Bitcoin miner MARA sold 20,880 BTC to cut debt and fund AI infrastructure expansion amid widening losses.
MARA Holdings sold 20,880 Bitcoin for $1.5 billion in Q1 2026 to reduce debt and finance strategic shifts toward artificial intelligence and high-performance computing. The move follows a $1.26 billion net loss, more than double the $533 million loss reported in Q1 2025.
The company used $1 billion from Bitcoin sales to retire 30% of its convertible debt, lowering leverage from $3.3 billion to $2.3 billion. Revenue declined 18% year-over-year to $175 million, pressured by lower Bitcoin prices. MARA also recorded a $71 million gain on debt extinguishment.
Proceeds will fund the acquisition of Long Ridge Energy, a $1.5 billion deal including $785 million in assumed debt. The Ohio-based gas power plant will support MARA’s transition from mining to AI infrastructure.