reduction is happening now. Meanwhile, MARA will be trying to prove that its gas plant and converted mining halls can actually deliver that projected $144 million EBITDA — and that the pivot to AI pays off faster than the bitcoin price can rebound.
