MARA pivots to AI infrastructure, sells 20,880 BTC, repurchases $1B debt, cuts 15% of staff

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

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  Company sold 20,880 bitcoin for $1.5B during Q1 2026, abandoning its full HODL strategy to fund operations and growth. Used $1.1B of proceeds to repurchase $1B of convertible notes, reducing total debt from $3.6B to $2.4B.

  MD&A: Bitcoin Sales & Treasury Management verify on EDGAR →
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  Announced $1.5B acquisition of Long Ridge power plant (505 MW) to support AI/HPC workloads, subject to regulatory approvals and $785M bridge financing. Company could owe $75M termination fee if deal fails to close by Nov 2026.

  MD&A: Long Ridge Acquisition; Risk Factors verify on EDGAR →
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  Reframed business from bitcoin mining company to digital infrastructure platform converting energy into AI, HPC, and critical IT workloads. Entered Starwood joint venture to develop AI infrastructure on select sites with up to 50% retained ownership.

  MD&A: Business Model & Strategic Positioning verify on EDGAR →