Executive Summary
MARA Holdings, Inc., the publicly traded Bitcoin mining firm, has signed a definitive agreement to purchase Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. for roughly $1.5 billion. The deal brings a 505‑megawatt natural‑gas power plant and more than 1,600 acres of land in Hannibal, Ohio into MARA’s growing portfolio, paving the way for an AI‑focused data center powered by the newly acquired facility.
What Happened
Earlier this week MARA announced a binding agreement to acquire Long Ridge Energy & Power LLC, a subsidiary owned by Nasdaq‑listed FTAI Infrastructure (ticker: FIP). The transaction values the assets at about $1.5 billion and includes the transfer of ownership of the 505 MW gas‑fired power plant located in Hannibal, Ohio, as well as the surrounding 1,600‑plus acres of land. The agreement is definitive, meaning both parties have completed all necessary approvals and are moving toward closing.
Background / Context
MARA Holdings has built its reputation on large‑scale Bitcoin mining operations that rely on relatively low‑cost, reliable electricity. As the company expands, it has signaled a strategic shift toward integrating artificial‑intelligence workloads alongside its mining activities. The Ohio plant provides a stable, on‑site power source that can meet the high energy demands of both Bitcoin mining rigs and future AI hardware.
Long Ridge Energy & Power LLC, under the ownership of FTAI Infrastructure, operates a natural‑gas combined‑cycle facility that has been supplying electricity to the regional grid for several years. The plant’s 505 MW capacity is sufficient to power a substantial portion of MARA’s existing mining fleet while leaving ample headroom for additional compute resources.
The acquisition aligns with a broader industry trend where crypto miners are seeking vertical integration—owning the power assets that fuel their operations. By securing its own generation capacity, MARA can better control energy costs, reduce exposure to grid volatility, and meet growing regulatory expectations around sustainability.
Reactions
Industry observers note that the purchase underscores MARA’s confidence in the long‑term viability of Bitcoin mining combined with AI services. Analysts familiar with the deal point out that the Ohio location offers a favorable regulatory environment and access to natural‑gas supplies, both of which are critical for maintaining low operating expenses.
FTAI Infrastructure’s leadership indicated that the transaction will allow the company to redeploy capital into other core infrastructure projects, while still delivering value to its shareholders through the sale price.
Local officials in Hannibal, Ohio expressed optimism that the acquisition will bring additional investment to the region, potentially creating jobs related to plant operations, data‑center construction, and ancillary services.
What It Means
For MARA, the deal represents a decisive step toward energy self‑sufficiency. Controlling a dedicated power source eliminates reliance on third‑party utilities, which can be subject to price spikes or supply constraints. This control is especially valuable as the company plans to run AI workloads that demand consistent, high‑density power.
The addition of a natural‑gas plant also positions MARA to meet emerging sustainability standards. Natural gas burns cleaner than coal, and the plant’s combined‑cycle technology improves overall efficiency, potentially lowering the carbon intensity of MARA’s mining operations.
From a strategic perspective, the acquisition could accelerate MARA’s entry into the AI‑as‑a‑service market. By co‑locating AI hardware with its mining infrastructure, the company can offer customers access to both blockchain and AI compute resources, creating a differentiated product offering.
What Happens Next
The definitive agreement outlines a closing timeline that is expected to be completed later this quarter, subject to customary regulatory approvals and financing conditions. Once the transaction closes, MARA will begin integrating the Ohio plant into its operational framework, including establishing on‑site power distribution for its mining rigs.
Following integration, MARA plans to break ground on an AI data center adjacent to the power plant. The data center will be designed to leverage the plant’s excess capacity, allowing the company to scale AI workloads without additional grid dependence.
Stakeholders will be watching for further announcements regarding the data‑center specifications, anticipated launch dates, and any partnerships with AI hardware vendors. The successful execution of this acquisition could set a template for other crypto miners seeking to secure their own power assets.