MARA Holdings (MARA) is scheduled to report first-quarter earnings after the market close on May 11. Wall Street analysts expect the company to post a loss of $2.34 per share on revenue of $184.21 million. The results will reflect the sharp drop in Bitcoin prices during Q1, when BTC fell roughly 25% from about $87,000 to $67,000, causing significant mark-to-market losses on MARA's digital asset holdings.
Losses in Focus as AI Strategy Takes Center Stage
Investor attention, however, is shifting away from short-term Bitcoin price swings and toward MARA's strategic pivot into artificial intelligence and high-performance computing infrastructure. The company is part of a broader industry trend where Bitcoin miners leverage their energy assets and data center know-how to secure more stable, long-term AI-related revenue streams.
A key element of this transition is MARA's agreement to acquire Long Ridge Energy from FTAI Infrastructure in a $1.5 billion transaction. The deal is expected to provide MARA with long-term power generation capacity and exposure to steadier cash flow from AI and data center contracts, reducing reliance on the highly cyclical Bitcoin mining business.
In the fourth quarter, MARA reported revenue of $206 million, down 6% year-over-year. The company also announced a partnership with Starwood to develop AI data centers delivering approximately one gigawatt of computing capacity in the near term.
Massive BTC Sale and Debt Repurchase in Q1
During Q1, MARA sold 15,133 BTC, valued at approximately $1.1 billion. Proceeds were used to repurchase $1.0 billion of convertible notes, strengthen liquidity, and continue funding its AI expansion plans.
Industry-Wide Shift: IREN and HIVE Follow Suit
The Bitcoin mining sector is increasingly mimicking this path. IREN (IREN) recently expanded its AI transition through a $3.4 billion AI cloud agreement with NVIDIA (NVDA), while recording a $140.4 million non-cash impairment charge from selling ASIC mining hardware as it reallocates infrastructure toward AI cloud services.
HIVE Digital Technologies (HIVE) announced additional investments, including $3.1 million to install high-speed fiber infrastructure for a planned 50MW AI factory.